March 11, 2019
Talent Retention: Five Top Tips for Reducing Employee Turnover
High employee turnover levels can have a negative impact on an organisation’s productivity and performance. This can be due to the cost of recruitment and training, interruptions to critical pieces of work and existing employees becoming unsettled by colleagues leaving.
In a world where LinkedIn continuously promotes tailored job vacancies and job sites are advertising on billboards and bus stops, employees are aware of alternative career opportunities available to them.
Consequently, you may often find yourself asking what you can do to retain your staff and minimise employee turnover levels? What makes an employee loyal to your organisation?
Here are five ways you can improve your recruitment and retention initiatives.
1. Assess your Hiring Processes and On-boarding Experience
Retaining talent starts with an effective hiring process. It’s important to recruit the right candidates who are a good fit for both your organisation and the job role.
In addition, there’s the age old saying that ‘you only make one first impression’. It’s vital from the first day of employment that you make employees feel at home. Your induction programme will be central to this.
2. The importance of Employee Benefits
Providing employee benefits is an essential part of creating a culture that will attract and retain the best people. Our employee benefits and discounts offering helps small to medium businesses gain access to employee perks and discounts that were previously out of reach due to budget and resource.
3. Flexible Working
Flexible working is a way of working that suits an employee’s needs. It might involve an earlier or later start and finish time to better suit the employee’s commitments outside of work. Alternatively it might take the form of working reduced hours and days or working from home.
By offering flexibility there will be a wider pool for recruitment as many experienced people who are unable or unwilling to work full time may be available to work on a part time or job share basis, or work from home.
There are benefits for employees but also employers. The benefits of flexible working for employees are often around giving an element of control to employees, which can improve their work-life balance and assist with maintaining their health and wellbeing.
For the employer, improvements in productivity and performance can be shown along with improvements in staff engagement and motivation.
4. Employee Satisfaction Surveys
Carrying out regular employee satisfaction surveys will help you to keep in tune with how staff are feeling. This will enable you to address any common themes that come out of the survey.
Questions can cover areas such as:
- Pay and reward
- Talent development
- Organisation culture
- Work-life balance
- Workplace facilities (e.g. free tea, coffee and fruit and/or restaurant and gym facilities)
5. Exit Interviews
An exit interview gives employers the opportunity to find out why an employee has taken the decision to leave. It’s an opportunity to gain their opinion on pay, the employee benefits package (if you have one) and the working environment.
You can also find out about factors such as their relationship with their line manager and their perspective on the organisation’s mission and values.
Moorepay customers who would like any specific advice on reducing employee turnover, should contact the Advice Line on 0844 391 1921.