Jun 13, 2010

Ways Of Reducing Employee Turnover

Employee turnover can cost a great deal for any business. Constantly training and hiring new employees costs both time and money. A single turnover incident can cost between 20 and 120 percent of that employee’s annual pay, depending on their skill level and the type of business where they work. When attempting to keep employees in their current positions, there are some things to keep in mind.
First, hire the best employees from the beginning. Make sure whoever you hire works well within a team environment and will fit within your work atmosphere. Make sure individuals are fully qualified for the positions in which they work. Make certain that the individual feels somewhat challenged but not overwhelmed to the point where they feel unqualified to do their job.
Make all employees feel like a valued member of your team. All employees should feel as though they are welcome to share ideas with their management staff. Always be respectful of employees and attempt to incorporate their ideas. Offer constructive criticism and feedback based on employee performance.
If you can, make sure to offer the best pay possible and any benefits, including flexible work schedules. Make the work environment fun and friendly for everyone so they feel welcome. Some businesses think that too much fun will prevent employees from being productive and give off a vibe that the organization is unprofessional. However, those who feel they work in a fun place will be more productive and will actually be more likely to recommend that their friends and family work for you. Most employees value their employer’s willingness to help them balance their professional and personal life.
Lastly, offer cross-training and career advancement within your organization. If employees feel as though they have a solid future with you, they will be more likely to stay. Along with this idea, it is important to communicate to employees the types of offerings available to them. Celebrate successes as a team.
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