In 2021, 4.3 million people quit their jobs in August alone. By the numbers, that’s a shocking 2.9 percent of the workforce gone.
Anyone who’s worked for a business can tell you that if you’ve got a project going and 3 out of every 10 people are leaving, your bottom line and your overall productivity will suffer for it.
So why do some managers know how to maintain employees while others struggle to hold on to anyone? Is there a secret manual on how to keep employees out there?
Keep reading for our top tips on how to reduce employee turnover.
1. Hire the Right Talent
After yet another worker walks away from the job, it’s easy for managers to ask questions like, “Why do I have high employee turnover?” It could be your onboarding process. It might be that a few of your employees have been creating a toxic work environment.
But, in many cases, the problem is more fundamental than that. You might be so desperate to hire people that you’re bringing in folks who are probably better suited for different positions at different companies.
The whole fit versus experience thing is a balancing act for hiring managers. But if you can count down the days until your next hire will leave, figuring out how to keep employees from quitting may require you to update your hiring practices.
2. Pay Your People More
They say that money doesn’t buy happiness. And to an extent, that’s true. But there’s no denying the fact that bigger paychecks often translate to more security.
Dan Price’s $70,000 minimum wage made headlines all over. And while the conventional wisdom would have said that this decision would be unprofitable, the opposite happened.
His business didn’t just survive. It thrived. Revenues and profits nearly doubled after the announcement was made.
People often leave jobs to progress their careers and earn more money. As it turns out, sometimes keeping employees really is as simple as making it a priority to pay people what they’re worth.
3. Let Your Employees Use Their Strengths
According to the numbers, employees who use their strengths tend to outperform those who don’t. And on an intuitive level, it just makes sense.
You wouldn’t expect a random office worker to give Lebron James a run for his money on the basketball court. And similarly, when staff members aren’t able to spend more of their time doing the things they’re good at, they’re going to be slower and less productive.
Do you have people performing multiple roles at once? Are some of your staff members not working in areas they’ve been trained for? Reducing employee turnover could be as easy as redefining and rearranging people’s roles.
This Is How to Keep Employees
Figuring out how to keep employees is an ongoing process that starts with sitting down and addressing the reasons why staff members are walking away. In other words, you have to make learning how to reduce employee turnover a priority. Once you do that, the rest will quickly fall into place.
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