No company wants to eat the cost of employee turnover. Not only does it lose out on productivity, talent and the cost of training new employees, but losing employees left and right to another company can also be a real morale killer. Here are four ways to lessen the possibility of employees wanting to leave your company.
People like to be recognized for what they do, whether it's leading a successful sales team or taking the extra effort to complete a project. The millennial generation will comprise almost half of U.S. workers by 2020, and these employees enjoy constant feedback and recognition. Spend more time with staff by giving them your undivided attention with one-on-one sessions to show that you value their time and efforts.
Build Trusting Relationships
Contrary to what some managers might think and convey with their leadership style, most employees do not want to be micromanaged. And this type of bad management is exactly what encourages employee turnover. Employees want autonomy in their work so that they can make their own decisions and tackle new challenges. Allowing an employee to set his own goals gives him more self-motivation and a desire to be successful. This intrinsic, or internal, motivation makes way for more creativity and an understanding of work processes. Managers who step back a little and give employees the opportunity to highlight their strengths improve workplace trust and keep employee turnover at bay.
You may have hired an employee for one particular job but discovered the employee really shines in another. Develop the talents in your organization by encouraging that passion, and take the focus away from dissatisfaction and employee turnover. A team of motivated individuals who are interested in what they are doing for a company is a powerful tool. Build this team with emerging leaders and high-potential executives who can collaborate and complement each other's strengths.
Promote or Compensate Deserving Employees
Maybe not every employee deserves a raise, or maybe your company can't afford to give out raises. Compensating employees doesn't always mean you have to reward them monetarily. If money is not an option, consider some type of leveling system with more frequent promotions. For some employees, words of affirmation are all that is needed to curb employee turnover. This type of system may also resonate with the millennial generation as its members are looking for immediate satisfaction and more milestones.
Employee turnover doesn't have to be a problem that plagues your company. All of the strategies to keep employees satisfied can become part of the leadership style of management. Ultimately, with good corporate leadership that recognizes employees, builds relationships with them, develops their talent, and promotes or compensates them, the loss of good employees can be minimized.
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