Are you tired of dealing with employee turnover? As a CEO, one of the most important things you will pay attention to is employee turnover. Even though some turnover is to be expected, you want to keep turnover relatively low. For example, even some of the most successful businessmen, such as Patrick James of Trico Group, have had to tackle issues related to employee turnover.
Employee turnover refers to how frequently your employees leave their positions. Employee turnover can be a challenge because then you need to spend time and money hiring someone to train them to replace the person who left. Therefore, if you find good employees, you should convince them to stay. What are some of the ways you can do exactly that?
Look Beyond the Salary
It is not a secret. If you want to hire the best people, you need to pay them well. Therefore, you should make sure that the salaries you pay are competitive within the market. On the other hand, you need to look beyond salary. What are some of the other ways you can separate yourself from businesses in the field? You need to provide your employees with strong health insurance. You also need to give them competitive retirement benefits. If a company has had a good year, make sure you share some of those profits with your employees. If you look beyond the salary, you can show your employees that you care about them. This could convince them to stay.
Give Employees Volunteer Opportunities
If you really want to set your business apart from others in your industry, you should give your employees volunteer opportunities. Your employees want to give back to the community. Consider giving your employees volunteer days. These should not be considered vacation days, but you should consider giving your employees a few extra days out of the office if they are doing something good for the community. This is a great opportunity for you to market your business as one that cares about the community. Furthermore, your employees will be more fulfilled because they can do something good for the place in which they live. If you give your employees volunteer opportunities, you might keep your employee turnover rate lower.
Collect Feedback from Your Employees
Do not forget to collect feedback from your employees as well. Your employees are more likely to stick around if they feel like they truly matter to the company. There are some employees who simply want to show up, collect a paycheck, and go home. On the other hand, if you collect feedback from your employees, they will feel like they have control over their work environments. Therefore, if there is a problem with the work environment, they won’t necessarily be the company. They know that they will be given an opportunity to change it. If you want your employees to feel like they belong, make sure you give them an opportunity to share feedback from time to time.
Keep Your Employee Turnover Low
There are some situations where you want to hire new employees. Perhaps you are expanding and you need to fill new positions. Maybe you want to get an outside perspective. You can do so by getting their people to join the business. On the other hand, if your employee turnover rate is too high, you will spend a lot of time and money hiring new employees and training them. This is going to hurt your productivity, making it hard for you to keep up with your competitors. Therefore, take steps to keep your employee turnover low.