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A constant churn of employees plagues many industries and businesses. Changing jobs in the digital age is perhaps as easy as it has ever been, but for businesses, it’s vital they keep their best workers.
Low employee retention rates can cause numerous difficulties for businesses. Not only can high turnover have a significant impact on your revenue, but it’s a little bit like a hamster wheel that you can’t get out of.
If you feel like you’re stuck on the hamster wheel, where one employee leaving just seems to lead to the next employee going and so on, then there are some steps you can take to try and bring this problem under control.
Avoid Short-Sighted Hiring
When you’ve got a constant turnover of staff, it can be tempting to make quick hires just to fill the gaps. However, hiring the wrong people can really damage the morale of your existing staff and risk them leaving too.
If you put people into a position they’re not trained for, or not equipped to carry out just so you can fill a gap, it’s the existing employees that are going to have to pick up the slack.
You might have filled the gap quickly, but it’s not going to fix the deeper causes of your problems.
Offer a Competitive Package
If your competitors are offering better financial packages than you then it’s always going to make jumping ship an intriguing prospect for your employees. If your business is really suffering from high turnover, then looking at your best workers’ remuneration can be a good place to start.
Money isn’t everything, but it certainly plays a big part when it comes to employee retention.
Sometimes you don’t have any wiggle room when it comes to how much you pay your employees, so you have to look for other ways to incentivize them.
A great way to do this is to offer your employees shares in your company based on how long they stay in your employment. The benefits of a Company Share Option Plan are innumerable and can be a great way to boost your employee retentions rates.
Create a Great Company Culture
As we mentioned earlier, money isn’t everything, and there are other aspects that can be even more important for your employees. Creating a good company culture is another way that can help you with your turnover rates. If people enjoy coming to work, then why would they look to leave?
Consider ideas like flexible working hours and consider how you can make your company culture work for your employees.
Get People on a Career Path
Showing that your company offers its employees’ career progression can make a big difference to your employee turnover rate. If your employees believe there is space for them to grow within your company, then they’re much more likely to stay with you.
It’s not enough just to talk about career progression, you’ve actually got to show people that it’s a possibility by promoting from within and giving your employees tangible examples of career progression.