How to Reduce Employee Turnover
How to Reduce Employee Turnover
So how does your company compare? What are you, as a business owner, doing to ensure low turnover rates?
What are the potential causes of high turnover? As well as economic and labour market conditions, other causes can include non-competitive salaries, high stress, boredom, poor supervision, poor fit between the employee and the job, inadequate training, poor communication, and organization practices.
How can your company address these issues? Well, firstly, employers must recognize that quality of work life is becoming more and more important to employees. Employees want to be valued, recognised for their contribution, involved in the development and growth of the company, and have their training and development issues addressed. Companies with low turnover rates are employee oriented.
Be flexible, responsive and creative in developing programs to address employee needs. Investing in upgrading the skills of the workforce, introducing flexitime, providing child care, and compensation and benefit schemes can result in higher productivity and long-term growth.
If an employee is a good fit with the company, i.e. their values, principles, and goals clearly match those of the company, it will go a long way toward in ensuring employee loyalty and retention.
How to Reduce Employee Turnover - To learn more about this author, visit Rizwana Shah's Website.
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The Chartered Institute for Personnel and Development’s (CIPD) ‘Recruitment, retention and turnover survey 2007’ reported the overall employee turnover rate for the UK is 18.1%. The highest levels of turnover (22.6%) are found in private sector organisations.
So how does your company compare? What are you, as a business owner, doing to ensure low turnover rates?
What are the potential causes of high turnover? As well as economic and labour market conditions, other causes can include non-competitive salaries, high stress, boredom, poor supervision, poor fit between the employee and the job, inadequate training, poor communication, and organization practices.
How can your company address these issues? Well, firstly, employers must recognize that quality of work life is becoming more and more important to employees. Employees want to be valued, recognised for their contribution, involved in the development and growth of the company, and have their training and development issues addressed. Companies with low turnover rates are employee oriented.
Be flexible, responsive and creative in developing programs to address employee needs. Investing in upgrading the skills of the workforce, introducing flexitime, providing child care, and compensation and benefit schemes can result in higher productivity and long-term growth.
If an employee is a good fit with the company, i.e. their values, principles, and goals clearly match those of the company, it will go a long way toward in ensuring employee loyalty and retention.
How to Reduce Employee Turnover - To learn more about this author, visit Rizwana Shah's Website.
Like this article? Share it with your friends
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