Few things can be worse in a company than an exaggerated employee turnover. If you’re not a business owner yourself, you might not be familiar with what this term means: turnover refers to the rate at which employees leave and are replaced by new ones.
One of your employees may have found another job or was simply dissatisfied with his current one, so he called it quits. You’ve found someone to replace him. That’s turnover. This is perfectly normal, but when there’s an exodus every month, you’ve got a problem.
Here are a few things you can do to reduce this huge turnover rate:
- Use a time-tracking app
When you know an employee does little to nothing in your company, you’ll be able to lay him off before he resigns. This can give you time to find a more competent employee. A time-tracking app can give you some pretty valuable insight into how efficient your staff is.
Sometimes, you can keep a bad employee accidentally, because you don’t actually know he loses company time day in, day out. An app can solve this problem and subsequently reduce the turnover rate in your firm.
- Don’t underestimate performance feedback
Anytime your employees amaze you, let them know how much you appreciate them. Anytime they screw up – chide them. Either bad or good, feedback is crucial in the company.
Most of the times, employees leave because they do a great job but nobody values them and as trivial you think a “You did a fantastic job” is, use it! When employees feel valued and rewarded, they’ll stay in your company.
- Consider introducing flexible hours
Working all day long and not having time for anything else can be extremely tiring and it’s among the most common reasons why employees can choose other jobs. If you don’t want to lose them, you could make the program more flexible.
At least periodically, so they know their personal time is important and you care about them. Also, if an employee asks you to give him a day off for whatever reason, just do it. They’ll appreciate that.
- Respect your employees
Never shame an employee, not even in your office, where there’s no “public”. Explain what he’s done wrong. What’s more, do not ridicule an employee’s ideas, as inefficient as those would be in practice.
Respect in a company goes both ways – if you’re respected, you must also respect all your employees. This will do wonders on the turnover rate in your firm.
Having an excessive turnover rate in your company can lead to disaster. Sometimes, employees badmouth their previous jobs if they’ve been treated unfairly or their boss has shown a biased behavior.
Before you know it, nobody will want to work for you and that’s something you want to avoid at all costs. The turnover will be so huge that all employees will leave sooner or later.
Use these tips above – as well as tens of others you can find at leisure – and you’ll be on the safe side in this respect.