— July 30, 2019
High turnover is one of the biggest problems facing companies these days. A study by Work Institute found that 42 million people (around 25% of the U.S. workforce) left their jobs in 2018. This is a sharp rise from previous years.
The days when the average employee took a job and worked at it their entire lives are over. Employers are struggling to cope with the rising rates or turnover, which cost them about $ 600 billion last year. These same employers need to bear the brunt of the blame because around 77% of the turnover could have been prevented.
You need to make reducing turnover a priority if you want a sustainable business.
The Growing Problem with Workplace Turnover
The success of your business is largely dependent on the quality of your employees. Employees who are committed to their work and dedicated to helping their company grow. Their loyalty is what really makes or breaks the future of the company. Not surprisingly, employees who are happy with their company and the work they do tend to be the top producers.
The downside is that frustrated employees can drag down a company. Feeling stuck in a dead-end position doesn’t give them the motivation to improve their job performance. Over time, this can lead to lower morale, poor job satisfaction and higher turnover.
When it comes to owning or managing a successful business, employee retention should be one of the most important things on your mind. After all, it can be difficult to find the right blend of talented, hardworking professionals to help your company grow. The last thing you want to do is drive talented employees into the arms of competitors.
Simple Ways to Fight Workplace Turnover
Here are some proven ways to ensure that your employees are happy with their jobs, so you don’t have to worry about them finding new ones.
Provide Decent Compensation
Providing decent compensation is an important way to bolster workplace satisfaction. A study by Salary.com showed that the biggest reason employees left their jobs was to find better paying positions. Salary.com CEO Kent Plunkett said companies need to make offering decent compensation a priority.
A simple statement of gratitude or an occasional pep talk can go a long way. The people on your team are in your office day in and day out. They are constantly working hard to make a contribution that makes a difference in the success of your company. They can easily get frustrated if they feel that their contributions aren’t appreciated. The best way to address this is by acknowledging their tireless sacrifices. A simple word of praise or acknowledgement from the boss can make a staff member’s day! Be free with the compliments and you’ll notice an improvement on the level of motivation from your staff members.
Have all the departments in your company been pitching in more to pick up the slack during your busy season? Has a particular employee or team gone above and beyond to make a difficult sale or win an important client? There’s nothing like a little thank-you gift to show your appreciation for your employees’ extra-hard work. Gift cards make a great little addition to even established employee reward and recognition programs – perfect for team members who truly outdo themselves.
The Lunch Bunch
When you’re in an office all day, it can be tough to find the time to grab a bite to eat. That’s why it’s an extra-special treat for your staff members when you cater in lunch for a long meeting, or provide snacks or sweets in the break room to keep mid-day hunger at bay. By providing occasional meals or snacks for your employees, you’re showing them that you care about their well-being and want to treat them right. Additionally, the little blood-sugar boost they get from the treats you provide will give them the energy to conquer the rest of the day!
Employee Happiness Needs to Be a Top Priority
By keeping your employees happy, you’re giving them a great reason to continue working for you. Job opportunities are everywhere, and it’s important that you give your office talent the motivation to remain at your place of business even when they’re being tempted by recruiters from other companies. Follow these simple tips, and you’ll soon have an office culture nobody wants to leave!