Strategies to reduce Employee Turnover

Attracting and retaining is one of the biggest challenges of organizations. As a result, employers need to find a way to minimize employee turnover. The successful organizations recognize the value of their workforce and constantly look for strategies to hold on top performers.

 

Identify the Right Talent

To hire the best fit candidates, you need to be thoughtful and selective. The most important thing after hiring is to align their skills with cultural and behavioral beliefs of the organization, it will be more successful. One tactic is to ask behavioral interview questions to identify a candidate’s personality and character. Managers need to identify skill gap to help employers recruit the right talent ahead of time.

 

Encourage Retention Early On

Human Resource Management, HR professionals may be able to refine and improve the onboarding process. But onboarding is more than just signing a contract, taking an office tour, and setting up the employee’s desk. Your onboarding process should be strategic and “last at least one year to ensure high retention” according to SHRM. One benchmark for successful onboarding should be giving new employees a clear understanding of the company’s mission and how they can help add value to the organization.

 

Recognize and Reward Employees

Employees want to feel valued and appreciated for their contributions. And building a culture of feedback and employee recognition can go a long way to helping employees feel seen and heard—and less likely to seek that validation elsewhere. This could be encouraged with thoughtful human resource training of each people manager. Happy employees are 12% more productive than other employees. When your employees do something to go above and beyond, give them the congratulations they deserve. Creating a positive work environment allows employees to thrive, feel acknowledged and stay motivated.

 

Create Learning and Development Programs

Organization should establish clear learning and development initiatives and give its employees an opportunity to pursue areas that interest them. Learning and development help improve employee morale and benefits the organization. For example, to define a budget to attend a conference or class annually.

 

Identify a Clear Career Path

Don’t make your employees to feel like their position is stagnant. Otherwise, they may start to pursue other opportunities. You need to focus on promoting and investing in current personnel. Encourage managers to schedule regular meetings with their team to discuss their goals and how the company can help them achieve their goals.

 

Encourage a Work-Life Balance and Flexi Schedules

In the post- COVID-19 pandemic era, work from home has become the new normal. A healthy work-life balance is an essential aspect of job satisfaction. Flexi-work hours may be a luxury to specific businesses, but adjusting the hours and planning response times gives employees better focus and results in higher efficiency. Studies have shown that flexible-work schedules can enhance the well-being of employees.

Work from anywhere policy like Meesho or offering unique perks will be the key. The ability to utilize flexible work schedules and environments can also prove to be beneficial.

 

Act on insights from exit surveys

Whether you have high turnover or low turnover, you can gain important insights from employees on their way out the door. You can’t avoid employee turnover completely but you can use exit surveys to get direct feedback from your soon-to-be ex-employees on exactly why they’re leaving and what suggestions they may have for improving the company. You might be surprised what you learn.

 

Any organization must have HR policies in place regardless its size, scale and industry to enhance its functioning and profitability. Myhrpolicy provides the best HR Policies for SMEs and Startups