To help employers reduce turnover and retain their current staff, we looked to CEOs and business professionals to answer this question. From showing compassion to supporting employee achievement, there are several strategies that may help you reduce employee turnover rate for years to come.
As with other diverse groups, being a military veteran can be a unique experience in some industries. Having a support network to provide mentorship and guidance throughout one's career can make all the difference with employee turnover. Having just one person that cares about your success and career advancement can help make others feel recognized and valued for their experience and overall contribution. They can also serve as sponsors and provide recommendations that open doors for other opportunities, both internally and externally, for greater fulfillment. We work with American Corporate Partners, which specializes in pairing veterans with other veterans who serve as their mentors in the marketplace. This is a great way to reduce employee turnover.
Jeff Finefrock, CEO, Military Hire
We aim to create a positive team environment to reduce employee turnover. This also relates to your core values. We aim to build continual trust with clients and our employees. Employee retention correlates to team integration. We work to make sure that every employee feels like an essential and productive part of the team. It's about trust and boosting morale in the team environment to help retain your staff.
Ryan Nouis, TruPath
Turnover is happening at an alarming rate and only increasing in the coming months. The great awakening (resignation) is happening now. SHRM states that 77% of employees who left could have been retained. This means focusing on entrance interviews, monthly and quarterly reviews, checking in often with your team, and providing training for each manager on how to coach their employees to grow and feel success in the job. Retention starts at day one, and it should be a focus for every people manager within the company.
Jenn Christie, Markitors
You can provide all the company culture and team spirit in the world, but in the end, most people work for you to pay their bills. You need to build a business that can afford to pay competitive rates and invest in your people through benefits, training, and more. Note that you don't need to be the top payer. There is always a bigger company or a well-funded startup that can pay more than you, but as long as your pay rates are competitive, you should be in good shape.
Melissa Kelly, Virtual Team Building
One of the most effective techniques in retaining staff and reducing employee turnover is hiring the right people. Hiring the right people entails recruiting employees that are a good fit for your company culture. Before you can accomplish this, you need to understand your company culture and the type of employee that would fit right into this culture. Only hire individuals who have demonstrated compatibility with your company culture. Moreover, you need to assess whether your company culture is a good fit for the kind of employee you would like to attract. Bad company cultures chase people away. It is imperative to understand what can be improved in your culture and work towards making changes so that when you hire the right people, they actually want to stay.
Gregory Rozdeba, Dundas Life
There is no Holy Grail, and this pertains to employee turnover. You'll never eliminate it entirely, but there are ways to limit the rate. It all comes down to showing your employees that you genuinely care. This can be demonstrated through impressive benefits, above-average vacation time allotment, or a strong emphasis on career development. When you make your employees feel like your most valued asset and a not just means to an end, they'll intuitively feel it and become highly appreciative and much more loyal. Even in today's era of remote work, temp hires, and project-based contracts, people still want to be appreciated and shown genuine care. Make this a fundamental part of your organization's culture, and reap the rewards of much higher employee retention.
Anna Berkolec, ResumeLab
When they were looking to return to the office, Google sent out an extensive questionnaire on if employees wanted to return to the office. They saw a large number of their team wishing to stay remote and have offered hybrid options. Today, people were able to return to the office voluntarily. That is how businesses retain employees and reduce turnover, asking what they need and responding in turn.
Kiran Gollakota, Waltham Clinic
Since the pandemic, we have found that more employees want a job that offers a better work-life balance. So allowing for remote work has been essential in retaining our staff. We've been able to expand our team by bringing valuable members to work from all over the world. But retaining our remote employees also requires engaging them regularly and ensuring they know how much we appreciate them by surprising them with perks like snacks delivered to their door to help lift their mood and keep them energized. Our team is at the heart of our product and service, so we earn their loyalty by showing them the appreciation they deserve.
Shaunak Amin, SnackMagic
I did a massive study across 70 best-in-class organizations. I found that employee retention is directly related to the degree of sense of achievement and contributions gained by employees at work. We have to assume that everyone comes to the workplace intending to contribute and take home a sense of fulfillment or pride. The root of long-term retention is how well and how soon we could give employees. When managers and leaders put efforts in speeding up the time to proficiency of employees to make them fully productive, independent, and meaningfully contributing back to the business in a short time possible, it delivers that sense of achievement faster. If we help employees get wins at work, they stay fully engaged in the position and then stay much longer with the company. The sooner you help them reach that point, the better the retention rate you'll have.
Dr. Raman K. Attri, Performance Scientist
In 2021 more employers should begin investing in apps and virtual technologies to provide better mental health support to their employees. A stressful work environment often leads to increased staff turnover. Many people who work from home struggle with anxiety and stress from the pandemic and the harsh adjustments that came with working remotely. Companies can begin this journey of supporting their employees by simply giving free access to apps like Calm and Headspace for meditation and mindfulness; Strava and Fitbit for diet and exercise; and Woebot and BetterHelp for therapy and counseling. Some companies have already started giving their employees access to mental health apps, holding mental health seminars, and supporting their staff with 24/7 counseling options. With so many outstanding virtual resources, employers can give their employees the chance to choose what works best for them and their personal needs during these stressful times of COVID-19 and reduce employee turnover.
Chris Hunter, ServiceTitan