No company is safe from turnover. Turnover barres no holds when it comes to organizational size and structure. Regardless of industry, turnover can be expensive both financially and in morale. Obviously so, reducing the amount of turnover your company has to endure is ideal for all parties involved. But exactly how does a company act to stop turnover in its tracks? Here are just a few of the most effective ways to stop turnover.
Review and Revise Organizational Culture
Chances are if your company has no idea what it stands for, your employees can feel it too. A high rate of turnover can be a key indicator that something is out of whack behind the scenes. Starting by looking at your organizational culture is like laying a strong, sturdy foundation for your home. If everyone is on the same page, the confidence your employees will have in your company won’t even be in question.
According to Harvard Business Review, 80% of turnover is due to bad hiring decisions. Do you know what you are looking for when you are hiring? How do you know the person you hire is the right fit and that you are setting them up for success? Are you attracting qualified candidate leads? Does your interview and hiring process reflect and communicate your company’s culture? Once a candidate becomes an employee, are they onboarded in a way that leaves them feeling dedicated to your teams mission? Missing any of these important attributes can significantly increase the likelihood that your employees aren’t the right fit, thus resulting in unnecessary turnover.
Review Workplace Climate
Once a candidate has been onboarded, it’s in your company’s hands to ensure that you retain the employees you’ve worked hard to attain. Ever heard the saying, “Your vibe attracts your tribe”? How can you ensure that your employees are happy, and content, and as a result less likely to turnover? Try these 5 ways to make sure your employees love coming to work.
Have you ever been onboarded at a new company, trained, and then seemingly forgotten about? It happens to even the best of teams and individuals, and is often a simple oversight — but unfortunately it can be a detrimental one to turnover rates. Why is staying vigilant so important? Well, imagine your brightest, best, shining, new employee being trained and handed over to a manager that isn’t quite operating with the company’s culture and best interest in mind. Besides being a complete HR nightmare, a high rate of turnover of new employees within the same line of work or team is real indicator that you may have a leadership issue on your hands that needs to be evaluated.