Employee turnover – how to reduce it

Written by Mairead Simons

There have been several reports of an impending recession in the near future which may have led to employers believing their staff are a ‘given’ and nobody changes jobs with a threat of a recession. However, we are now being told this recession may not even happen, so here is how to make sure your workforce stays strong either way!

Within all companies, we have to allow for a number of employee resignations and terminations, as regardless of how brilliant your company is, it will not work for every individual. However, when looking at companies with huge numbers of employees leaving, it’s a good idea to look at the bigger picture and look at which areas can be improved to reduce this.

Below are some of the ways we can avoid high employee turnover:

  1. Don’t take your staff for granted – recognise when employees are doing a good job. Reward and recognition are key to employee satisfaction, with employees who feel they are appreciated being more likely to stay in roles for lengthy periods. Perks and bonuses are one-way of recognising great work however sometimes it is a simple ‘thank you’ which is warranted and helps employees feel like they are valued and not being taken for granted.
  2. Creating a brilliant company culture. A people first and development led approach to organisational culture is key, creating a great working environment with plenty of room for personal and career growth will help reduce employee turnover. When employees genuinely enjoy coming to work, everything will seem easier.
  3. Increase flexibility. Although some companies find the standard 9-5 in the office still works, for many places of work they will find it is time to adapt to a more flexible approach to decrease employee turnover. With remote working widely implemented, companies will need to change with the times to retain staff.
  4. Invest in benefits packages and keep salaries competitive. In the current market, staying up to date with the market rates for the roles within your company is more important than ever. Salary is one thing, and keeping your salaries competitive is highly important, but a generous benefits package can be just as important when taking a new role into consideration. Companies with low employee turnover often have private healthcare and larger holiday entitlements.
  5. Give employees a clear direction. Employees are much more likely to stay in a role where they feel they are moving forward and developing. Offering training and promotional opportunities are really important and will contribute significantly to reducing employee turnover.

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