A company’s turnover is determined by the work environment. If people are fleeing your business for a new role, you must review your workplace to retain your most talented employees. Read the five ways you can considerably reduce employee turnover.
- The Right Office Environment
The first thing you need to review is the office environment, as this could be encouraging people to walk out the door. If you provide your staff with a mundane, restricting workspace, you cannot expect them to stay in the business for long, as they may use your company as a stepping stone until they find a job at a more forward-thinking organization.
Take a walk around your office environment. Would you be happy to work at their desk? If the answer is no, you could be long overdue an office refurbishment. Turn to the professionals, such as STOiCA Office, to transform your workplace for the better. You might be surprised by the difference it will make to employee morale, business productivity and, in turn, employee retention.
- A Competitive Benefits Package
Lock in your employees by providing them with a competitive benefits package, which your direct and indirect competitors would struggle to compete with. For example, you could provide your team with flexible working hours, life insurance, medical insurance, disability insurance, or a 401(k) match. The better the benefits, the less likely your employees will leave the business, as they’ll know they’d struggle to find better elsewhere.
- Respect Your Staff
A little bit of respect can be all it takes to retain your employees. Prove to your staff that you respect them by listening to their opinions, ideas or concerns, and never ridicule their efforts. Take an interest in their personal lives to prove you are a caring employer, reward them for their hard work with a bottle of beer at the end of the working week, and congratulate them for a job well done.
- Provide Feedback
Most employees will want to know where they are going right or wrong, so they can build upon their strengths or improve their weakness. If you fail to provide feedback, they will be unsure where they fit into the company and if there is potential for advancement within the business. As a result, they might be tempted to seek employment elsewhere. So, reduce employee turnover while improving productivity by offering regular performance feedback, which will allow them to understand how their work is making a difference.
- A Work-Life Balance
Many team members might struggle to juggle demanding working hours with their personal commitments. As a result, they could leave for a company that offers a better work-life balance. It might be beneficial to provide more flexibility in the workplace. For example, you could introduce flexible working hours, which allows parents to take their children to school each morning. You could also allow members of staff to telecommute a few days a week, so they can focus on work without compromising on their home-life.