Employee turnover is on the rise, and this means that companies have to pick up the mess that is involved and the expenses that go with it. The cost of losing one employee can run anywhere from 26 percent to 213 percent of the employee’s yearly salary, depending on the specific role that they play within the company. Beginning with the hiring process, there are many things employers can do to reduce the turnover rate.
Tips to Keep in Mind for Retention
- Prescreen the candidates for the right fit. You should find out if they have the right skills for the job and are a good fit. Make a thorough evaluation and ask many questions during the interview.
- You should find out as much as possible about the candidate as a whole and not just what they can bring to the job. You want to know their goals and how they work. Find out their ethics and where they want to be down the road. They should have good values that work with what the company wants.
The first turnovers happen within the first 45 days of hiring an employee. This is why going through a formal or informal process for the position is always a good idea. The new hires should feel welcome and comfortable when it comes to working with the company and in their specific position. Employees who go through this program are more than half as likely to continue with the company after the first three years.
- Engage the employees quickly and make them more confident and assured in their roles. They should have a positive effect on the company as a whole, which means you have to also set a positive tone. They will feel engaged and motivated.
- Always socialize and have fun. You want them to know that they are part of your team and to the company will not hold them down and drag them along. This is a good position to be in when it comes to working.
- One of the most important relationships for the employee to have is one with the manager. There should be an open-door policy and it should be a friendly relationship.
- Set everything up for the employee before they come in for the first day. This provides them with the initiative to get working and be as productive as they can possibly be. Make sure the desk, work station, phone, email and so on are ready to go.
- Create a game and make it a bit competitive since this provides more drive for the employees. They like initiatives and goals to reach for in their jobs. By doing this, you’re making it more fun for them and providing them with feedback and incentives, even if they are not big fancy ones. Being acknowledged for good work is always a good thing.