In today's labor market with high competition, it is too easy to lose valuable employees. High staff turnover can quickly become a problem for managing your company for a number of reasons.
Firstly, highly qualified employees are always expensive for the company. It takes money to recruit and hire new talents, and the more resources you have to spend on replacing quitting workers, the less money you will have to invest in a business or use it for other purposes to develop your company.
Secondly, high staff turnover can affect the morale of workers. And too much turnover can lead to a malfunction in the workflow, which will limit your results and income.
The negative effects of staff turnover
The main reason why it is necessary to deal with the flow of departing employees is the inevitable decline in the quality of work. First of all, the motivation of the remaining employees suffers. If the company does not make any attempts to retain employees, then people have a strong opinion that they are not valued in this organization.
Confidence in the leader decreases, attitude to work becomes unscrupulous. If the head believes that there are no irreplaceable ones, then the attitude of employees towards work becomes such that they owe nothing to anyone.
A big mistake for the head of a company is if he believes that good specialists can be easily found in the labor market. Dreaming of lowering the flow of quitting workers? 4 tips that will help to significantly improve the situation.
Make sure your company has prospects for employees
An important reason why young and active professionals will strive to stay in your company is the career prospects and self-realization.
A serious reason for leaving employees is the level of wages. Although money is not the only thing that makes workers look for new job opportunities, it is still a big problem. Therefore, it is worthwhile to conduct some kind of research based on industry averages and see how well your employees get.
If the salary you pay leaves much to be desired, you may have to rethink your compensation strategy and reallocate resources to pay your employees what they really deserve.
Improve your social benefits package
Workplace benefits are a huge incentive to keep employees in place. If your current package of benefits is not so good, look at what other companies offer and try to match some of them.
For example, you can start offering free meals twice a week, on-site fitness classes and free time for charity work. You can also offer a more suitable retirement plan option or a higher subsidy for your employees' health insurance contributions.
It is worth interviewing your employees and asking them what benefits they are looking for, because if you are going to invest in them, you can just as well invest your money where it matters most.
Be more flexible
Nowadays, more and more enterprises provide their employees with more flexibility in their work. In some cases, this means that you can work remotely, at least in part.In other scenarios, this means that employees can set their own time or shorten work weeks to extend their days off.
No matter how you decide to be flexible in working with your team, the main thing is to give your employees the freedom of action that they are likely to expect at the moment.
Focus on career development
The last thing your employees want to feel is that they are stuck at a dead end job. If you value your employees, ask yourself when your most important players last got a promotion or more responsibility at work.
If you cannot remember, take this as a sign that you need to better help your employees move up the career ladder. You can do this by taking the time to help them chart specific career paths and provide the tools and resources they need to succeed.
You can also offer educational grants so that your employees can develop their skills outside the office.
Conclusion
It’s not always easy to find the reason employees leave the company, but it’s even more difficult to fix this problem. The prestige of the company's work can then be restored for years. To create a good working microclimate, you need the desire not only of the leader, but also of each employee. But this is not a reason to ignore the flow of departing employees.
The solution to this problem becomes the key to productive and comfortable work. In today's healthy job market, you cannot afford to be weak in terms of employee retention.