The cost of replacing a trained employee quickly adds up. In fact, experts estimate that – even when hiring low-level employees – you can expect to spend thousands of dollars for every new hire. For management positions, you can expect the cost to be much higher. The lesson is simple: your number one staffing priority should be to reduce employee turnover and to hang on to the talented workers you already have. If you’re interested in decreasing your employee turnover rates, here’s where to get started.
Determine the extent of your employee turnover problem
You can’t fix a problem you don’t understand. Therefore, your first goal when trying to reduce turnover rates is to identify the source and extent of the issue. First, it’s important to remember that no healthy company has a 0 percent turnover rate. There are many legitimate reasons your employees may choose to move on, and it may not indicate a problem with your company culture or employee satisfaction. What is significant, however, is to identify how many are leaving and why they are doing so.
Conduct exit interviews
Whether an employee leaves on good or bad terms, the exit interview should be a priority. When conducting exit interviews, don’t allow yourself to be sensitive. After all, what feels like overly harsh criticism from a disgruntled, soon-to-be ex-employee may still contain grains of truth. Using this information to improve your processes can prevent other employees from leaving.
Improve your company culture
Most adults spend nearly half of their waking hours at work; it’s only fair that they should expect more from their job than a paycheck. Is your company the type of place where people want to work? Making work a pleasant experience won’t just help you hold onto your current staff; it will help you attract the best talent in your community.
Be creative and flexible with benefits
No one can be forced to work for your company; they choose to do so when it fits their needs. Since no one benefits package or schedule fits everyone’s needs, you need to be as flexible as possible. Do all of your employees really have to start work at the same time, or is it possible to tweak their schedules to fit their needs? Would some be willing to trade vacation time for a better healthcare package, or would they be interested in other adjustments to their compensation package?
Hire smarter
Ultimately, your turnover rates are closely related to the quality of your hires. If you can weed out the job hoppers during the hiring process, you’ll end up with talented hires who are loyal to your company.
Do You Need Help Hiring? We Have the Solution!
At Expert Staffing, we specialize in matching quality candidates to the businesses that need them. No matter your industry or your current staffing needs, we can help you find the best solution to your most urgent problems. Contact us today to learn more about our comprehensive staffing services.
