3 Effective Strategies to Reduce Employee Turnover
Employees are your company’s biggest asset, and without them, your business likely wouldn’t be able to operate. Nowadays, employee turnover is something that almost every business with workers will experience. With every business in the industry trying to get their hands in the same talent pool, it’s important that you retain the current workforce you have while attracting new talent. If you find that your business is losing employees at an alarming rate, try implementing one of these 3 strategies to reduce employee turnover.
3 Strategies To Reduce Employee Turnover
1. Enhance your current company culture.
Your company culture plays a vital part in the longevity of your business. In fact, the businesses that are leading virtually every market (Netflix, Google, etc.) aim to reflect a positive, impeccable company culture and strong core values in all that they do. According to Deloitte, 88% of employees believe a distinct workplace culture is important to business success. If your culture isn’t one that fosters your unique values or mission statement, it might be time to sit down with HR and restructure the way you internally operate.
2. Offer development incentives.
Consistent education and stimulation is key to a strong workforce. In 2016, Udemy’s Workplace Boredom Study found that bored employees are twice as likely to leave a job than those who find their work more stimulating. Offering your employees development incentives such as a workshop stipend, tuition reimbursement, and free webinars allows them to continuously enhance their skill set which, ultimately, will improve your business along with the employee.
3. Give them a benefits package that they need and want.
There are certain benefits that are required by employers depending on their state, business size, and other various factors, but there are no guidelines that show which benefits will appease your workforce. According to a study done by Glassdoor, 57% of job seekers and employees reported that benefits are amongst their top considerations before accepting a job offer. Of the 57%, 40% said that medical insurance was their top priority. Other intangible employee benefits, such as work from home policies and a casual dress code, aren’t needed, but are rather the icing on the cake to help retain your top talent. However, benefits are always changing, and in order to stay in line with your competitors, it’s important that you understand how your current benefits package compare to theirs.
If you’d like to see how your benefits package stacks up against the competition’s, we’d love to help. Reach out to us here, or take our Milliman’s Benefits Benchmarking Survey for a custom report on how your health, dental, PTO days, and 401K benefits stack up against your competitors.