In today’s highly-competitive market, an able and properly-trained staff can make the difference between success and failure, but developing, maintaining, and – above all – holding onto staff members is always challenging.
Furthermore, the cost of worker turnover can be enormous. According to some estimates, it can cost double a departed worker’s salary to hire and train their replacement. In addition, high turnover can disrupt or destroy a company’s morale, which means dire consequences for culture and employer brand. This can lead to a vicious cycle: New hires come into a toxic culture and quickly start making exit plans.
Unfortunately, there is no straightforward answer to breaking the cycle of high turnover, however, the list below is a good place to begin.
Have Strong On-boarding in Place
Think back on your past onboarding experiences and you’ll likely realize that an onboarding program establishes the tone for your entire tenure with a business. You should be making certain that on-boarding gives new employees a positive first impression of your company, its culture, the people and various processes. Getting new hires fully on-board is the first step to breaking the cycle of high turnover.
Ideally, all employees are aligned with and individually invested in their employer’s objectives and overall mission. In order for that to happen, they should comprehend the big picture and how they fit into it. Make sure you have everybody in your organization pointed in the same direction, but also, ensure you are incorporating their feedback and suggestions. Employees are more likely to engage in an organization’s mission if they feel a sense of contribution and ownership over it.
Offer Growth Opportunities
If a company would like to disrupt the cycle of high turnover, they have to invest in training and employee development. They should also prioritize promoting from within. If workers can see growth and development with their employer, they are more likely to stay long term.
Adequate growth opportunities for younger employees is even more crucial, as they care more about development and advancement than older generations. Speaking to the motivations of young employees through growth opportunities should encourage them to stick with your business for many years.
Offer Competitive Compensation
Competitive salary and benefits packages are a basic step in the direction of minimizing turnover. Bonuses and other added incentives are crucial for staff members who go beyond expectations. Business leaders should also prioritize praise and public recognition. Emails and memos that celebrate individual and team achievements promote a positive and communal work culture that most people crave.
Use Smart Motivation
Employment should not be swapping daily drudgery for a paycheck: It should have real meaning. When staff members realize that they are playing a key role in the success of their organization, it can be a strong motivator to stick with a business. Try to find ways to engage your worker’s interests, creativity, and intelligence in the work they do. Don’t underrate the power of challenging employees and making work fun in trying to motivate your employees.
We Can Help You Break the Cycle of High Turnover
At Cornerstone, we work hand-in-glove with our clients to keep turnover to a minimum. Please contact us today to find out how we can do the same for your company.