Employee turnover is part of being an employer. Starting a job straight after school or university and staying there until retirement is no longer commonplace. Nowadays, people move between roles much more often than they did in the past. Research by insurance firm LV= found that a UK worker will typically change employer every five years.
What’s more, the Society for Human Resource Management estimates that it costs an average of 6 – 9 months of your former employee’s salary to find and onboard their replacement.
While employee turnover is to be expected as employees change jobs to progress their careers or to continue their personal development; others will leave for reasons that could have been avoided. Disagreements, poor management, little to no recognition, adverse work cultures…the reasons for employees leaving are plenty.
So how can you stop your best employees from leaving?
Money isn’t everything
Our traditional ‘work to live’ attitude dictates that salary should be the number one deciding factor in choosing and staying in a job. However, the rise of the millennial has led many employees to consider other factors beyond their salaries. What is your company’s culture like? How satisfied are your employees? Is there a clear path of progression?
Recognising this shift in what employees really want from their employers will ensure your employees remain satisfied in their roles.
A competitive salary is only one piece of the employee satisfaction puzzle. Be sure to consider aspects of your employees’ working lives like perks, working hours, policies, office environment, CSR, development and progression opportunities.
The key to good employee experience is based on more than just money.
Give frequent recognition
As mentioned in our previous point, not everything is about money. 66% of employees cite a lack of recognition as a primary reason why they leave their job. A large portion of our lives is spent at work, and your employees must be appreciated and recognised.
Whether you deliver praise in public in front of their peers or in private, recognising your employees for their contributions to your business is core to a feeling of being valued in your business. Without it, you run the risk of employees becoming disengaged and neglected. As a result, their enthusiasm and productivity will likely take a hit.
As a business leader, you know your employees are your most valuable asset – so make them feel that way.
Share your vision and create goals
Your workforce should be aware of the long-term vision of the business and the goals they need to achieve as a team to get there.
If employees can see the difference that they’re making and the incremental steps that are bringing your company ever-closing to its goals, they’ll feel part something and invested in your future as a business.
Whether you hold a quarterly town hall with your employees to update them on your achievements and goals or your goals are recognised as they’re achieved; involve your employees in celebrating them and inspire them to join you in your future.
Ask for opinions
Similarly, your employees should feel able to be open and honest in your company, from providing frequent feedback to gathering input on your business’ vision.
Feedback can be gathered via regular anonymous surveys that encourage them to communicate honestly with you, rather than just paying lip service and telling you what you want to hear when face-to-face.
If they feel their opinions and feedback are not being listened to, it shows a complete lack of respect in them and can lead to a significant breakdown in communication.
Improve your work environment
We’re not talking about a potted plant, beanbags and table tennis tables; but the emotional environment in which your employees work. Toxic behaviours from colleagues and managers like gossiping, bullying and harassment is a sure-fire way to lose your best employees.
With consequences involving poor performance, stress-related illnesses and even harassment or discrimination cases; toxic work environments are exactly that – toxic.
Making your leadership and HR teams available to listen to employee concerns is key. It is important that they know where to turn to discuss any issues with their colleagues and trust in the fact that remedial action will be taken.