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Hospitality sectors can experience up to 300% turnover rate in hotels and 100% for fast-food restaurants. Other industries, such as software and IT struggle with a 22% turnover rate, while retail hits almost 60%. Unfortunately, when staff voluntarily leaves a company, there is a high cost associated with their departure: From recruiting expenses to the overall impact on the business performance, when your employees go, it’s a part of your success that goes with them. While not all staff turnover is negative or a criticism of your business, it’s fair to say that companies that put their employees’ interests first are less likely to struggle with unexpected waves of departures. However, becoming the employer everyone wants to work for might sound a little daunting. Where do you start your self-improvement journey towards a more positive company? Here are three ideas to inspire you to create not only a better business but also stronger and more attractive vacancies for future talents. Here’s how to become the employer nobody wants to leave.
Become a role model with positive value
Employees require stability in their professional lives. They want a business they can trust to look after interests of its most important assets: the people who work in it, and those who buy from it. Ultimately, when it comes to personal growth, employees need to feel they are taken just as seriously as customers. That’s precisely why in the long term, your business values play a significant role in convincing your team to stay. Indeed, a company that has a policy of doing good, by supporting important causes, looking after the environment and protecting the rights of the weak is also likely to extend its ethical values to the employees.
Give your team the best chances to be productive
It’s no wonder Google has some of the most fascinating offices in the world. With offices all over the world, Google always paid considerable attention to detail in each location. Everything has to be bright and colorful to play to the fun side of the company. Ultimately, when your staff spends most of their waking hours at work, they need an exciting office space to stay alert and positive. Additionally, because Google understands the importance of taking a break from traditional thinking, the design encourages playfulness to stimulate both creativity and relaxation. Of course, nobody asks that you copy Google, but you can learn some valuable lessons in how to manage stress through your office layout.
Pick meaningful job perks that people actually want
What do people really want from their job perks? The answer isn’t money – although, they do want to receive fair compensation – it’s time. Indeed, time is the most valuable asset in modern life, and it’s also the most difficult to balance efficiently. Consequently, employers who provide telecommuting options, caregiver leave and family leave are more likely to attract new talents. By making it easier to create a work/life balance, companies encourage people to stay with them.
Turning tables and transforming your high turnover rate into an army of loyal employees doesn’t happen overnight. Companies need to make a conscious effort to value their staff and respect their needs, as individuals, as actors of a productive structure and as members of the society.