4 Focus Areas to Minimize Employee Turnover Rate
Employee retention is one of the biggest concerns for most organizations. Every time an organization loses an employee, the business incurs costs during the new hiring and employee training. Although assistance from staffing companies help organizations to speed up their hiring processes, until a new employee is on the floor, the business process continues to run slow. Slow business operations further reduces productivity and increases the stress on other employees. It is, therefore, essential for organizations to make employee retention a priority through a few fixes that are discussed in this blog post. Read on.
1. Fix or Fire Bad Managers
Managers play an important role in the performance of employees. One of the many causes of high employee turnover is managers. Despite knowing that managers have a significant impact in retaining employees, most organization do nothing to identify and fix or fire bad managers. Managers that cannot retain team members are inefficient and often lack knowledge and training regarding the importance of employee retention.
Prioritize Retention Efforts
Not all employees have an equal business impact when they leave an organization. Organizations that trigger employee retention efforts for all employees that intend to leave waste a lot of time and resources. Invest in retention efforts for employees that are top performers, innovators, or key position holders in the organization. Putting equal efforts in retaining all employees may result in losing your top performers that require more than average effort in order to be retained.
Avoid Consistent Retention Errors
There are a few common retention errors that organizations find difficult to eliminate. An effective way to ensure you avoid consistent retention errors is for human resource management to institute a ‘best practice sharing’ forum, in which HR professionals will share their employee retention problems and effective solutions. When the organization runs failure analysis after each major turnover, the outcome will show the retention actions that had little to no effectiveness.
Consider Key Environmental Factors
Turnover rates depend on various internal and external factors. Internal factors, such as a major scandal, senior executives leaving the organization, and salary or promotion freeze, increase the turnover rate in an organization. External environmental factors, such as the local unemployment rate in the market, also influence the turnover rate.
Preventing high employee turnover not only saves money but time, and helps you to run your business operations smoothly. Whenever a talented employee expresses the desire to move on, it is the duty of the project management and talent acquisition consultants to investigate the matter immediately and find out the precise reasons behind the decision. You can reduce the employee turnover rate but not stop it, and to fill the gap, organizations need quick hiring processes. Delta Dallas is a reputable talent acquisition consultant that is ready to help you fill vacant positions quickly. For more details, you can fill out our contact form, and our representatives will take it from there. You can also call us at (972) 788-2300.