An issue that many organizations face in today’s world is high rates of employee turnover. It’s an important issue as good retention can increase profits by up to four times, according to Legal Jobs. Poor retention can often be a sign of issues in the workplace and can stem from simple employee dissatisfaction all the way to the company’s values not aligning with those of the employees. These issues causing turnover can be fixed through a variety of strategies.
Competitive Compensation Packages
The first and most obvious step is to ensure your compensation package, including salary and benefits, is in line with industry and location standards. It’s crucial to review your package somewhat regularly and modify it based on current industry standards and trends. Some benefits you can add to increase employee retention include health insurance, bonuses, retirement plans, and mental health days, just to name a few. Staffing agencies can connect you with the right candidate based on your compensation package and their experience in the industry.
Work-Life Balance
Employees who are overworked are much more prone to burnout. By encouraging a healthy balance between work and personal life, you can keep your employees satisfied in their positions. Some examples of this could include flexible working hours, remote work, and consistent days off. This lets your employees know that they’re valued and have time for themselves. When collaborating with staffing agencies, you can find candidates that are best equipped for your organization’s work schedule.
Exit Interviews
When an employee inevitably departs your company, make time for a structured exit interview. These interviews give you a chance to hear the employees’ valuable insights into the culture and management. Don’t forget to properly document and analyze their comments for future improvement. You can gain a deeper understanding of their decision to leave and use it to improve operations and know what went both right and wrong. To replace their position, find the best staffing agency to expedite the process of finding the perfect replacement.
Hiring Practices
Refining your hiring practices can be a huge win when reducing turnover. It’s crucial to ensure the candidate is the right fit before hiring them. This could involve refining interview techniques, implementing on-the-job scenarios, or partnering with the best staffing agencies.
Staffing agencies are specialists in recruiting practices and have in-depth knowledge of the industry and its trends, helping you find a quality candidate. Another major benefit is their wide network of talent, thanks to their large database of professionals. Let’s say you’re looking to fill a high-level IT position. Even if someone may not currently be looking for a new job, the staffing agency can act as an IT headhunter, which gives you access to candidates who otherwise would not have found your open position. Using staffing agencies, you can find a candidate that perfectly aligns with your organization’s goals and values.
Competitive Leave Policies
Having generous leave policies including parental leave, sabbaticals, and more, shows the employee you’re dedicated to their well-being. Sick days are standard, but some companies are now offering days off for preventative medical checkups. To retain your employees, offering parental leave should be a priority. Some companies are now offering extended parental leave to give their employees time to bond with the newest addition to their family.
Educational leave allows employees to further their education in the industry. This doesn’t solely mean a new degree, though. Some may choose to enhance their education through attending conferences, enrolling in short-term courses, or the standard long-term academic endeavor. Offering flexible leave policies helps reduce turnover as employees will gain respect for a company that shows them the same respect back. You’re able to support them as a person, not just an employee.
Well-Being Programs
This goes beyond the simple health insurance typically found at companies. An example of a well-being program could be something as simple as providing healthy snacks in the office or a free gym membership. You could introduce standing desks in the office for those who wish to be on their feet while working. Group activities, such as yoga and meditation, may not be for everyone, but they act as a great bonding exercise and have been proven to improve mental health. Other ideas include regular and fun team-building exercises, stress management workshops, childcare facilities, and flexible working hours. These massive benefits can help retain your valuable and hardworking employees.
Open Communication
Having open communication flowing throughout the company goes a long way to building trust with your employees. Some ways to foster more trust and promote open communication include one-on-one discussions, company town halls, and clear communication throughout the organization. Having an open-door policy helps employees feel comfortable coming to managers with any concerns or ideas they may have. It gives the employees a confidence boost when their feedback is truly heard, therefore making them more committed to the company and its mission.
Career Development Opportunities
As humans, we have a constant need for growth and improvement. It goes without saying, but professional growth is a critical factor in employee retention. You want your employees to be aware of the opportunities they have for growth within the company. You can do this by sponsoring educational programs, trips to industry conferences, and other methods for career advancement. When you show dedication to the growth of your employees, they’re more likely to remain within your company. Professionals are always looking to grow, so using staffing agencies to find the candidate to grow within your organization is imperative.
While reducing turnover can be majorly beneficial, some amount of turnover can be positive, as bringing in new employees can give you a fresh perspective, new skills, and innovative ideas. Remember, the key is to strike a perfect balance to ensure turnover is not affecting your company in a negative way. When it’s time to find new employees, reach out to the best staffing agencies in your area. At Kane Partners, we can help you fill your position with skilled, high-quality employees thanks to our vast network of professionals. Reach out to us today to find the best talent in your area.
