Many companies of today have a high turnover rate. There are a lot of reasons that employees choose to not stick with companies like they once did. This trend costs businesses a lot of time and money.
Why is it Beneficial to Keep the Same Employees?
There are many reasons that it is beneficial to keep your employees the same. That is not to say that there are times in which eliminating team members is the best option. However, if you have a high performing employee, keeping them on staff will help your business grow.
When you have team members that have been with your company for years, they understand the culture of your business and how it functions. A new employee can come in with a fresh outlook on how to do the business, but it will take time for them to learn your company.
Also, there is something to be said about consistency that keeps customers coming back. When clients come in and are served by people they know, it can make them feel more comfortable.
How to Keep Your Turnover Rate Down
There are many things you can do to keep your turnover rate down. Here are some things that businesses should consider doing to help their staff stay satisfied with the company.
Promote based on experience –when you chose to promote an existing employee, you should promote based off of overall experience. This doesn’t necessarily mean time in your company, rather what they have to bring to the table.
Help employees map a career path – motivated people are looking for jobs that can grow them to their fullest potential. Help your team do that by mapping out a career path within your business. Otherwise, they may go somewhere else to advance their career and only see your business as a stepping stone.
Offer exciting opportunities – for those that are your top performers. IE: flexible hours, professional development programs, recognition, etc… This is a great way to attract top talent and keep them when they come on board.
Be flexible and innovative in your approach – it is important that companies adapt to the preferences of the current generation as well as customer needs.
Move away from a one size fits mindset – all organizations should understand that when it comes to assignments, they need to be flexible.
These processes have been used by many corporations with much success. What strategies have worked for your company?
Need help controlling your turnover rate? Contact us today!
Written for us by our associate Gary Sorrell, Sorrell Associates, LLC
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