How to Protect Your Business from the Negative Effects of Employee Turnover

Employee Turnover

As your business grows and you gain more employees, it is also natural to lose some employees to turnover. Each employee may be different and have a vital role in your business. Your job as the employer is not just to replace the employee but to also help minimize the setbacks your business may face from employee turnover.

Create a Culture of Retention

Employee retention starts early on, by setting intentions during the initial interview. This is an opportunity for you as the employer to compare expectations about how long the employee will be in a certain position. Once hired, you can retain your employees by helping them feel valued in their work. If your employees feel appreciated, they are less likely to leave or complain, creating a better work environment. You also need to help employees envision their future with the business by talking to them about promotions and creating advancement plans. Your employees need to know that you see them as much more than workers, but as people with unique skills.  

Practice Knowledge Sharing

The idea of knowledge sharing is exactly what it sounds like, it is the sharing of information in the workplace between different levels of employees. Knowledge sharing empowers everyone in the company, building relationships and making it possible for others to step in when essential employees need time off for any reason. For example, if an assistant manager teaches an employee how to keep track of the company earnings, it makes for a smooth transition if the assistant manager leaves or gets promoted to a higher position.  Knowledge sharing can also create a less competitive and tense atmosphere because employees see each other as team members and not competition.

Motivate with Rewards

The longer an employee stays with your company, the more of an integral part they are to your work. They gained valuable hands-on experience that is hard to teach to a new employee. A great way to continue to foster growth with individual employees is by rewarding them for their work. This could be a bonus that you give them at the end of the year, a raise after they reached a milestone, or by promoting them to a position with higher responsibility. You can also offer time off at the end of a difficult assignment or busy season to reduce employee burnout.

Ask for Feedback

After all is done, the best way to know how to help your employees feel valued is by talking to them and asking for feedback regularly. More often you see supervisors correcting employees, but there are few times employees can give their honest opinions. You can do this anonymously or through scheduled interviews with individual employees. This helps you know what is going on behind the scenes as the employer and you can correct any issues that are occurring. Employees who see changes because of their suggestions will continue to stay with your business.

Your employees make or break your business. It is your job to hire and keep employees who make your business more successful. Your company should be and will be a place where people want to work. These tips will help make sure that your workplace is a happy place to be.

Read this next: Why a High Turnover Rate Is Dangerous for Your Business

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