25 Jun 5 ways to reduce staff turnover and improve employee retention
An increase in staff turnover is not only damaging financially but also mentally. Losing an employee can have a negative effect on the team members they leave behind and the businesses reputation as a whole. It’s important as a manager to understand why employees are leaving and what you as a business can do to change this. Finding a solution to common problems will help to reduce your staff turnover and in turn improve your retention rate.
Here are our top 5 tips on how to reduce staff turnover:
1. Create and stick to regular one to one meetings.
Having these regular check-ins can highlight any underlying issues, creating a more positive office environment. Communication is key within a team and these meetings give each employee space and time to provide feedback and create a focus on overall business goals, future ideas and achievements.
2. Celebrate employees’ successes.
Having a reward scheme such as employee of the month will encourage staff to work hard in order to receive a day off or alternative incentive.
3. Offer flexible working or remote working.
Since the pandemic hit, employees value their time and flexibility. Allowing staff to work around their home life will improve morale and reduce staff turnover. If you can offer this as a business, then it’s worth considering.
4. Offer a competitive salary with added benefits.
Employees don’t just leave their boss, they leave because they want to be paid their worth. Doing some research into competitors’ salaries and being transparent on pay increments will help to reduce staff turnover.
5. Organise social events for the team.
Hosting regular events not only helps with team bonding but is seen as an incentive. An easy social event would be a team picnic.
Maintaining a low staff turnover stems from happy employees. You can hold exit interviews to see how you can improve the office culture. These exit interviews are great for spotting trends.
If you need any help or advice surrounding staff turnover and employee retention, please don’t hesitate to get in touch.