7 Ways to Reduce Staff Turnover in Your Business

7 Ways to Reduce Staff Turnover in Your Business

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The greatest asset to a business is its employees, which is why so many organisations pay close attention to ensuring their staff stay positive and motivated. When employees are happy at an organisation, productivity and morale are significantly increased. Any human resources professional will tell you, maintaining a high employee retention rate and finding ways to retain great employees is one of their top priorities.

To put it simply, staff turnover is expensive. Not only this, the constant act of hiring and firing people can have a negative effect on the company’s reputation and morale. It is important to place emphasis on developing a mutual respect between the employee and the employer, which is where we come in.

While many professionals may learn this skill in a Diploma of Human Resources, others may need some extra guidance. To help you out, we have created some simple yet specific steps to improve employee morale, helping you to reduce staff turnover.

1. Hire the Right People

The best way to ensure employees aren’t leaving is to take the right steps early on. When in the hiring stage, define the role clearly to both yourself and your candidates. Do you require someone that has completed adult education courses? Do you require someone with 5+ years experience? Answering these specific questions will ensure that you are employing the right people to begin with, satisfying the expectations of both you and your potential candidates. This can also help with your company culture, as you are aware of the personality type that will fit in well with the existing professional environment which in the long run, will help to reduce staff turnover in your business.

2. Recognise and Reward Employees

Extrinsic and intrinsic rewards show your employees they are appreciated and respected on a professional level. Whether it be through an employee of the month program, a raise, extra holiday time – providing these in real-time will help your workers feel celebrated in their success and efforts.

It is a known fact that employees place huge value on being able to move up within the company, so it is important to provide avenues for them to do so. Providing opportunities for growth is the kind of reward that proves to employees they are being invested in, giving them more of an incentive to stay with you.

3. Stay up to Date

While this should be obvious, you would be surprised how many companies don’t stay up to date on laws and news of the industry. Ensure that your practices are complying with Australian standards, ensuring that your employees are being paid at least the award, if not more. They should also be receiving the benefits that they are entitled to, including subsidised training or adult learning if required.

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4. Don’t be Afraid to Fire

While it may seem counterproductive – firing employees in an attempt to keep them – it can really help you in the long run. In some circumstances, even after correct hiring protocol has been followed, you get an employee that just doesn’t transition properly. If this is the case,  the wrong fit can corrupt and negatively impact the existing corporate culture, doing more harm than good. Unfortunately, it’s time to cut them loose.

5. Keep Employees Happy

To reduce staff turnover, you have to prioritise employee happiness. It really is that simple. The happiness of your employees is considered one of the key indicators when it comes to rates of satisfaction and absenteeism. Investing in this will ensure productivity in their work and engagement with the company.

6. Be Flexible

In this day and age, many professionals place emphasis on having a good work/life balance. This relates to the time you spend prioritising your career and ambition over your personal pleasures. If employees are provided with flexible employers, they feel as if their wants and needs are being valued. In turn, if they are felt as if they are given adequate time to delegate to their own hobbies and leisures, they are less likely to leave you for a workplace that invests in flexibility.

7. Emphasise Respect

Respect is a two way street. If you want to gain respect, you have to give it. This is true of personal relationships, as well as professional ones. Encourage a certain level of respect in your business, demonstrating and cultivating it within every facet of the culture. If you can find ways to embed it into various facets of your workplace, it will help instil a positive relationship with your employees and in turn, reduce staff turnover.

 

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