Top 11 Talent Management Tips to Reduce Employee Turnover in Your Company

Top 11 Talent Management Tips to Reduce Employee Turnover in Your Company

Every business wants to attract and retain the best talent in its industry. After all, a good business is run by good people. A high employee turnover not only costs the company a pretty penny, but it is also demoralizing for the people who genuinely want to work for you. As per a LinkedIn survey, the average turnover rate is about 11% {SOURCE}.

Many people who may switch jobs decided to stay put in recent years. The reason was the pandemic and the job insecurities that came with it. Add that all together, and it comes to, well, a lot! Some of the most successful businesses work hard to make their workforce feel appreciated and constantly look for new ideas for better employee retention.

Workmates logo

Employee-Centric Engagement, Internal
Communications, and Recognition

Learn More about Workmates
Phone

What Causes a High Employee Turnover?

If you wish to reduce employee turnover in your company, the best place to start is to understand what causes high employee turnover. Improve your exit process to identify the most prominent reasons employees decide to leave and work to rectify it. Here are some of the most common causes of high employee turnover:
· They do not feel recognized for their hard work or contributions
· Feeling like a misfit in the team
· They have an unhealthy work relationship with their manager
· They do not identify with the work culture in the organization
· Their day-to-day responsibilities are not what they expected when they joined
· They don’t feel adequately supported or trained to do their job
· They feel like there is a culture of favouritism or a toxic work environment
· Low job security
· Unhealthy work-life balance
· No new opportunities for progress in the company
· If they are or they feel they are being paid lesser than their peers for the same job
· They think that the company is not doing well or is headed in the wrong direction

 
Christopher Baggott
Chief Executive Officerator of Medlinks Cost Containment, Inc. and Medlinks Staffing, LLC.

“Our staff has praised the increased communications level Workmates delivers. We use it to communicate important project matters and give staff specific ‘kudos’ or even recognize their birthdays. More importantly, we use Workmates to clarify important project details that needed rapid dissemination among the entire team.”

Why is it Important to Reduce Employee Turnover?

Building a good team with skilled people who have the proper knowledge and experience is essential to any business. If you have the best talent pool, you can deliver the best results in every project. However, attracting the best talent is easier than retaining them. A high employee turnover can prove costly for your business. The average cost of replacing an employee is 1.5 to 2 times the annual salary of the job position.
Besides, a high turnover affects productivity and morale. It creates a company culture where no one wants to work with you for very long. And that’s why we have put together a list of eleven effective ideas that can help you reduce employee turnover in your company –

Hiring the Best Fit

Hiring a resource should be a well-thought-out exercise. Do not recruit in a hurry to
fill a position. Recruitment should be meticulously planned by identifying the skill gap and hiring the required talent ahead of time. Smart recruitment strategies help you find employees who are the best fit for the role. Organizations use applicant tracking systems to effectively and efficiently manage hiring processes.
Hiring staff with planning and preparation can help your organization avoid a shortage or excess of resources. It will also give your company a reliable, high-quality resource pool that delivers on client expectations. People who are a good fit in their job role will perform well and be happier, more satisfied employees.

Training & Mentorship Programs

Conducting regular training and mentorship programs will ensure that your employees are always well-prepared for their job. It can also help keep your employees on the same page as the management. Employees who feel inadequately trained will have low job satisfaction and may be frustrated. New hires should be given thorough training before they start working.
A good training program is an investment that develops your employees into future managers and leaders. Design your training programs to help your employees progress and gain industry knowledge. Training can equip them to take on more significant roles and find value in the workplace.

Employee experience

To learn even more about improving the employee experience and increasing your competitve advantage while providing a fast return on investment, download our ebook now.

Download now

Optimal Workforce Utilization

Optimizing the utilization of your workforce means ensuring that your employees’ maximum time is spent on strategic and billable work. Overutilizing an employee can adversely affect their work-life balance and lead to burnout. Underutilizing an employee can lead to disengagement and a negative attitude. Optimally utilizing your workforce is essential to use your employees’ skills to their maximum potential.
It is also essential for job satisfaction. Working on a project where their skills are relevant and valued helps boost employee morale. Productivity goes hand-in-hand with workforce utilization. Managers can use dashboards that track and improve employee utilization levels.

Team Building Activities

Organizing practical & fun team-building activities builds strong bonds among colleagues. People who feel connected and friendly with their team members are more likely to stay with the company than those who feel disconnected. For greater team bonding perform team-building exercises like informal meetings, outings, team lunches, and fun contests help colleagues build meaningful friendships with each other.
According to GoRemotely’s Workplace Collaboration Statistics, teams that value interpersonal relationships can see up to a 21% increase in profitability. The buddy system (adapted from defence forces) is an excellent example of a team-building exercise. When new employees join, they are assigned a mentor or a ‘buddy’ from the same team. It facilitates hand-holding, training, and integration of the new employee into the company.

