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How Can You Minimize Employee Turnover?

Minimize Employee Turnover

You don’t want to find yourself in a constant cycle of losing staff members and hiring their replacements. You want your company’s employee turnover rate to be as low as possible. So, what can you do to retain employees and minimize turnover?

Hire the Right People:

Hiring the wrong candidates for the job will lead to a high turnover rate. Employees might notice that they’re not the right fit for their current positions and leave on their own. Or worse, you might notice that these employees are not meshing with the work environment or performing their duties properly, leading you to let them go for the sake of the company. 

You can rectify this hiring problem by turning to a professional recruitment agency for help. For instance, if you want to add a top-tier salesperson to your team this year, you should turn to a top sales agency for help. Their elite sales recruiters will search through a pool of potential salespeople and find you the right candidates for the position. It’s no wonder why they have such a low replacement rate in the industry (only 3%). 

Offer Hybrid Workspaces:

A lot of workplaces asked employees to leave the office and take on a remote work set-up in 2020 because of the pandemic. Now that the majority of the country’s population has been vaccinated, workplaces are asking employees to return to the office full-time. If your company is doing this, it’s not a good idea. Employees want a hybrid workplace.

What is a hybrid workplace? A hybrid workplace combines the models of remote work and in-office work, allowing employees to divide their work schedules between their home offices and corporate offices. Many employees are looking for this type of work environment because it offers a lot of the benefits of remote work:

  • It allows people to work from home when they’re feeling under the weather — this is very important while COVID-19 is still circulating.
  • It can cut down commute times for employees that live far from the office or live in high-traffic areas. 
  • It gives employees the flexibility to manage other essentials, like taking care of pets, watching children, and cooking meals.

And on the other hand, giving employees the chance to come into the office for important meetings and catchups can encourage better socialization and teamwork. Furthermore, organizing a corporate holiday party where employees can gather and celebrate a festive season together can foster camaraderie and strengthen the team bond, eventually minimizing employee turnover.

The hybrid model takes the best of both work environments. So, if you’re hoping to keep your employees, you should adopt a hybrid model instead of forcing everyone to transition into the office full-time. Take note that you also need to know the problems with remote work so you can plan ahead.

Also, Check – How ICP MS Instruments Can Benefit Your Industry

Competitive Salaries: 

Another excellent way to minimize the risk of high employee turnover is to offer competitive salaries to your staff. You may have heard that employees are quitting companies in record numbers in a Great Reshuffling. 

One of the motivators for this mass reshuffling is money. Many employees feel like their current salaries do not match the high cost of living, especially in urban centres. So, if you want to gain and retain top talent in your company, you should offer competitive salaries and plenty of employee benefits

Raises for current employees should also go above the costs of inflation. As of this year, the country’s inflation rate hit a record high of 6.7% — that’s higher than a standard 5% raise. When the raise doesn’t compensate for inflation, you’re essentially giving that employee a pay cut. 

Tackling these changes should help you hire the right candidates and keep them in your employ for a long time. They’ll be so happy, they won’t want to leave.

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