• How to curb
    employee turnover
    sh
    sh

  • How to curb
    employee turnover


Retain your star employees at no or low cost

26 October 2017

Employees are the most important asset of a company. Studies have shown that replacing your best employee can cost your company up to 70% to 200% of that employee’s annual salary.i A high employee turnover also affects the morale of employees within the company. Here’s how you can motivate your best people to stick with you.

Start Strong

 

Right from the get-go, the training and guidance that is provided will determine your new employee’s perception of the company. It may be helpful to set up an orientation process where new hires are able to learn more about the company culture and bond with new colleagues. This helps to open dialogue for new staff to learn how they can flourish in your company and address any queries that they may have. Starting off on the right foot can help to boost employee satisfaction in the long run.

 

If you don’t already have an orientation program in your company, consider mentorship programs. Pairing new employees with mentors helps to accelerate the learning process by allowing new employees to tap on the wealth of knowledge and resources only a mentor can provide. It is also a good way to welcome employees into the company culture. This can also be a part of the onboarding process when the new employee first comes in.

Give Thanks


Anyone can do a task or work for a salary, however, employees don’t just crave for a paycheck – they want to know that their ideas are being recognised and their work is being appreciated. Ingraining employee recognition and appreciation into company culture can help create a unique workplace culture and inspire passion in your employees. Start by giving thanks whenever your employees go above and beyond in their work, let them know your appreciation through an email, gift card or an extra day off.

 

Some managers even go as far to establish an employee rewards program.  When you show appreciation to your employees, their respect for you will grow and so will your influence as a leader. When your employees feel valued and proud of the work that they do, they will naturally want to stay. 

Balance in all things


Work-life balance is consistently ranked as one of the most important aspects in a job. Hence, encouraging work-life balance in the organisation can be the key to retaining your employees in the long run. When employees feel that they have more control and ownership over their own lives, they are able to have better relationships with management and are able to focus on their work better. Companies with a reputation for encouraging work-life balance are attractive to employees and therefore have higher employee retention rates. 

 

Encourage staff to take vacation time, and compensate them with an extra day off if late nights at work are a necessity. Most companies organise weekly sports sessions or company outings to help boost employee morale and help employees to familiarise themselves with each other in a non-stressful capacity. Some activity ideas that you can try are Escape Rooms - a thrilling activity that is sure to let your employees bond. Practise what you preach about work-life balance and respect the privacy of your employees by avoiding calling them after normal work hours unless it is an absolute emergency. 

Grow with your employees

 

Employees that you seek to retain often want frequent opportunities for learning and growth in their careers. Typically, employees view career advancement and promotion as most representative of a company’s development possibilities. Therefore, potential for growth is a huge motivational factor for employees to stay in the company. There are many different growth opportunities that you as an employer can provide to your employees such as providing workshops, sending them for conferences or sponsoring trainings that can help them elevate their skills. You could send them for Workfare Training Support courses or allow them a day off to take SkillsFuture courses.

 

Remember that implementing a strategy for staff retention is not always easy, but it will definitely benefit your company in the long run.

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