18 Mar 3 Steps for Reducing Employee Turnover
Few things are as disappointing to managers as watching their best talent leave. Not only are you losing out on having those high performers around for future efforts, but you’re also forced to watch as they leave with all of the knowledge and skills they’ve picked up from the experience and training you’ve provided.
While the loss of knowledge alone can hurt your organization, the financial burden is extreme: for all jobs with a salary of $50,000 or less, it costs employers 20% of the employee’s annual salary to replace him or her. For executives, it could cost up to a whopping 213% of their salary to replace them (source: CBS News).
So, what can organizations do to start reducing employee turnover? Let’s take a look.
- Hire Properly From The Start
The Wall Street Journal cites this as one of the first steps for boosting retention. Ensuring that you’re hiring candidates who are a great fit for your organizational culture and values – instead of looking solely at their skills and experience – can certainly help.
- Implement A Strong Total Rewards Package
In addition to paying fairly according to the current climate of the market, you must also make sure that you’re providing employees with the other things they need in terms of benefits. This could mean flexibility in terms of work/life balance, more vacation time, or better health benefits.
- Think Stay Interviews, Not Exit Interviews
Perhaps most importantly, you must tap into your employees’ insights to find out exactly why they stay with your company, and what they need in order to remain with you in the future. Assuming that their employees are satisfied is what gets companies in trouble.
Taking the time to hold stay interviews will aid in your efforts for reducing employee turnover, because it allows you to be proactive address employees’ needs before they leave. Consider asking employees questions based on what they like and don’t like about their jobs, and use this information to make any necessary changes so you can continue to retain your most valuable high performers.
If your employees are already suffering from work overload, consider implementing a stay interview software solution to ease the burden of retention-boosting efforts. HRsoft’s STAYview software can boost retention with highly effective yet simple manager tools. You can watch a short demo of our STAYview software here.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Stay Interview Software, STAYview, click the button below!