Recognition

Rewards and recognition are great ways to boost employee morale and reduce employee turnover. A small thank you note from a superior or employee rewards every quarter can help employees feel appreciated for their hard work. Another way of recognizing an employee’s efforts is to give them new opportunities and responsibilities. Managers who can incite positivity among their team members can engage with them better. Receiving recognition reinforces an employee’s wish to remain with the organization for longer. Peer-to-peer recognition programs are also very successful in reducing employee turnover.

Creating a Healthy Work-Life Balance

Everyone wants a balance between their personal and professional life. Working on weekends or beyond office hours prevents employees from attaining a healthy work-life balance. It may lead to burnout or prompt employees to look for other job opportunities. Understandably, this trend is more pronounced among older employees, who are married and have children.
Promoting flexible schedules allows employees to adjust their work timings to suit them. Giving the option to work remotely at least a few times a week can reduce commuting time and improve the work-life balance for your employees & it also eases mental health issues

HRC logo

If you enjoyed this post, sign up for a Free Trial of our software!

Employee Engagement

Higher employee engagement directly translates to employee retention. Workplace relationships are an excellent place to start employee engagement efforts. A person’s relationship with their manager profoundly impacts employee engagement. Companies that discover and cultivate individual employee motivations usually have the most successful employee engagement programs. Employee engagement surveys and focus groups through employee app help the management evaluate the results and improve engagement.

Performance Feedback

Employees who feel criticized or uninspired after a performance review are most likely to look for a new job. Infrequent and unproductive performance reviews are a recipe for high employee turnover. Looking at employee feedback examples can help you determine the frequency and quality of performance reviews in your company.
Create a performance review process that is collaborative, inclusive and dynamic. Changing performance reviews to be continuous helps improve the relationship between an employee and a manager by enhancing communication. Your performance review system should recognize the goals and KPIs of every employee, link them to actionable metrics and provide rewards for good performance.

Room for Personal Growth

Is your organization creating opportunities for your employees to grow and learn new things? Design training programs that utilize your employees’ time in the best possible way. Most employees would be happy to work at a company where they get opportunities to strengthen their existing skills and build new ones.
Upskilling your employees allows them to take on new responsibilities and perform better in their roles. It also provides the company with the skilled staff it needs to meet evolving business needs. Suppose you can match the upskilling process with defined job roles in your organization. In that case, it makes it easier for employees to find internal positions to progress in their careers. At the same time, making it easier for the organization to source talent for new posts.

Employee Autonomy

Providing employees control over their job helps create employee autonomy. Better employee autonomy promotes creativity, critical thinking, originality, innovation, and engagement. Even if procedures constrain the job role, any increase in autonomy will help improve employee morale and engagement. Improving employee autonomy allows your team to decide how and when to complete their work. The freedom to control their work and responsibilities promotes performance and reduces employee turnover.

Let us say "Thanks!" with a gift card for
a coffee.

Your time is valuable. Book (and attend) your demo of HR Cloud.

Book Your Free Demo
coffee coffee

Analysis

Deploying an efficient human resources management system can help your company management collect, analyze, and act to reduce employee turnover. Analyze your turnover numbers year on year to find the cause for the churn. You could also understand the numbers in-depth by investigating top performer turnover trends, and break-up according to business units, geography, and demographics. Analyzing this data will help bring out valuable insights into the causes of high employee turnover in your company. Rectify your talent management strategy according to that to reduce employee turnover.
Excessive employee turnover is a problem that most businesses deal with. Suppose your organization is also witnessing a high employee turnover. In that case, it may be time to remedy the situation. You could use any or all of the steps listed above to slowly create a team of talented people who are happy to work with you.
An essential aspect of employee retention is to be aware of employee turnover trends and take action before the problem gets out of hand. An excellent way to do this is to adopt a cloud-based human resources software that collects and analyzes HR data. A good HRM software can help you get a bird’s eye view of talent trends, performance tracking, skills gap, and training statistics. It can help find better ways to get your employees engaged and help you create an improved employee experience to attract and retain the best talent in the industry.




About Author:

Kelly Barcelos is a progressive digital marketing manager specializing in HR and is responsible for leading Jobsoid’s content and social media team. When Kelly is not building campaigns, she is busy creating content and preparing PR topics. She started with Jobsoid as a social media strategist and eventually took over the entire digital marketing team with her innovative approach and technical expertise.

time-off one pager

The HR Cloud Award
for Excellence in Employee Experience

Participation is free and winners receive:
  1. A $25 Amazon Gift Card
  2. Feature on the HR Cloud website and social media
  3. Digital badge + certificate to share on your website recruitment materials
Apply Now