Wondering how to achieve a higher retention rate in your company? Employee retention is undoubtedly one of the most intense challenges faced by most human resources departments. In order to stay and plan for the long term, your employees need to feel valued and supported, regardless of their position! Discover how to limit turnover with these 7 practical and foolproof tips…
Turnover is defined as the percentage of employees who have left a company over a certain period of time.
It is often described in relation to the employee retention rate, which measures the number of employees retained from the beginning of a given period to the end.
There are two types of turnover.
The first is voluntary turnover, or when employees choose to leave the company. Often because they do not feel valued or recognized in their work.
The second is involuntary turnover, which occurs when an employee is let go by the employer.
In all cases, it’s critical to measure and track turnover on a regular basis, because high turnover can be extremely costly to you – so it has a negative impact on your business.
That’s why it’s important to value and motivate your employees as much as possible!
Employee motivation techniques are essential to the success of your business.
Because valued and motivated employees work better and are more dedicated to their work with more energy and enthusiasm.
That’s for sure…
Happy employees are the key to reducing turnover in a company!
They are much more productive and more likely to stay in their jobs for the long term.
Whatever your field of activity, valuing and motivating your employees is equally important in all sectors.
And in all cases, it’s the employer’s job to think about their employees’ well-being and determine what they need to feel valued.
Do you want to keep your employees as long as possible and impress your customers with your reputation as a model company?
To limit turnover, there are several ways to value your employees and their work:
In short, they must be offered a minimum of recognition and freedom to achieve a good work/life balance.
Some of these tips may be familiar to you, others may be new to you, but ALL of them should help you inspire long-term loyalty in your best employees.
The best way to ensure your employees don’t leave you is to make sure you hire the right people.
Clearly define the role, both for yourself and for the candidates.
And then be absolutely sure that the candidate is a good fit for the position, not only for them, but for your company culture as well.
Make sure you’re paying your employees the right wage for their work (or better) and offering them competitive benefits.
This may seem like a no-brainer, but you’d be surprised how few companies offer raises that keep up with an employee’s development and true value.
When given the opportunity to connect with each other through acts of connection and appreciation (workshops, seminars…), employees are :
By encouraging them to the maximum, you give your employees a sense of belonging to the company.
Show your employees that they are valued and appreciated by offering them real-time recognition that celebrates their successes and efforts.
Make them special, and reward them with an online team building for example!
You will then be rewarded by their loyalty in return.
Today’s employees are looking for a flexible work/life balance.
This has a direct impact on retention and more and more companies know it…
This means that if you don’t offer employees flexibility around work hours and locations, they could easily leave you for someone who will.
This point seems obvious, but for too many leaders, interest in engagement is limited to engagement survey results.
It’s not enough to conduct an engagement survey once a year… NO!
You need to save most of your energy to act on the results and you need to work on building a culture of engagement in your company throughout the year.
Happiness may seem a bit futile to many leaders, but the numbers behind it are anything but.
Employee happiness is a key indicator of:
Investing in your employees’ happiness will pay dividends in terms of engagement, productivity AND… retention!
As you may have guessed, one of the key factors in employee engagement and happiness is to give them a sense of purpose and meaning in their work.
Offer your employees a strong vision and objectives and increase their sense of belonging and loyalty to your company!
Did you know that respect at work has been shown to be a key factor in voluntary turnover?
Then you need to find ways to cultivate and maintain respect in your workplace and it will pay off in increased retention.
Use these tips to limit turnover and thus create a culture in your organization that will keep your turnover rates low and your best employees on board (and productive for years to come).
You can boost your employees’ engagement and value each of them easily with our various team building activities – like a wine tasting with the INVINO team, for example…
Need help organizing corporate events? Contact our team now!
The INVINO Event team.