I'm putting in my two weeks is the last thing any boss or hiring manager wants to hear.
Why? Because turnover is expensive. It's time consuming. It's frustrating and can bring down the morale of an entire team and organization.
Did we mention turnover is expensive? You've invested time and money nurturing the development of your employees. The last thing you want to see happen is to lose that return on investment.
That's why we've asked companies for their top tips in reducing employee turnover. We hope that by offering these tips, you can be better equipped to get your employees to stay at your company.
Here are 5 employee turnover tips:
#1: Encourage personal development
Jean Cook, a coach and certified facilitator, offers the following tip for reducing employee turnover:
Our TAB Board Member - Jim Consedine - offers a unique program that has inspired personal development and loyalty to him and his firm. He gives each of his staff a $500 budget per year to spend on any kind of personal development, with the stipulation that it does NOT have to be directly business related. He encourages employees to find something they have always wanted to do or be better at. They can take music lessons, learn a language, go to a 'learn about yourself' retreat - whatever they wan to do in a personal development mode. The team is encouraged to share stories and experiences. Continual learning, well-rounded individuals and employees who appreciate their boss and fellow employees are the result."
The truth is, people can get burned out at their jobs - and fast - especially if they feel like they aren't growing or learning.
Getting people out of their daily grind and into something which can act as a mental release may keep that "burn out" phase from happening as frequently.
#2: Support a genuine work-life balance
While some make a convincing argument for why work-life balance is a hoax, Ap Grow, President of Ap Grow & Associates makes his case for supporting a work-life balance.
Support a genuine work-life balance. Most organizations speak of it, fewer and fewer seem to mean it. Assigning workloads that can't possibly be done within regular work hours may be okay for younger go-getter types, but it gets more difficult for people who have families and want to spend time with them. In time, even employees who may truly want to stay with an organization will leave it if they can find a place where workloads truly align with the number of hours in a regular work week.
The key to Ap Grow's case? Be specific as possible. If you want emails to be answered after hours, make that clear from the beginning. However, if being responsive is only required between 9-5, try not to fault employees who disconnect once they leave the office.
Offer flexibility and be clear with what your standards are.
#3: Provide opportunities for philanthropy
Ty Walrod, Co-Founder & CEO of Bright Funds, says that competitive salaries, health benefits and company perks are no longer enough to keep employees satisfied.
Instead, Walrod insists that employees are looking for ways to contribute to the betterment of their local communities and to society as a whole. By aligning a company's philanthropy program with causes employees care about, companies can reduce employee turnover. Philanthropy and social responsibility are great motivators, and this is especially true with the younger generation.
In fact, 72% of millennials want a job where they have an impact. Millennials want to be a part of something that matters and work that they can see make a difference (don't we all?)
Offer opportunities for social good both inside and outside of the workplace. Most employees want to work for a company whose values align with their own, and who try, at least in some facet, to help people.
#4: Cultivate a company culture employees can't image leaving
Eric Mosley, CEO of Globoforce, says that the single most effective way to reduce turnover and retain top performers is to cultivate a company culture that employees cannot imagine leaving.
Mosely suggests that companies create a culture that puts people first, shows a commitment to employee happiness, and places a strong emphasis on employee development. This type of workplace culture reminds employees of their worth as individuals through consistent recognition and appreciation.
Company culture starts with core values, a strong mission and the people. It doesn't always have to do with material items, in fact, a company culture will not survive on ping pong tables and unlimited access to soda. You need to form the groundwork of your company based around the culture you want to cultivate, and then allow it to organically grow with your company.
#5: Enhance the self-awareness of leaders
We all know that leaders have the most impact on the business decisions of the company, but the same can be said for the impact on company culture.
Michael O'Brien, President of Peloton Coaching, says that the #1 tip to reducing employee turnover is enhancing the self-awareness of every leader in their organization. This ties back to the concept that you can't lead anyone until you know how to lead yourself. Throughout the years, someone's supervisor is always one of the top three reasons why people leave companies.
The people you choose to put in leadership positions is an important choice - and it should be a decision made by taking the proper steps. As you can see with our TruProcess, there are about 15 or more steps you should take before making the decision to hire a leader.
What is your #1 tip for reducing employee turnover? Contact TruPath to submit more employee turnover tips that work well at your organization.