What is Employee Turnover? 11 Key Strategies to Reduce Employee Turnover

In today’s ever evolving market, retaining top talent is compulsory for every type of organization. Because companies cannot afford employees turn over. Employee Turnover means how frequently employees leave any organization. These companies cannot keep pace of success. The companies in which there is more employees’ turnover, these companies have to spend a lot of funds in recruitment. A recent study by Society of Human Resource Management (SHRM) reveals that if any employee leaves any organization and after hiring any other person for the same position will cost approximately 6 to 9 months salaries of previous employee. That’s why companies try to retain experienced employees.

Key Strategies to Reduce Employee Turnover

Here are the key strategies to keep employees satisfied and reduce employees’ turnover. These strategies are for every type of company if it wants to reduce employees’ turnover.

1)     Targeted Recruitment to Reduce Employee Turnover

The recruitment should be purely targeted. It means all that in every step of recruitment process the focus on finding right fit for the role. There should not be generic recruitment. The jobs description of advertisement should be written concise and there should be clear description about the role offered. The platforms of job advertisement should be selected on the basis of accessibility of candidates.

2)     Behavioral Interviews

In final step of recruitment process interviews are conducted. The old process of interview should not be adopted. There is need to conduct behavioral interviews. With the help of these types of interviews capabilities of candidates can be judged easily. In behavioral interviews there should be open-ended questions. Open-ended questions will make it easy for recruiters that the candidate is eligible for the role. It will also show that candidate will adopt company culture or not.

3)     Clear Expectations

There is need to explain clearly the expectations of company from the candidates. This will make it easy for the candidates to understand about company’s culture and the role offered. This strategy will reduce employee turnover ratio in the company.

4)     Structured Programs

There is need to offer structured programs to the candidates. These programs will answer many questions of candidates. They will become aware of the company’s culture, core values and different type of policies of the company.

5)     Mentorship

It is compulsory for every type of organization to offer mentorship programs to the new candidates. Mentors should be assigned to the new candidates. Mentors will make it easy for new candidates to learn about the company. They will learn quickly about their role in presence of mentors.

6)     Regular Check-Ins

It is recommended that there should be frequent one-on-one interviews with the candidates. These interviews will make employees engaged. By conducting these types of interviews, top management can better understand the problems faced by employees.

7)     Development Programs

There should be offered development programs to the employees. These programs can be offered in many forms like training and workshops. These programs will have positive impact on employees. By offering these programs employees will be satisfied. They will be sure that company is also thinking about their career growth. It will reduce employee turnover in the company.

8)     Career Growth

Employees should be asked about their career plans and choices. It will show the real passion of employees. After knowing about their career aspirations, training programs and workshops should be arranged accordingly. This will not only keep employees engaged, it will lead to long-term commitment of employees.

9)     Assignments

It is suggested that there should be assigned regular assignments and challenging tasks to the candidates. These type of assignments will create a sense of employee’s engagement. Assignments will also make it easy for the employees to learn something new to handle any problem faced.

10)  Development of Culture and Work-Life Balance

The culture of the company plays an important role in satisfaction of employees. When employees would be satisfied then it will lead to long-term growth of the company. If a company wants to be successful then it needs to create a culture in which open communication is promoted. By creating this type of culture employees can communicate their opinions and concerns honestly. It is also suggested that the efforts and contributions of employees should be celebrated in the form of rewards. There is also need to create a work-life balance for employees. It is compulsory for long-term satisfaction of employees.

11)  Continuous Improvement

There is need of continuous improvement of employees if a company wants to achieve its long-term objectives. For this purpose companies can create a system in which employees would be evaluated for the factors of their retention. When company would be aware of all the concerns of employees then it will do everything possible to retain top talent. This can be done by conducting interviews and surveys of employees. The most important thing which can be done by company to reduce employees’ turnover is to stay competitive. When the company will be competitive with respect to its competitors then employees’ turnover would be less.

Conclusion:

These are the most effective strategies to reduce employee turnover in companies. By implementing these strategies the companies can definitely create a pool of loyal employees who would be fully engaged. It should also be remembered that if employees would remain satisfied then they would be more productive. These productive employees would then contribute to create positive culture of the company. This cycle of positivity will attract top talent then leads towards retention of this top talent. This will eventually reduce the employees’ turnover in the company.