Employees don’t typically stay in one place forever, which is why turnover affects businesses of all types. But when turnover becomes excessive, it can impact everything from morale to revenue — and that could cause your business to fail. Although 57% of organizations view employee retention as a problem, many are not willing to really examine the causes of high turnover. It’s uncomfortable to confront these truths, to be sure, but it’s essential to do so if you want your organization to succeed. So how do you stop the revolving door? Start with these tips.
Conduct Exit Interviews
If you seem to be experiencing a constant mass exodus of employees, the first step you need to take is to find out why they’re leaving. You might chalk their departure up to a poor fit or a higher-paying position and be inclined to brush employees off. But at the very least, you should get confirmation of these suspicions and start to understand where these disconnects are coming from! Are you expecting your employees to take on too much work for too little pay? Do your job postings and interviews not reflect the actual responsibilities of the position? By making it a habit to conduct exit interviews with these employees, you can obtain a lot of the information you need about what would have improved their experience at your organization and what they feel needs to be addressed. While not everyone will have the same complaints and concerns, these employees are often your best resource; don’t dismiss what advice they have to offer.
Review Hiring Practices
It’s possible that the way you connect with new hires may be lacking from the start. For instance, if you’re simply hiring out of desperation and knowingly staff your company with people who don’t have the experience, skills, or values needed to succeed in their position or fit into your organization, you’re probably going to end up needing to fill that job again pretty soon. If you aren’t getting enough interest in your job postings, branch out to other services or enlist help from staffing services in your area. Make sure that the vetting and interview process reflects these employment opportunities in an honest way and that you aren’t too quick to hire just anyone. Your staffing services company can help you with this, as well. You’ll also want to make sure you’re considering diversity in your hiring practices; not only will this allow your company to grow, but it will also be more likely to attract qualified candidates and convince them to stick around.
Make Cultural Improvements
You will also need to take a close look at your company’s existing culture to assess whether this could have a negative effect on your turnover rates. A cut-throat, stressful environment lends itself to high turnover due to the immense pressures associated with work. But a culture that emphasizes the importance of teamwork and that places value on the contributions of each individual will foster a more positive work environment and a world-class culture. This will also involve a careful analysis of your management structure, in many cases, as well as the pay structure, the benefits offered to employees, and even aesthetic features within the office. If you make your business a place employees actually want to be and ensure they feel welcomed and valued, they’ll understandably opt to stay much longer.
By listening to former employees, streamlining the hiring process with help from staffing services, and making real cultural improvements, you may be able to reduce your turnover rates in a short amount of time. For more information on how our staffing company can help, contact us today.