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It's 10am on a Wednesday and you just received yet another email from HR with the subject line "Employee X Resigned This Morning With No Notice."
Your mind flashes to the expensive professional development conference he just attended across the country and the title change he just negotiated.
If you're like many business owners, this might start to become a familiar feeling.
It's no secret that employee attrition can be difficult for any business to manage and cope with. The high costs associated with recruiting, hiring, and training new employees can take a toll on both the budget and morale.
While there are no guarantees (in life or employment), there are certain steps you can take to try to prevent employee attrition from occurring (or at least happening as frequently). Here are a few tips to try to reduce attrition in your organization:
Focus on Engagement: Employee engagement is a key driver of retention, so it’s important to make make this a priority. Focus on improving communication and connecting with your workforce in a manner that works for THEM. This could involve being strategic about how you hold company meetings or creating an informal mentorship or buddy program.
Develop a Culture of Feedback: Create an environment where your employees feel comfortable giving and receiving honest feedback. This means encouraging open dialogue between management and staff in order to identify issues or areas of improvement. Encouraging regular feedback sessions between staff members and managers helps everyone stay connected.
Invest in Development Opportunities For Your Employees: Investing in your employees means investing in the future of your business. Providing them with training, skill development, and mentorship opportunities shows that you are committed to their career growth and success. This will help them develop professionally while also boosting morale and loyalty. Talk to them early and often about their advancement opportunities within the company.
Offer Incentives and Recognition: Rewarding employees for their hard work is a good way to increase satisfaction levels. Consider offering incentives such as bonuses, extra vacation days, or other perks to keep them motivated and engaged. Additionally, recognize employee achievements publicly - this could be something as simple as a round of applause or even sending out an email highlighting their accomplishments.
Offer Flexible Work Arrangements: Remote work/telecommuting or flexible schedules can make a huge difference for employees with families or lifestyle commitments, or even those that just feel more productive at home rather than in an office. Allowing employees to have more control over their work is an excellent way to show that you value the contributions they make and the time they put into your business.
Pay Well: This one should be a no-brainer. Offering competitive wages is critical to keeping employees from jumping ship. Many companies struggle when it comes to updating their pay scales, so it’s important to make sure you abreast of market rates. Some companies think that their "culture" is so great that it outweighs their lower salaries. That may be true, but it's pretty rare. Money still goes a long way.
Of course, no organization is immune from employee attrition and there will always be some turnover no matter what measures are put in place. However, by taking proactive steps to engage and develop your team members, you can help reduce the risk of losing valuable talent from your organization.
