5 Ways To Avoid High Turnover Rates
Updated: Sep 12
There’s nothing worse than losing one of your top employees to another position…unless it’s losing all the money you invested in him or her as well. The fact is that turnover costs employers big bucks in hiring and training costs and can even harm a business’s overall reputation, should productivity suffer during the transition. Here are a few of BGSF expert tips to avoid a high turnover rate and keep your employees happier in the long term:
1. Talk to Current Employees
Want to reduce turnover rates at your company? Don’t wait until the exit interview to ask employees what they think! By conducting regular employee interviews and surveys, you can identify problems early on, when there’s still time to make changes, and boost overall retention for your business. Just remember to follow through on your promises; if you say you’re going to offer healthcare benefits by the end of the year, create an action plan to ensure it happens. Otherwise, you’ll have an even bigger turnover problem come December!
2. Offer Incentives
Speaking of healthcare, offering employee benefits is one of the best ways to reduce turnover. If you can’t afford large incentives, like medical insurance and paid vacation time, consider offering a smaller reward to show your workers they’re appreciated. Hand out gift cards as thanks for a job well done, or schedule a company-wide lunch at the end of a big project. In the end, recognition will go a long way toward showing your employees they aren’t just paid help but members of a valued team.
3. Pay Employees Appropriately
Of course, a gift card now and then isn’t enough to keep employees in their chairs, good retention rates also depend on your ability to pay employees solid wages. Even people who love their jobs want to receive fair compensation, and underpaid employees are likely to go to the competition.
4. Give Workers Chances to Grow
Would you stay at a job where you had no chance of advancing to bigger and better things? Doubtful! To keep your best workers on staff, make sure you offer plenty of room for growth. Invest in your own people and reap the rewards in improved retention.
5. Work with a Top Staffing Company
Are you overwhelmed by the prospect of finding and retaining top employees? Working with an expert recruitment company like BGSF helps ensure you find the best candidates the first time around. Along with helping you write clear and accurate job descriptions, our staffing experts will take the time to conduct background checks and ensure prospective employees meld well with the whole team.