Employee turnover is the measurement of the number of employees who leave an organization during a specified time period, typically one year. Some degree of turnover is unavoidable, and eliminating it altogether is unrealistic. In this tight labor market, employee retention is as important as ever. Did you know: An estimated 41 million people voluntarily quit their jobs in 2018, up 8 percent from 2017. The number is expected to jump to 47 million, or roughly 1 in 3 workers. While there is no one size fits all solution to employee retention, there are a few things you can do to get your company on the right track.
1. Improve the hiring process
The hiring process is where it all begins, so it’s important to get it right.
- Remove any unnecessary steps that may deter top talent from applying to your company
- Rewrite job descriptions and postings to be more attractive to potential candidates
- Be more transparent and communicative with talent during the process
- Involve your team and managers in the hiring process
- Look for candidates that have exceptional soft skills and are a good culture fit
2. Improve the onboarding process
It’s true, you don’t get a second chance to make a first impression. Yet, many organizations don’t put their best foot forward when onboarding new employees. In fact, more than one-third of turnover, 34%, occurs within the first year of employment. This means, your onboarding process is vital in retaining your best talent.
Be sure to set proper expectations, make them feel welcome, collect feedback and touch base with them often with weekly check-ins. Try having a team lunch within the first week of onboarding a new employee so they can get to know their new teammates. It’s also a great idea to ask current employees what they wished they had learned during their first days.
3. Focus on employee happiness
Employees aren’t going to want to stay somewhere they aren’t happy. No, this doesn’t mean you need to have ping pong tables, nap pods, or beer on tap. While they might be nice extras to have, it’s not going to solve the employee happiness issue. Motivation tactics are going to vary from person to person. The best way to figure this out is to simply ask them – It’s that easy! Here are just a few ways to improve employee happiness:
- Offer competitive pay and benefits
- Recognize employees who work hard
- Define opportunities for growth
- Create a culture of fun and trust
- Offer more flexibility or work from home opportunities
4. Collect frequent feedback
Employees want to feel listened to and have validation that their opinion matters. Checking in and seeking feedback on a regular basis allows managers to detect problems early and implement solutions. After all, your employees are your greatest asset.