Tips for Employee Retention and Turnover Reduction in Today’s Competitive Market – Part Two

Once you have developed an airtight strategy for attracting excellent employees, how do you keep them from being lured away in today’s competitive job market? Below is the second part of this series with more ideas and suggestions to help reduce turnover in your company and keep your current employees happy.

 

Keys to Retaining Employees and Reducing Turnover

  • Profit sharing/Equity/Bonuses

Money talks and employees value an opportunity to buy into the future of the company. In today’s world of small start-ups and entrepreneurs on every corner, there are plenty of opportunities to offer arrangements like these.

  • Opportunities for Advancement

Companies that almost always promote from within, such as Nordstrom and Enterprise Rental Car, are well known to potential employees. If they weren’t aware previously, they probably learned of it after visiting the websites, interviewing with these companies or speaking to the hiring managers. Employees want to know that there is job security and a chance to grow their skill set and advance their positions within a company.

  • Training and Development

Employees don’t accept a position hoping to do the exact same task for the next 30 years. By providing new challenges and an opportunity to increase their skill set, you are not only helping to advance an employee’s career, but you are also broadening the skill sets within your own company. Providing jobs with some variety and cross-training your employees will also help to eliminate boredom and show that you trust them, not only to perform well in their position, but to take on more challenging tasks as well.

  • Respect a Work/Life Balance

Gone are the days when office employees put in 60 hour work weeks. People today are being told that they can have it all: a great career and a work/life balance, so that is what they seek. Most employees are hard workers and willing to put in the effort and extra hours when needed as long as it is reasonable and appreciated. Flexibility goes both ways and will be respected by the employees, which will directly impact productivity and benefit the company.

  • Hire Right

This seems like a no brainer, but it is often a detail missed by hiring managers and company executives. Employers get settled in hiring the “right type” of person for a particular role, or repeatedly look for the same background in their employees. If you are experiencing turnover or are not happy with the talent you have, maybe it’s time to look at who you are hiring and make some adjustments. Again, this is where exit interviews are important. Why do employees leave and are the reasons something that can be addressed in the future?

  • Talk to Your Employees

How often has your company surveyed its employees? Do you ask your current employees if there is anything they would like to see changed? Do you ask for ideas in areas of compensation, perks and company culture? If not, you should be. Nothing gets people talking like the chance to share their opinion, and who knows? Maybe you could combine this exercise with a Friday lunch and really get things moving in the right direction.

Here’s to long job tenure and smiles around the office!