High turnover rates can be extremely damaging for businesses. Recruiting and training new employees is extremely expensive, and you still have no guarantee the new employee will be as good as the one that left.
Many companies struggle with retention rates, and this ends up costing them lots of money. So how can your business break out of the high turnover circle and start to keep employees in their positions for longer?
Build the Right Culture
The culture of a business informs how employees behave, and people instantly pick up on the culture when they walk into a business. If your company’s culture is one of a revolving door, then new employees are going to pick up on this and plan to be there for the short-term.
This compounds your problem of poor employee retention, because it becomes a vicious circle. In order to break the circle, you’ve got to take actions to change your business culture.
Hire the Right People
This is another area where you can get sucked into a never-ending loop.
You lost a key employee and you have to replace them quickly, which means you don’t get the right person in to replace them. This in turn means that that person doesn’t last long in the job, and you’re back at the beginning of the circle again a few months down the line.
If you’re going to break the circle you’ve got to make sure you’re hiring the right people in the first place. Temporary fixes aren’t going to get you out of the circle; at some point you’ve got to take your time and hire someone who is the right fit for the job
The best employees want to keep improving and moving their careers forward.
If you can help facilitate that, then they’re more likely to stick with your business. Not only do your employees benefit from learning new skills, but your business is also going to benefit from their improved performance.
Providing your employees with the right training is a win-win, and it can really help your employee retention.
Make Use of the Data
Using hr analytics, you can find out what’s driving your low retention rates. By understanding what it is that’s making your employees happy and what are the critical factors keeping them with you, you can implement changes aimed at boosting your employee retention.
The right HR software can give you access to all kinds of data to better inform your decisions.
Once you know what the key factors are that will keep employees working for you for longer then you’ve got to give people a reason to stay with you. If you invest in your employees, then your employees will invest in you by staying longer.
When you have a good employee the last thing you want is for them to leave and have to train up someone new to replace them. By investing in your staff in the first place you avoid this problem.