Having a high retention and a low turnover rate in your organization is one of the main HR dreams of any company. Retaining employees is one of the biggest challenges whithin this department . The turnover rates are hovering around 15%, which is very high.
If you are looking for ways to reduce the turnover of employees in your organization, there are definitely tricks that you can apply in order to reach this goal:
Hiring the Right People
The first thing to reduce turnover of employees is to hire the right people in the first place. Make sure that the role and specifications of the job are known and understood by all parties so that there are no surprises later on. When you hire the right candidate for the job, you make sure to reduce your turnover rate.
Work on Your Compensation and Benefits
Offering up to date compensation and benefits will help you in retaining your employees. It is important to offer them competitive benefits that include intrinsic and extrinsic motivational factors. This will go a long way on helping you to retain your employees.
In the modern world, the organizations that offer flexibility to their employees reach higher retention rates. Thus, it is important that you offer flexibility to your employees. Having flexible work hours and arrangements can help increase employee retention. There are going to many employees who will leave your organization if they are not offered flexible work arrangements. The most important thing is to show your employees that you understand and value work-life balance. This will highly increase your employee’s motivation and as a result, the retention rate.
Offer Growth Opportunities
Reducing employee turnover is directly dependent on the growth and employment opportunities provided by the organization. Talking to your employees about their growth and development and providing them ample opportunities for it will help in retaining them as they will feel like they are a part of the company.
Value their well-being and happiness
If your employees are not happy, they are not going to remain committed to the organization. It is, therefore, important that you keep your employees happy in order to reduce the employee turnover rate. If you give your employees job satisfaction, a good salary, perks and benefits and/decent and growth opportunities, you will surely be able to increase your retention rate.
If you are looking for ways to keep your employees happy, engaged and retain them in your organization, these tips can come in handy for you. For more tips and other related topics, visit Short Stints.