The current American workforce has seen rapid changes in the past couple of years due in part to economic uncertainty and worldwide lockdowns. While unprecedented times may be partly to blame, the fact still stands that the job market has changed.
In fact, according to one survey, employee turnover is costing businesses just over $26,000 per year in lost productivity. So, how can businesses today build their foundations for success and reduce employee turnover?
Here are 4 ways businesses can reduce their employee turnover rate and keep business thriving:
1. Offer Flexible Scheduling
Work-from-home has become the new norm for good reason. Employee engagement, productivity, and overall satisfaction tend to go up when flexible work hours are offered.
Flexible scheduling is not merely working from home, it may also look like the following:
- Compressed work weeks
- Ability to choose when hours are worked
- Telework or remote work
- Part-time scheduling or rotated office hours
Flexible working hours allow employees to cultivate more of a work-life balance, which is helpful for avoiding job burnout and increasing retention.
2. Offer Flexible Benefits
When employers offer flexible benefits, employees can choose benefits that best suit their personal situation. Flexible benefits will certainly differ from business to business. Some flexible benefit options may include things such as:
- Retirement account matching
- Extended paid time off
- Child-care benefits
- Gym memberships
- Health insurance options
Offering benefits beyond the physical workplace can help employees stay happy and healthy both in and out of the workplace.
3. Offer Competitive Pay
Regardless of how much an employee loves their job, getting paid is the main incentive for showing up to work. To that end, offering competitive pay is helpful for retaining top talent in a company.
According to this wage growth data, gains in wages tend to jump for people who switch jobs. How to keep employees from job jumping can simply come down to offering competitive pay and keeping up with current market rates. Paying employees what they’re worth is a good example of how to make employees last at a company.
4. Offer Growth Opportunities
Offering ways to progress within a company is key to employee retention. Strengthening current skills in order to build new ones helps employees with job fulfillment and keeps employees engaged in their current roles.
A good way for employers to invest in their employees is to focus on upskilling in order for an employee to focus on their own personal skills and objectives.
Bonus Tips to Reduce Employee Turnover
By cultivating and nurturing an employee-centric workplace, businesses will be able to see tangible success. A few additional ways on how to reduce employee turnover and how to make employees happy may include:
- Provide constructive and regular feedback
- Be transparent with goal-setting and business targets
- Provide transparent performance reviews
- Cultivate and nurture a respectful workplace
- Recognize employee success
- Hire the right person for the job
Employee Retention Is Good for Business
By utilizing any of the above strategies, employers can demonstrate how much they truly value their employees, resulting in less turnover and higher retention. Happy employees are simply good for business.
At Palmetto Payroll solutions, we offer businesses a way to conduct flexible and efficient practices that help keep employees happy and reduce employee turnover.
Why not contact us today to see how we can help your business grow?
