Let's see what strategies should be followed to reduce employee turnover.
1. Hire people who share the values of your company
An employee can be trained in the necessary skills and abilities, but the commitment to the corporate culture can be hard to teach. The loyalty of specialists and their involvement in the future are determined by the degree of their agreement with the values and norms of the company. Initially, by hiring employees who will share the company's values, you will reduce the likelihood of their dismissal. It will be easier for such employees to join the team and start working. Therefore, even during the interview, it is worth asking the candidate about their attitude to the accepted norms in the company's culture and explaining their importance for working in your team.
2. Competitive salary and bonuses
Money matters. The issue of salary remains the key for most employees, so often the reasons for their departure are in its size. Financial stability motivates employees to stay in their workplace, so make sure that the salary level in your company corresponds to other enterprises in your industry. It is important to give a fair assessment of the work of each employee. The necessary package of competitive advantages may include salary increases, bonuses, and incentives.
3. Career growth for the best specialists
An employee may agree with the level of their salary but still be dissatisfied with their position. This happens when they realise that their work is boring and there are no further prospects for development. Simple tasks significantly reduce the motivation of an employee, so if you have an opportunity to promote a valuable specialist, you should not miss it. If there is none, then it is necessary to at least change the duties in the department, give new more complex tasks.
4. Analyze the atmosphere in the team
It is worth understanding the general mood inside the company. How friendly the team is, how often conflicts occur. All this is extremely important not only for the effectiveness of an individual employee but also for the entire company. Relationships with management also affect the condition of employees, so it is necessary to strive for a friendly atmosphere within the organisation. Corporate events, joint projects with managers as part of a team can help in this.
5. Increase the importance of the employee
Especially when there is no opportunity to promote the employee, it is worth allowing them to show leadership skills. Make them the head of a new project, give them subordinates or interns to train, show that you understand their importance to the company and trust them. It is not superfluous to be interested in the problems of an employee, especially in such difficult periods as divorce, loss of loved ones, quarrel with relatives. Not only financial but also moral support is necessary in such cases. A sincere informal conversation, an extra vacation will help the employee to cope with life problems and become closer to the company.
6. Help to maintain a work-life balance
Violation of the work-life balance negatively affects the employee's efficiency, their involvement in the business and motivation, and also causes burnout and, as a result, reduced productivity. To avoid this, you should distribute the workload evenly, provide hybrid work schedules, and prevent employees from overworking. Taking care of the well-being of colleagues not only in working moments will help to retain key employees.
7. Conduct an exit interview
If the specialist still decides to quit, then it is worth collecting feedback. This stage cannot be ignored
, since a "farewell" conversation with an HR manager will help to collect as much information as possible about the reasons for leaving, highlight the negative aspects of work and the disadvantages in the processes. In addition, an exit interview also helps to maintain the loyalty of a specialist to the company and will be able to influence their desire to return to you.