Reducing employee turnover in the current economic climate matters more than ever. Recruiting and training new employees takes up time and money, and high turnover can result in a less cohesive culture.
We take pride in our culture being our differentiator, and this has contributed to our average employee tenure of 9 years — something unheard of in the call industry. Regardless of industry, a study found that 87% of employers said that improving retention is a critical priority for their organization. With this in mind, we decided to share our best practices to reduce employee turnover and retain A+ talent.
1. Treat employees as individuals.
Think about how you treat your customers. Generally, there is no one size fits all approach. Providing excellent service requires you to acknowledge that each individual client has a unique set of needs.
The same is true for your employees, who all have different needs, strengths, and weaknesses. You can gain insight into these factors by building personal connections. This is a great way to reduce employee turnover, as they are less likely to feel like just a number. Instead, their hard work is an investment in a company that values them. A simple phone call or personalized note from a CEO or manager to check-in or acknowledge great performance can go a long way.
2. Incorporate your values into hiring procedures.
Diverse perspectives are important, but the glue that will keep your culture together is commonly held values. These values will help you hire A+ talent and should carry through to your onboarding and training processes if you want to retain them. In fact, The Society for Human Resources Management (SHRM) found that 69% of new employees are more likely to stay with a company for three years if the onboarding experience is great.
Before hiring, try to specifically narrow down values in relation to your industry, your customers, and the ‘why’ behind your brand. To truly reduce employee turnover from the start, reflect on current employees who have fit well and performed exceptionally. Mirror the qualities of these employees in your expectations throughout hiring, on-boarding, and training.
3. Offer competitive compensation, benefits, and support programs.
When you offer the bare minimum, that’s often what you’ll get in return. While many employees may love what they do, they also have lives outside of work that they want to thrive in too. This means keeping up with current trends of compensation, as well as offering raises that keep up with employees’ career development.
Alongside competitive compensation, additional benefits, and programs that help employees navigate their professional and personal circumstances can help achieve a work-life balance. Ensuring that employees have a solid work-life balance can significantly reduce employee turnover and burnout.
4. Provide consistent support.
Support can come in many forms – feedback, mentorship, and opportunities to continuously learn, lead, and train. In particular, providing daily or weekly feedback helps ensure employees feel valued and respected while reinforcing their vital role in the success of your business.
In addition to providing opportunities for professional development, prioritize personal development too. This circles back to treating employees as individuals — ask how you can support their personal goals, mental health, and overall well being. When employees feel happy and well supported in your company, you strengthen your ability to reduce employee turnover.
5. Invest in people.
Another way you can provide support is through resources. For reference, at AnswerPlus, we consistently invest 75% of our time, energy, and resources on our employees — — the driving force of your company. In particular, when you direct funds into specific, social, and tangible rewards consistently, employees are more likely to feel engaged and appreciated.
This investment must be consistent if you’re looking to maximize the benefits, which include better performance, stronger teamwork, happier employees, and as a result, happier customers.
6. Create a positive, rewarding culture!
When you invest in your employees, you’re also investing in long-term relationships. These relationships help reduce employee turnover by sustaining a culture built on your core values that celebrates, supports and invests in individuals.
Creating employee advisory committees, hosting events and competitions, and celebrating milestones and achievements are a few ways to keep employees engaged. Whether they are working remotely or in the office, it is crucial that employees feel visible and responsible within the company itself, instead of just their individual roles.
If you find yourself experiencing a high rate of employee turnover, consider asking employees that are leaving the following questions:
- What factors influenced you to look for a new job?
- How would you describe our company culture?
- What aspects of the training or on-boarding processes would you change?
- Were you satisfied with the way you were managed?
- Did you feel well-supported and equipped in your position, if not, why?
- Did you voice any of your concerns before deciding to leave?
- What could we have done differently for you to remain here?
For more free tips, tricks, and tools to help your business thrive, visit our resource library!