Reducing Turnover in Your Top Talent
Having a high turnover in your business may be more expensive than you think. Because hiring and training new employees costs time and money, you’ll be frustrated when your best workers decide to leave. Therefore, reducing turnover is in your best interest by encouraging your best employees to stay. Having a strategy for reducing turnover helps, in particular now with lower unemployment and a tight candidate market. Follow these guidelines to encourage your top talent to remain with your company longer.
Communicate a Strong Company Culture
Communicate a company culture based on meaningful work, strong employee engagement, and organizational fit. Maintain open communication regarding new hires, company news, and other pertinent information. Also, ensure each employee’s role matches their interests and abilities. If it doesn’t, move the worker to a more appropriate position. Employees will feel like valued team members, put greater effort into their work and want to stay with your company longer.
Offer Work-Life Balance
Offer a work-life balance to attract quality, long-term employees. Provide the option of having flexible work hours, working remotely or job sharing. Showing you value your workers’ well-being encourages them to remain loyal to your company longer. While encouraging this may seem counter-intuitive due to some lost production, reducing turnover of top talent will more than makeup for production losses.
Show How Employees Contribute to Business Goals
Show each employee how their work contributes to the overall development of your company. Reward employees through verbal praise, bonuses, raises and other awards based on their accomplishments. Workers who see the value of their individual and team efforts have a greater sense of purpose, are more engaged in production and remain loyal to your company longer.
Define Employees’ Career Paths
Define each employee’s career path so they have a plan for professional development and advancement. Ensure managers show their team members how their daily work activities may contribute to reaching their career goals. For example, provide opportunities for employees to participate in job-related seminars, conferences, mentor-based training, and other professional activities. Employees who are constantly learning and achieving goals increase their skill sets, develop into stronger leaders and continue benefiting your organization longer.
Provide Necessary Resources
Ensure each worker has the required onboarding, work area and support structure to complete their best work each day. When your employees know their needs will always be met, they feel more secure with their jobs and continue working for your organization longer.
Follow these guidelines for reducing turnover in your best workers. For assistance securing top finance and accounting workers, contact Innovo Staffing!