Employee turnover is an expected dynamic in long-term business endeavors. While zero turnover is pretty much a fantasy, there are ways in which turnover can be minimized during stressful or otherwise tempting times for employees. Businesses often fail to understand the potential opportunities that exist for employees elsewhere, believing that the hassle of switching jobs will be enough to keep them where they are currently.
We’ve put together some ideas on how managers can help minimize the likelihood of employees leaving the business, which can save both costs and frustration in the long run.
Establish Boundaries from Day One
Many employees are hired with the expectation that their job roles have been clearly defined at the time of hire. However, time continues to pass and seemingly more responsibilities and roles are added to the employee’s job. This gradual yet persistent dynamic can often result in employees feeling over-worked and under-valued – especially when salaries are not adjusted to reflect these new responsibilities. By establishing these boundaries and firmly adhering to them from day one, employee turnover will be less likely to occur among qualified hires. Insightlink.com offers many unique quizzes and surveys designed to extract sentiments such as these from employees before the problem becomes irreversible.
Provide Opportunities for Growth
The single biggest reason that employees leave a business is not because they are not happy: it is because they feel that they have no future. It is inevitable that some bottle-necks will exist in the company hierarchy. Instead of promotions, an employee begins to experience lateral moves from department to department. This can be unsettling and frustrating for the employee in question, causing them to look elsewhere. Employees should be talked to on a regular basis about promotional opportunities, as well as any concerns that might be preventing them. When employees feel completely shut out of the process, they leave. A bit of dialogue can go a long way.
Build Bonds of Trust
Employee-employer relations run smoothly when many different characteristics, dynamics and variables are either working or present. Trust is a huge component of the process and can definitely impact long-term turnover within a business. Some managers unfortunately weigh in too heavily on various projects and tasks, telling employees how to perform every single aspect of the process. Rather than micro-managing every aspect of the process, give your employees the trust they deserve and allow them to deliver on the desired conclusions. Be focused on a great result rather than tinkering with every element of the process, and this will show employees that you truly trust them to do a good job.
Turnover Costs Money and Morale
The need to tame turnover rates within a company is crucial for many reasons. First of all, the amount of money lost during turnover – the hiring costs, the training costs and the inefficient periods between hirings – can all leave a business in less than ideal shape for a period of time. Turnover is also a morale dampener, however, as it sends the signal to other employees that there are other options available (you best believe your employees are talking about why someone left). Because of this, implementing many unique and commonly-known strategies to reduce turnover is essential to long-term performance.
How has turnover affected your managing skills and business? What have you done to minimize its occurrence? Let us know below.