Potential for turnover is high. Here’s how to reduce it.

According to a November 2011 survey by Right Management, 84% of employees (versus 60% in 2009) are actively seeking a new position.  That number reflects a lot of employee dissatisfaction.  Though the feeling may be mutual regarding a few of these employees, you can’t afford the high cost of turnover and you especially can’t afford to lose your good employees.

With this scenario in mind, what should you do to mitigate the problem and make your company the exception to this trend?

Here are a few tips we’ve learned from our years of experience in the staffing industry.  It really boils down to earning loyalty from your employees.

1. Grow their skills.  Nothing says you have faith in your employees like investing in their growth.  This is a win-win, as you’ll gain better, more knowledgeable employees and their morale and loyalty towards you will drastically improve.  Today, when everyone seems to be searching fruitlessly for the employee with that perfectly targeted, exact experience and skill set – you can make a smart move by choosing to invest in the awesome employee right in front of your eyes.

2. Reward them financially.  With the Recession came cost cuts, reduced bonuses, slashed salaries, and layoffs.  Employees were scared, so they put up with all this and stayed where they were, with the understanding that times were lean and these morale killers were temporary.  That was four or five years ago.  Times may still be lean for many companies, but the stagnancy simply can’t continue.  Compensating your employees for their efforts should be a priority, as part of basic good business practices.

3. Communicate.  Ask for their feedback and make sure they feel comfortable and safe speaking candidly with you, so you can get honest answers.  Listen to what they say.  Show them you’re listening by following up.  Consider their feedback carefully and incorporate it into your going forward strategy.  If you mean it – and you should – they’ll greatly appreciate you for it.  You’re on your way to solving a few problems that may have had them ready to jump ship in the first place.

Finally, check out this article from McKinsey Quarterly.  It discusses four traps most leaders find themselves falling into occasionally.  These four traps will absolutely kill employee morale, creativity, and productivity.  And they’re completely avoidable.

The grass isn’t always greener, and a little effort on both parts can reduce unnecessary turnover and make you and your employees happy.

About TRC Staffing Services, Inc.

Trackbacks/Pingbacks

  1. Signs Your Employee Might Be Moving On | Workforce Watercooler - January 13, 2012

    […] light of Wednesday’s post, we found this infographic.  If you’d like to reduce turnover, check out our previous […]

  2. Criteria for Selecting Fortune’s Best Companies to Work For | Workforce Watercooler - January 20, 2012

    […] reward them financially, communicate, and boost morale (for more on how to do these things, click here).  Basically, they value their employees and they show them through their […]

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