When employee turnover rates become high, the success of your business can take a hit. Not only does it hurt morale when employees are constantly coming and going, but this revolving door of staff members can cause a loss in productivity too. In order to slash turnover rates and keep your business growing in a positive way, keep these tips in mind:
Make sure your hiring process is thorough
A high turnover rate often stems from an ineffective hiring process. When you’re bringing on team members who simply aren’t a good fit for your company, you’ll find that they end up coming and going quickly. If you’re unhappy with your business’s turnover rates, take some time to analyze your hiring process. Is it thorough enough? Is there a way to ask questions that more effectively help you to analyze whether a candidate is a good fit? Are there additional steps you can add to the hiring process to help measure a candidate’s compatibility with your business?
Don’t be afraid to get rid of people who aren’t a good fit
Some managers find it difficult to part ways with employees who simply aren’t a good fit because they like them as people. However when you keep these individuals on board, you’re costing the company money and tying up resources that could be used on high-performing employees that help the business grow. If it becomes clear that a staff member isn’t pulling their weight, don’t hesitate to let them go.
Employee loyalty can be hard to come by and should be rewarded. Make it a point to offer a good salary and benefits package, and to take small steps to show employees that you value them. Offer opportunities for continuing education programs, and celebrate milestones such as major employment anniversaries. When you add a human element to your business, it makes people want to work for you and stay.
Pay attention to employee happiness
While you want to be focused on making money and continuing to grow your company, paying attention to employee happiness helps to diminish turnover rates too. Remember that your staff members aren’t robots; when they’re happy, your business is a more productive, thriving place.
Another good way to cut down on employee turnover rates is by taking staff feedback seriously. If there are changes that employees are requesting, do your best to take action and make these improvements quickly. When your employees feel as if their voices matter, they’re more likely to stick around.