How to Reduce Employee Turnover: 5 Key Strategies
Wondering how to reduce employee turnover? You’re not alone. Employee retention is one of the tech sector’s most pressing concerns and it impacts both sides of the hiring equation. Employers want efficient, productive teams and employees want stable, reliable jobs. High employee turnover makes both of these goals less obtainable.
Despite this, high employee turnover is a reality across many American workplaces.
Here’s how to reduce employee turnover:
- Hire the Right Person for the Job
Preventing high turnover is a long-term initiative, but the process starts from the very first interview. By identifying and hiring candidates with the right technical skills and culture fit, the odds of repeating your search in the near future are greatly diminished.
- Offer Flexible Working Hours
Today’s workers value work-life balance more than previous generations, and this is evident across the tech industry and doubly true if/when your employees become parents. Allowing your team to set a schedule around their other commitments can go a long way.
- Promote Internal Development
Want to boost morale throughout your ranks? Prioritize in-house promotions over outside hires. It’s better (and more cost-effective) to train a current employee in a new skill than to hire a new employee for the open position and deal with low morale and high turnover. The availability of general training and development programs can also help keep your team happy.
- Be Transparent
Figuring out how to reduce employee turnover doesn’t have to be complicated. One of the most effective methods is also one of the simplest. Being honest and transparent with your team helps promote a productive workplace with low turnover.
- Provide Medical Benefits
Healthcare is expensive, and the COVID-19 pandemic caused a lot of workers to re-evaluate their situation. If your company doesn’t provide adequate health coverage, your employees will jump ship at the first opportunity.
How to reduce employee turnover: key takeaways
These are just a few of the many potential employee retention strategies – how to reduce employee turnover varies based on the specific role. Specifics aside, treating employees with respect is the number one way to keep your team engaged.
Also Check out: Top Qualities of a Good Employee – What Makes a Good Employee?