Recruitment is vitally important to creating a team of employees, but it shouldn’t be the singular focus. Employee retention can be just as, if not more important to your company’s success. After all, turnover can be extremely detrimental to a company because having a revolving door for employees serves no one, least of all the company in question. In fact, a high turnover rate can be one of the first indications of a deeply rooted problem, so it should be addressed head-on. Here’s how to do just that:
Know Your Numbers
You won’t know there is a turnover issue if you don’t track your current turnover rate and keep that data up-to-date. Numbers don’t lie even if you want to think there isn’t an issue. In addition, by tracking the turnover rate within your company, you can identify the troubled department and know where your efforts to improve employment conditions and/or address the issue causing the problem should be focused.
While you might have been unaware there is a turnover problem, the numbers and data don’t lie, so make sure you track these numbers. Think of it like you would a visit your doctor. You might feel fine, but lab numbers can indicate there is a problem taking root within your body that needs your attention. In the same way, negative turnover numbers are screaming for your attention.
Check-In on Your Employees
Do an honest assessment of your company culture. Find out if morale is low. Often, low morale and a high rate of employee turnover go hand-in-hand. If there is a morale issue, figure out why. Are employees not feeling supported? Are there bad apples (employees) who are creating a toxic environment and need to go?
Check-In On Your Leadership
If there are no employee issues, but you still have more turnover than you want, you have to take the hard step of looking at yourself in the mirror. Could there be leadership issues behind the turnovers? Poor leadership accounts for many problems within most companies and unfortunately, because the problem is in the leadership itself, employees feel powerless to do anything about the situation and eventually just leave.
However, if you are willing to take a look at what might be wrong and then make necessary changes, you can successfully shift the balance back towards healthy employee retention. Consider the following to begin this process:
Have you considered a leadership or mentoring program? These training programs can provide regular assessments that will ensure your leadership is leading properly.
Check-In on Your Competition
Finally, if you have looked at the data, and your current leadership and still aren’t sure why you are not retaining quality employees, consider your compensation. Are you paying employees fairly? How do your pay rates stack up against other similar companies? Don’t just think about monetary compensation either when evaluating this factor.
Do you offer benefits to employees that go beyond just salary? What about flex work hours, days off, vacation benefits, and insurance packages? What more could you do to make your company keep your hard-working employees?
Bottom Line: You Want to Keep Your Good Workers
Finding new workers in today’s market is an arduous job. Therefore, once you get these fabulous employees, you want to keep them happy. The last thing you want is to create a turn-over-rich environment. Turnovers are only positive in terms of defensive football. In real life, and especially in the workforce, they should be avoided at all costs. Therefore, ask yourself the hard questions as a leader in your company, find the data that reveals the scope of the issue— if you have one— and then determine what is the heart of the issue and rectify the situation. If you need help with this process or just aren’t sure how to even begin, contact us today to learn more. We are happy to help you walk through this and effectively close that revolving door, keeping your happy employees satisfied and content to stay put.
Turnover is a hard problem to have and a tough one to understand. Sometimes it takes an objective outside party to look around with fresh eyes, ask the right questions and tell us what we may not want to hear. Want help? Call us.