3 Ways to Prevent Employee Turnover in 2014
As our economy continues to recover, businesses are spending more time strategizing how they will grow their company instead of simply just maintaining it in the New Year. Employers feel that we have all surpassed the worst economic times and that things will only continue to improve in coming years. Even though the holidays are meant to be enjoyed, companies are spending this hectic month putting together budgets for 2014 and thinking of ways that new goals can be reached for success, including reviewing and revising their hiring (and firing) strategies.
Although the start of a New Year is promising and filled with motivation to accomplish big things, the burden of employee turnover exists and must be prevented as much as possible to avoid a road block for success. Employee turnover literally costs us on average at least TWICE the amount of that employee’s salary to find and train a replacement and also has negative morale effects on employees and the workplace. Employee turnover must be stopped—but you can’t always predict the future plans of an employee leaving on their own terms or if that “perfect” candidate that you hired will not work up to their expectations on the job.
There are a few things that employers can do to help prevent employee turnover next year:
Learn from past hiring mistakes
You’ve interviewed several candidates and you think that you’ve found the perfect person that possesses the necessary skills for that position. A couple weeks later, you notice that this person doesn’t really fit in with your company culture or doesn’t demonstrate the skills required for the position. Your next step would be to offer more training opportunities so that this employee has a chance to excel at this position—after all, you hired them, right? What if that doesn’t help them progress and months are spent trying to get this employee up to speed? Only so much time can be spent to move this employee in the right direction, and if it doesn’t seem to be working out, a decision must be made.
If you’ve ever had to deal with the unfortunate event of losing a star employee on their own terms, can you think back to any signs of their discontent? Recognizing the signs and taking notes of past experiences will help prevent these issues from happening again. Communication with your employees is also especially important with identifying any potential issues in the workplace before they worsen, so leave the opportunity open for an employee to feel comfortable enough to approach you if an issue arises.
Invest in your staff
Great employees make the decision to leave their companies (even if they really don’t want to) because of a negative work environment, feelings of a lack of appreciation or morale and not receiving the compensation they believe they deserve. We can’t all receive the salaries that we desire, but practicing simple ways to show employee appreciation has major benefits of employee satisfaction.
Did your company reach an outstanding number of sales in the last quarter or did your employees recently receive a lot of praise from clients? Even something as small as ordering in a favorite lunch for everyone can show that you appreciate the hard work they do for you. Also, conduct employee performance reviews every once in a while to ensure management and employees are on the same page. This will also provide a clear direction for your staff and will help them understand how they can grow professionally. Reviewing and identifying strengths and weaknesses will also help you to determine where training may be necessary and since employees will see this as an investment for their future, they will feel more valued on the job.
Work with staffing firms and other resources to narrow down key employees
There is always a feeling of uncertainty and worry when bringing in any new employee. Working with staffing firms helps to reduce that uncertainty because their candidates are already pre-qualified for certain industries and have already had confirmed references and background checks. Having the pool of candidates offered by staffing firms narrows down skills and saves time on recruitment for employers because staffing firms have already done the recruitment work for you. They are also well-versed in what skills each employee has and what types of companies they would fit well in, so they can quickly pinpoint potential “A players” for your company.
Also, utilizing staffing firm temporary services helps you in making a hiring decision if you’re not ready to bring a full-time employee on board right away. Temporary services allow you to try out a candidate before you permanently buy-in so that you can make sure the candidate is a great skill and culture fit for your company!
While there aren’t many ways that you can predict employee turnover, there are several things you can do to prevent it from the very beginning of the hiring process. If you’ve decided that it’s time for a company change or if you’re looking to hire to jump-start your New Year, check out our staffing options by clicking below. Have a wonderful rest of the holiday season and good luck in the New Year!