Employee turnover rates are forecast to be up to 75% higher than companies have previously expected. It’s also taking 18% longer to fill roles than before the COVID-19 pandemic.
This puts many business owners in a precarious position. Not only are many struggling to retain their staff, but they’re also struggling to replace them.
However, that doesn’t mean every business will have issues with retention. You may be able to improve your organization’s staffing woes and decrease your employee turnover rate by taking these actions:
Provide Learning and Development Opportunities
Many employees enter their respective fields to get ahead. They want to learn, train, and develop their skills to reach the top of their fields. That’s why providing learning and development opportunities can be so important.
For example, if you have a mental health-related business, offer your mental health providers new training opportunities like EMDR training. They can expand their scope of practice, while you also benefit from a more skilled team. Your team may also feel that you care about them reaching their full potential.
Be Flexible with Work Arrangements
A traditional nine-to-five working week doesn’t suit everyone. Caregivers, in particular, have children to consider. It can be challenging to juggle work and home life responsibilities.
Make it easier for your employees and potentially retain them for longer by being flexible with work arrangements, this is one way to lower employee turnover.
For example, you might offer a hybrid work arrangement so parents can work around their children’s schedules. Employees can appreciate such working arrangements and show appreciation by staying loyal.
Offer a Competitive Salary
A salary or wages can be the main drawcard for many people browsing job advertisements. If your business offers a competitive salary, you may enjoy more applicants. Once you hire an employee and set their competitive pay rate, you may receive many years of loyalty.
Provide Generous Benefits
A competitive salary can set the scene for good employee retention rates. Still, it’s not all you can do. You can pair that salary with generous benefits. Employees sometimes appreciate that more than a higher-than-average salary.
Health insurance, a retirement fund, family leave, and paid time off are just some of the many offerings you may consider. Since they are not provided at all places of employment, your employees may show appreciation by working for your company for many years.
Reward and Recognize
A lack of recognition and appreciation can be disheartening. When you work hard to benefit your company’s bottom line and reputation, you may get frustrated when you don’t receive a simple ‘thank you.’
Over time, this lack of recognition and reward for extra effort can take its toll. Employees who don’t feel appreciated may choose to leave, which is why rewarding and recognizing employees for their efforts can be so important. Consider starting an employee recognition program and make your workers feel appreciated so they may be more inclined to stay.
Improving employee recognition doesn’t have to be time-consuming or expensive for employers. It can be as straightforward as being more flexible with work arrangements, providing competitive salaries and benefits, rewarding hard-working employees, and providing learning and development opportunities. You may then enjoy far more satisfactory retention rates.
