Struggling with High Turnover Rates? Here’s 3 Tips to Retain Employees
Today, many companies are experiencing uncomfortably high turnover rates. Once that cycle begins, it’s often hard to break. Lengthy periods of being shorthanded put extra pressure on your workforce, potentially to the point of making a difficult situation worse. Fortunately, it’s possible to overcome it. Struggling with high turnover rates is an obstacle you can conquer.
If you’re having trouble keeping top performers on staff, here are three tips to improve retention.
1. Compensation
While it’s true that money isn’t everything, it’s always part of the employment equation. If you want to keep talented professionals on staff, you need to make sure that your salaries and total compensation packages are competitive for your field and your physical area.
Often, the easiest way to begin is with research. Look at data that outlines averages in your industry and region, and look for details about nearby competitor offerings. If your compensation falls short, then you may need to bring it up if you want to ease your recruitment woes.
While this can include boosting pay rates, that isn’t the only option. Ultimately, it’s the total value of your compensation package that matters. If you offer a valuable benefit that isn’t available elsewhere, that may offset slightly lower wages. Just make sure you advertise those perks clearly and help employees tap into them, as that will boost the perceived value of what you offer.
2. Recognition
Recognition is critical for job satisfaction, particularly in high-pressure environments. If employees don’t feel valued for their efforts, particularly if they’re going above and beyond to offset being shorthanded, they’ll stop going the extra mile. If the lack of appreciation continues, they’ll likely seek out opportunities elsewhere faster than you’d hope.
In most cases, recognition is a very simple thing to offer. Creating a culture where saying “Thank you” is commonplace is a great foundation. Encouraging managers to showcase employee achievements and offer rewards also works wonders.
3. Advancement
Most professionals have career aspirations beyond their current roles. That’s why they favor companies that create opportunities to grow and advance. It shows their employer is willing to invest in their future. Plus, it makes leaving unnecessary if their main goal is a promotion, as they can get one without having to change companies.
Outline clear pathways for advancement within your organization. By having well-defined roadmaps, you show employees exactly what they need to do to keep moving up. Then, by offering training opportunities that align with those paths, you facilitate their growth, a move that boosts morale, job satisfaction, and loyalty.
Need to Right-Size Your Workforce Fast? The Bradley Group Can Help
Having a right-sized workforce can also ease retention woes. When your workplace isn’t shorthanded, there’s less pressure on your existing team members. In turn, this creates a more positive, lower-stress environment, one where everyone has a chance to thrive.
If you need to ramp up hiring to right-size your workforce, The Bradley Group can offer a quick and effective solution. Contact us today to find out more about all of our staffing services.