It is no secret that employees, like many other things in business, come and go. All businesses around the world experience employee turnover, small or large. It is something that many are working relentlessly to reduce, as it can act as a massive drawback to any business.
When an employee leaves, employers need to spent time, money, and effort on trying to acquire and retain a replacement, which is not something that all employers can afford doing on a regular basis.
The following are some tips by experts at Bayt.com that can help you in dealing with high turnover rates:
Review your Company’s Hiring History
This step is crucial to identify the reasons behind your high turnover rate. You can look at it this way: in any medical case, doctors always look for the hidden factors that cause the symptoms, and turnover by itself is more of a symptom than an issue.
Turnovers can happen due to several reasons, such as relocation, family issues, economic issues, or simply getting a better job offer. Sometimes, the recruitment process itself may be flawed. If you keep track of your hiring and turnover history, you may be able to screen and categorize your resignations. This way you can identify the problem and begin planning for the solution.
Bayt.com’s fully automated applicant tracking system Talentera offers employers a better way to plan and organize this process. By taking advantage of this kind of technology, employers can be sure to always have a healthy pipeline of talent for their workforce plan. As it can help them in sourcing, tracking, assessing and hiring professionals that best fit their needs.
Use Exit Interviews or Surveys
The best and most direct way to know why your employees are leaving is to simply ask them. You can do so by either inviting them to an exit interview and ask them questions regarding the reasons why they decided to leave or simply by creating a survey that they can fill out before leaving. This tool can make the screening process very exact and helpful.
Engage your Employees
Studies show that committed employees tend to be more ‘present.’ You can enhance your employees’ performance by making them part of the decision-making process. Give them the power to make decisions on their own and take those decisions into consideration. Respect their points of view and appreciate the hard work they are doing.
If you talk to your employees regularly, you will at least have an idea of what they are thinking, their levels of satisfaction, and what you can do to make the work environment more suitable for them.
Separate the ‘Rotten Apple’ from the Healthy Ones
It is quite possible that your company has a ‘rotten apple.’ A rotten apple is an employee who spends the day spreading negative energy among his/ her coworkers. The ‘I can’t stand this job anymore’ coworker. The person who always praises other companies and criticizes his/ her own. Of course, some criticism is healthy, but when such words start affecting other employees, that’s the time when a problem needs to be solved.
Provide Job Security
While it is not only about the money, the remuneration package still plays a fundamental role when employees are comparing job offers from potential employers. Employees are inevitably seeking some degree of job security, especially during times of economic hardship and whether they have rent to pay, children to school, or a car loan to finish off.
Your employees need to know that the possibility of losing their jobs at any passing minute is as low as possible. Fear cripples everyone and if your employees are afraid, they will most likely look for better opportunities where they can safely build a future.