Finding good employees is one thing, but keeping hold of them is something entirely different, with many employers struggling with high employee turnover. A recent study found that 61% of employees are actively seeking new employment away from their current role with job flexibility and career progression being the biggest factors for their decision. Rather than letting turnover stop your company from thriving, it’s time to look at what’s going wrong in your organization so that you can fix it!
Know What’s Causing Your Employee Turnover Problem
The first thing that you need to do is work out why people are coming to you for employment and then deciding to leave. The main reasons that employees cite for leaving include:
- Lack of career progression
- Lack of flexible working
- Poor compensation and benefits
- Lack of value alignment
- Not belonging
- Lack of recognition
In reality, there will always be some employees that will be keen to move on, but many grudgingly leave because their needs are not being met. Do any of the reasons above ring true for your company?
If you find that you have high turnover, it is worth looking at how much this could be costing you. It’s tempting to think that if you can recruit new people when job roles become vacant that there isn’t really any issue. However, you can use this calculator to understand the real financial impact that turnover has on your company.
Be Honest About Employee Engagement
It’s easy to send out a survey to find out which reasons are causing your employees to leave, but before you do, it’s important to think about whether you are going to accept the results and use them for change. 85% of employees stated that they do not feel engaged at work in a recent survey, and people are savvy enough to know when an employer is trying to placate them as opposed to being willing to make real change.
If real change is what you are after, there are lots of great ways to engage with your employees so that you get honest, unbiased feedback that you can use. Some of these methods include:
- Anonymized surveys
- Feedback forms
- Round table discussions
- Engagement events
- Team building events
- One to one opportunities
- Mentoring opportunities
- And more
Create a Culture of Positivity and Support
Once you have the answers and information you need, it’s time to start using them to change the way your business works. It can be difficult to read the criticism levelled at the business, but if you are noticing a pattern in the responses you’ve collected then you need to find a way to deal with the problems that have been shared.
By taking the time to acknowledge the issues and collaborate with your workforce on how to improve things, you are far more likely to create a culture of positivity and support that people won’t want to leave.
At GeneCoda®, we find that for many businesses, the changes that need to be made are often small but highly impactful. If you’d like to discuss ways to lower your turnover, then we’d be happy to help – just get in touch with us today!