You might be relying on your good employees. But what if they want to leave your company? High employee turnover is a serious issue that troubles many companies. Unexpected exit of good staff can badly affect your business. Plus, hiring new staff every time can be costly. This is why you need some strategies to reduce employee turnover.
First, the question is why do good employees leave your company?
There is no one-word answer for this. Everyone is different, so there may be different reasons. For example, employees may leave their jobs for personal or family reasons. Of course, this scenario is not in your control.
However, several things in your company can also make your workers leave their jobs. Obviously, you can control them.
Why Do Good Employees Leave Your Company? The Main Reasons:
Below are 6 reasons why good employees leave your company.
Reason 1: Bad Relationship with The Boss
Employees who are not on good terms with the boss might want to quit their jobs. So, a bad relationship with the boss or management can result in the immediate exit of good workers.
Reason 2: Influence of Coworkers
Poor interpersonal relationships with colleagues can make the workers quit their jobs. This often happens in large companies with many departments. Moreover, employees tend to leave their companies if their colleagues quit their jobs.
Reason 3: Lack of Training and Learning
Employees want to grow in their careers. So, they need the training to improve their skills and knowledge. If your workers don’t get proper training and learning opportunities, they will quit their jobs.
Reason 4: Lack of Motivation
Motivating the staff is one of the biggest challenges faced by many managers. Employees want recognition for their efforts to have a feeling of belongingness. Failure of the management to promote employees on a performance basis can make them leave their jobs.
Reason 5: Money
Mostly, money is the primary thing an employee seeks in a job. Employees have lots of expenses to deal with. This can be the education of children, food, travel, etc. When the workers realize that the reward is not worth their effort, they will look for a better job!
Reason 6: Challenging Work Environment
Lack of basic facilities such as drinking water, lavatory, proper lighting etc. can affect the employees. In addition to that, a bad boss, conflicts, confusing corporate culture, stressful atmosphere, etc. can influence them adversely. This can lead to overall job dissatisfaction.
8 Strategies to Reduce Employee Turnover in 2021
Now, let’s discuss the strategies to reduce employee turnover.
#1. Effective Communication
Employees should feel free to discuss their ideas with the management. So, creating an open communication system is a big plus! Bosses who communicate regularly with workers can make them feel valued.
There must be effective communication between the employees and their colleagues as well. For that, you must have proper strategies to create engagement in your office. Of course, a highly engaged workforce can be more productive than a disengaged workforce. Perhaps, conducting some employee engagement activities might help you!
#2. Proper Training
Remember, employees want to grow, and they want to be an expert in what they do. So, the management should provide continual training for the staff to develop the necessary skills. Providing proper training from day one develops a competent and efficient workforce.
Moreover, you should motivate your employees to focus on achieving your company’s goals and customer success. For that, you can discuss your future plans and policy changes with them and listen to their feedback.
#3. Good Remuneration
Honestly, you can’t retain workers unless you give them what they deserve. You can’t expect someone to work for you on a long-term basis with cheap compensation as well as benefits. Who wants to work for peanuts? For this reason, you should offer good wages to retain talented people.
Sharing a small portion of profit with your staff, especially after the successful completion of a project can be good. Likewise, offering bonuses or incentives for good performances is also a nice idea. This will encourage your workers to do more for your business.
#4. Helpful Management
Companies should provide proper training for their managers to improve their leadership skills. The reason is workers tend to stay in a company with helpful management. Workers don’t need to have a friendship with their boss, but they must have a smooth relationship with their own boss.
Various surveys reveal that workers would love to have a boss who provides proper feedback and guidance. Moreover, a good boss should listen to their concerns, be ready to conduct one-on-one meetings, and work with them cooperatively.
#5. Strong Company Culture
Companies with strong company culture should be able to give value to their employees. So, employees who are part of strong company culture are more likely to stay in the company.
Having strong company culture can make your workers strive towards achieving your business goals. A strong company culture facilitates open communication and teamwork. As a result, there will be less stress and high efficiency in your office.
#6. Job Satisfaction
Employees who are satisfied with their jobs are more likely to continue with that company. Now, how to achieve job satisfaction? There are mainly two motivational factors that lead to job satisfaction. The first one is the job content and the second one is autonomy.
People who do what they love to do will not think about a job change. This is why the job content is important. It is vital for management to involve employees in the decision-making process. Providing such autonomy can inspire the employees to do their best for your company.
#7. Pleasant Work Environment
A pleasant work environment should consist of all the basic facilities needed for the staff. Plus, there shouldn’t be any kind of discomfort for them either physically or mentally. Having an engaged, happy, and motivated workforce will reduce employee turnover. Also, there will be fewer absentee rates.
Every employee needs to feel respected as well as valued. So, it’s the duty of the managers to treat their staff with respect. Also, it is better for companies to do their business in a transparent manner. This will create a feeling of belongingness among the workers, and as a result, retain the good ones.
#8. Work and Family Life Balance
Don’t forget that employees have a personal life too. They need to take care of their family as much as they take care of your business.
For this reason, you should give support to balance their work and family life. You can do this in different ways like offering flexible working hours, work-from-home opportunities, etc. depending on your business structure.
Whether you’re a small business or a large one, you should make sure that your employees are happy. If your staff have any problems, you must try to solve them as quickly as possible. In short, using the right strategies can help you reduce employee turnover. Of course, this will help your business in the long run.