Employee turnovers happen. And every business that relies on staff to deliver their service or product can recognize the vast amount of time, energy, and money it costs when an employee leaves the organization.
According to a study, employee turnover can cost 33 % of an employee's annual salary. So, let’s take a look at how you can use your resources better.
IMPROVE EMPLOYEE RETENTION BY OVER 80 % WITH ONBOARDING
One effective and successful way to reduce employee turnover is employee onboarding.
Employee onboarding is crucial for your business in the perspective of great results for the long run. It pays off to engage your new hire from day one and make them feel comfortable and equipped for their new role:
One of the reasons that employee onboarding can make such a great difference, is that an onboarding program creates meaning and clarification. It also supports your new hires to understand how they can contribute to the overall strategy and company culture.
There is a direct connection between onboarding and the operational and financial success of your business. Businesses who are more likely to create great onboarding programs deliver a noticeable return on investments when it comes to:
INVEST IN YOUR EMPLOYEES’ DEVELOPMENT
Even though the onboarding program has an end, the training doesn’t. Training is an ongoing process. And offering skills and product training will make your employees’ feel more equipped for their work tasks and empower them to perform their best. Not just in the beginning, but in the long run.
Most employees want to increase their skills and knowledge to specialize or move up the career ladder. Providing training and e-learning give your employees a sense of direction and purpose workwise.
A sense of purpose at work is important. Otherwise, if your employees have a status quo feeling in their job for too long, they might go search for another job where they can fulfill their needs for development and direction.
APPRECIATE YOUR EMPLOYEES
Your employees need to be recognized for the value they add to your company, both on a professional and personal level. So, when your employees excel on a task, make a customer extra happy, celebrate birthdays or anniversaries, you have a golden opportunity to recognize them.
Recognizing your employees is not 'only' in their interest, but also in yours. Retention is the key objective of 60 % of employee recognition programs. And the reasons for this are clear:
Remember that your employees don't have to be showered with recognition. A recognition overload can drain the meaning and good intention and, in the worst case, make it backfire. Recognition has the best effect when it's sprinkled with moderation and comes from the heart.
Furthermore, recognition doesn’t have to be on an individual level every time, it can also be a shared message to a specific team or group of employees.
The goal here is to create an encouraging, positive work culture. And best of all, this method to decrease employee turnover doesn’t cost anything.
So, there you have it. Three aspects that will help you reduce employee turnover and make your employees thrive. And of course, we can help you succeed with all of them in an all-in-one app solution. Reach out to us to hear more.