The year 2020 has been the worst for many businesses. Fighting the pandemic caused an overhaul to how business is conducted and put new conditions to employers and business owners. As the year comes to an end, employers must think objectively on how to revamp their operations and maximize profits again. According to Employee Benefit News reported in 2017, companies lose thousands of dollars yearly due to employee turnover. To stay afloat after the pandemic and keep production and operations at par, the employers should focus more on ways to reduce employee turnover. This article discusses some of the best practices to keep the costs low.
Hire the right Talent and Skills
Retaining employees starts with hiring the right people. If employers go for what they don’t require in the business, the chances are that they will end up laying off the employees, and start the recruitment process over again. Getting the right team to the business involves conducting rigorous recruitment, defining the responsibilities and expectations of every employee, and doing a background check to the candidates. Finally, they should hire selectively and focus more on the candidates who portray what they need.
Allow Flexible Work Schedules
Workers have other commitments aside from their work. Being at a workplace that requires employees to be present at all times, and sometimes consistently at a given time can be boring. Employers should work on adjusting work schedules and introducing shifts to give their employees time to focus on other important things in their lives. Having some days off to do extra studies or a day off to spend time with family makes the work more enjoyable and fulfilling.
Create a Voice-of-Employee Strategy
The more freedom of speech the employees have over the business, the more their connection to the employer brand and purpose. As a result, employers should work on creating a channel under which their workers can convey their thoughts freely, and without fear of being judged. Similarly, the workers should be involved in making decisions affecting their operations. This process goes a long way into making employees feel valued and important to the company.
Offer Competitive Pay and Benefits
Low pay and inconsiderate working conditions is a major turnoff to employees. To be able to retain employees, employers must adjust their pay to be at level with their competitors. Offering a competitive pay guarantees top talent acquisition.Another factor employers should consider is offering their employees benefits. People love a place where they feel they have more privileges than just a common workplace. Employers who provide health insurance to their employees, and a few allowances always keep the employees longer.
Training the Managers to Lead with Empathy
Being a manager is not limited to the papers and experience. Good managerial skills, high emotional intelligence and perfect interpersonal skills make up the whole difference. A manager should be able to relate freely and build a good relationship with the employees. The relationship is important since the manager is the employer’s ambassador at the business. That means if they have poor relationships with the workers, then the whole business adopts the same.
In conclusion, employee turnover is a great adversary to business growth. The cost of having to train employees frequently, and having to work with fewer workers after losing employees is both hectic and costly. That’s why employees should reduce employee turnover at all costs to have a more productive team.