High turnover rates can be extremely troublesome for businesses. High turnover rates translate into higher training and employee marketing costs. In times of reduced unemployment rates, businesses notice an increase in employees looking for better positions. There are more jobs available, and most employees are always considering better pay, better benefits, and a higher job title. In today?s times, businesses need to engage in strategic planning to better retain company employees and to prevent increased turnover rates. Strategic planning teams should focus on the follow areas of employee satisfaction.
Proper employee vetting procedures.
If an employee does not feel that their employment position is a good fit for them, they are more likely to stray. This fit could include company morale, position roles, and company statements. Some companies are so rushed to get qualified candidates into their business that they completely ignore considering how they would fit within the environment of the company. Employee credentials and qualifications are not the only important factor to consider when attempting to lower employee turnover rates.
Business coaching and personal counseling services.
Taking on a new role or position is a huge adjustment process for any candidate. If this adjustment is too difficult, they are likely to seek employment elsewhere. Providing optional counseling services and business coaching services can help employees understand what they really want in a business. It also gives them a place to talk over their business concerns. This approach can also reduce extended employee time off requests. Workers who take time off because of stress, anxiety, or a work conflict will be off the job for about 21 days.
Provide conflict resolution services.
Employees who experience conflict at work are likely to deal with it by searching for new employment. This is especially true if they do not feel they were given the appropriate tools for remediation of the conflict. Businesses with a process in effect that allows its employees to share their concerns with the business or its employees are likely to feel more accepted and appreciated. Employees who are not satisfied with their company?s current conflict resolution strategy may even quit, without ever notifying anyone of the reason. The typical manager spends 25 to 40% of their time dealing with workplace conflicts.
Provide executive coaching and opportunities for professional development.
Employees who take entry level positions are doing so in hopes that they will eventually have the ability to grow with the company. Employees who do not see any future with their current place of employment are more likely to leave. They are also more likely to put less effort and productivity into their current positions. Executive coaching notifies them that they can, indeed move up in the company. It also provides them with the tools needed to do so.
The most commonly cited reasons for quitting are as follows, lack of opportunities for professional development (30%), inadequate compensation (28%), boredom or lack of a challenge (27%), and poor work and life balance (20%). A company that understands these struggles of their everyday employees is already a step closer to reducing their high employee retention rates. However, a company also needs to take necessary actions to make these conditions better for its employees.
Today?s generation wants better in terms of employment. They want to be a part of a company that values their work, that provides them with a good work and life balance, and that gives them the tools for success. If a company does not provide that, they will find another company that does. High employee turnover rates can be very expensive for a business. Having a strategic planning team that attempts to reduce employee turnover rates can actually save a business a lot of money and time.