Tips to Reduce Employee Turnover Rate

Employee turnover is one of the bad experiences every business experiences on an occasional basis. Employees come and go- they must leave and this affects the flow of your business. It takes a lot of time and money to train and replace talent and that is the reason businesses must do everything possible to minimize turnover rates. If you have a high turnover rate, you must ensure you can bring those rates down.

There are free and inexpensive methods you can use to convince your employees to stay and thus reduce turnover rates. Let’s have a look at these methods.

Hire the right people

Keeping employees starts by ensuring you hire the right people. You need to hire employees who are fit and have the right skills to ensure they can match your positions. Additionally, ensure the talent you bring to a team can fit well with your company culture. You need to hire employees who have the right behavior and culture to fit with the job at hand. Ensure you give your new hires a good orientation about workplace culture and how to conduct themselves.

 

Offer competitive packages

People are attracted and motivated by good compensation. They need to have a package that helps them meet basic needs such as utilities, housing and food. They will need to be compensated in such a way to have extras to meet their other obligations. If you are not ready to pay your employees well, they will find a business that pays them well. Research your market and settle on a good compensation package that takes care of the needs of your employees.

 

Give praise

Your employees will be motivated by sincere encouragement and recognition. When employees do something good, ensure you recognize and give them praise. When they finish a difficult project even before a deadline, recognize the act and congratulate them for their hard work. You don’t have to shower your employees with praise every time they get to a milestone, but ensure you form a habit or recognizing extra ordinary performance and giving praise.

Set a career path

No employee wants to get stuck on the same position and pay scale year in year out. If they dont see any motivation for a clear career path, they will start searching for another job in advance. Ensure you have a plan in place to enable your employees increase their skills and knowledge, and climb a corporate ladder. When you show your employees a projected career path, it will help in giving them a sense of purpose and direction.

 

Work life balance

You should allow your employees to have a flexible work schedule. Flexible working schedule means they can adjust their work time and location. They need to have a work life balance that gives them peace of mind at work, and time to care for their families. They need to pursue other things beyond work, including having a social life.

There will be employees who will always want to leave your business. If that is the case, ensure you have an exit strategy in place and plan adequately on how to bring replacements.

How to Promote Diversity at Work

The act of promoting diversity and inclusiveness at work is one of the best ways organizations can use to foster an inclusive and open-minded culture. Companies that promote workplace diversity employ individuals with different characteristics such as age, gender, race, ethnicity, sexual orientation, religion, cultural background, political views, among others. In an inclusive and diverse workplace, differences among employees are accommodated and accepted, and all employees are treated equally.

If you are looking forward to promoting diversity in your organization, here are a couple of ways to go about it.

 

Avoid societal stereotypes

In many cases, company executives stand to blame for a lack of diversity in their organizations. They often follow certain stereotypes that prevent them from hiring smart people with skills and competence, in top management positions. One of the most common biases and stereotypes involve lack of equality when it comes to gender distribution in company positions. Some male-founded businesses are less likely to hire women regardless of their competence in executive positions because of trust level biases. The first step to fostering diversity in workplaces is to abolish these types of stereotypes.

 

Be more open when hiring

One of the best and easy ways to promote workplace diversity during the hiring process is to create a team that is involved in decision making. The team should be inclusive of human resources, executives, managers, supervisions, and other competent technical persons. This team can be very effective in helping an organization overcome widespread issues relating to discrimination. Create a culture of respect and ensure everyone is treated equally irrespective of their background. There should be a clear mode of communication and open channels where employees can discuss important and pertinent issues without being reprimanded.

 

Educate and empower employees

It is very important to educate employees on the importance of inclusivity and diversity in the workplace. You need to give examples and real-life scenarios where women and other people from minorities perform better than the favored groups. You need to show your employees how diversity in workplaces can have a positive impact on productivity and profit generation. Ensure people occupy positions based on merit and not biases.

Offer diverse opportunities

You need to offer meaningful opportunities for inclusivity and employee engagement. If you have a company with multiple locations, consider allowing employees to work in other locations, cities, and states. Use surveys to find out where your employees are more likely to spend their free time. Go ahead and arrange work-based activities and other external employee engagement activities that foster unity and cooperation.

Create mentorship programs

It important to hire a diverse workforce, but it is also important to have mentorship programs in place that ensures everyone has an equal opportunity to advance. Employees who portray high potential should be offered mentorships regardless of their race, sex, age, and other factors. As an organization, support the professional development of your employees by contributing to their education. Doing so will make them happy and more productive. Ensure leadership teams reflect the diversity and promote candidates to those positions based on their competence.