In today’s competitive job market, having the right team of skilled marketers and professionals is one of the prerequisites for business success. However, no matter which industry you work in, every company faces the perils of employee attrition or turnover from time to time. While it is entirely normal for people to want to look for newer, better opportunities, when they switch over not many months after you hire them, it can be a pain for most employers.
Some of the best creative staffing companies across America agree that a high attrition rate amongst employees is one of the most challenging aspects of running a successful business in today’s fast-paced world. Not only does it waste all the time and effort employers spend on training and grooming employees for the job, but it also reflects poorly on the company’s overall image and market value.
Retaining a good employee is not rocket science. All it takes is a bit of foresight before hiring someone and putting in some effort to make them as comfortable as you can in their current role. Read on to find some simple yet effective tips on minimizing employee turnover at your organization.
- Take Time to Select the Right Candidate
80% of your worries will be over if you select the right candidate with the right motivation. While certificates and skills are important criteria for selection, pay attention to a candidate’s working culture, passion, and projections. The most common reason for turnover is when employees do not see themselves fulfill their future goals at an organization. So, try to select the ones whose values match your company’s values.
- Revaluate Salaries and Perks
One thing you must remember is that this market is for skilled professionals. At least a dozen other competitors are looking to hire a cream lot of experienced, creative, and dedicated professionals by giving them better pay and benefits. So, make sure your employees have an industry-standard pay scale so that they are happy working for you.
Also, amidst the raging pandemic, it helps greatly if you can offer certain non-financial perks like flexible work timings, remote or hybrid working, etc., to your existing team members. It is all about giving them enough reasons to keep sailing your boat without looking to jump over the first ship they find!
- Appreciate a Job Well Done
While not all employees look for approval, a pat on the back for great work is undoubtedly one of the biggest motivators. For many professionals, a lack of sincere appreciation from their bosses and management triggers unhappiness at the workplace. And no one can continue working at a place that doesn’t make them look forward to the next day. So, put an employee appreciation system in place, and you will see how much of a difference that makes.
Losing out on good team members who add value to your business and work culture is one of the biggest setbacks for any organization. Given the competitiveness of today’s job market, it is pretty challenging to replace them with suitable candidates who fit into your company’s global scheme of operations. So, you must nip this issue in the bud. Here’s hoping these three tips will help you reduce employee turnover substantially. Godspeed!