07 Apr Employee Retention Rate – Effective Strategies for Reducing Employee Turnover
Why Should Employee Retention Be A Top Priority?
Good help is hard to find, so when you find the most talented workers available in your industry, you need to ensure that you are doing all you can to retain and develop your valued staff. High employee turnover rates are extremely damaging to your business, impacting everything from your services rendered to your financial bottom line. If you don't identify and implement an effective employee retention strategy, you will face extreme difficulty when trying to maintain a high standard of efficiency. As a manager, realizing this fact is only half of the battle – now you need to decide upon the course of action to ensure an exemplary employee retention rate.
Reduce Employee Turnover with Stay Interviews
Exit interviews are often customary when an employee leaves their position within a company. While this may help you to determine what caused them to leave, have you ever considered interviewing your current employees? Not only will you learn why they have stayed with your company, you will also gain important insights into current factors that may be negatively affecting their job performance. Important data that you will gather during a stay interview may include:
- Why your employees came to work at your company
- Why your staff has stayed with your company
- Possible reasons that would make them consider leaving their job
- Individual nonnegotiable issues
- Thoughts on management
- Changes that workers would like to see
Stay Interview Programs Produce Real Results – Real Fast!
The stay interview creates a baseline of actionable historic data that helps management and HR to track issues that directly affect turnover. In fact, companies that have instituted the stay interview process have enjoyed decreased employee turnover rates of 20% and higher within the first year! With a low initial cost to purchase and set up these intuitive and easy-to-use programs, this is one HR investment that is sure to pay for itself many times over within a short period of time.
HRsoft – The Employee Retention Software Leader
HRsoft is a leading provider of stay interview and employee retention software for mid to large sized companies in North America. To learn more about our Stay Interview System, STAYview™, click the button below!
If you enjoyed this article, here are a few more that you may enjoy!