Does your company have a problem with people quitting? Or are there certain positions that are impossible to keep filled with great people? Employee turnover is not only frustrating, it’s costly to the business. Experts estimate that it costs as much as a half a year’s salary to replace just one lost employee. How can an organization crack down on employee turnover? Read on for 3 helpful tips.
Find out why employees tend to leave
The only way to understand and solve turnover is to get to the root cause. When employees leave, make sure to conduct and review exit interview notes. Find out why employees are unhappy or looking elsewhere for career opportunities. Evaluate your current salary structure to see if you are paying industry competitive rates and offering enough benefits. If there are management or corporate culture issues, find out where they are coming from.
Institute a formal employee onboarding program
An Aberdeen Group survey found that when companies were running an onboarding program for new hires, they experienced a 24 percent year-over-year increase in productivity and a 12 percent decrease in cost per employee. This means, employees were able to ramp up quickly and become productive in their jobs – a factor that can produce higher engagement and retention. Organize an onboarding program for new hires that orients them to the workplace and the tasks they will be performing.
Hire temporary employees for greater retention
To help cut down on costly and time consuming employee losses, a temporary staffing strategy can be put into place. Augment current and leaving employees with temporary contractors. A temporary agency handles all the upfront administrative tasks of managing temps, and your company has a ready supply of employees for work tasks and seasonal peaks. Any low performing temps can be replaced easily.
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