Employee turnover is a critical issue for many companies. Recruiting, onboarding, and training new team members is expensive and can lead to workflow disruptions and time-consuming rework. To manage turnover, it’s important for HR specialists in companies of all sizes to identify five HR practices that reduce employee turnover rates.
Practices that reduce staff turnover
1) Employee Engagement
HR departments need to encourage and strengthen employee engagement in the business. While some employees are naturally inclined to be engaged with their employer’s goals, others may need more encouragement to feel like their work at the company is meaningful and valuable.
A company’s HR department can do this by focusing on activities that promote and encourage employee engagement. This starts with a consistent approach to recruitment and onboarding of new staff. To support this, HR platforms can ensure a consistent approach across all departments.
2) Employee Recognition Programs
It can be helpful for companies to have an employee recognition program where team members can receive praise and accolades for their work. These programs also allow employees to feel more connected to the company and its goals.
Companies need to make sure that their employee recognition programs will be valued by employees and won’t be seen as trite or disingenuous. This means that companies should focus on providing meaningful rewards but shouldn’t offer rewards that don’t directly connect with the employee’s work. Employee recognition programs can succeed if they focus on helping employees feel important and valued in their work.
3) Reward Systems and Compensation
Setting a reward system to motivate employees to stay at the company is essential. If bonuses or other incentives are available, HR specialists should ensure that employees know about the programs and when they should be used. A good employee benefits software ensures a consistent approach and cuts on daily administration.
Additionally, HR specialists can bring in outside consultants to develop a career path for employees that will help them understand what opportunities are available and how their performance will affect their chances of moving up within the organization.
4) Job Satisfaction
Employees who aren’t happy with their jobs may leave the company. That’s why HR specialists need to develop an understanding of how employees feel about their jobs so that they can identify and address concerns quickly.
HR specialists should also ensure that employees understand their jobs’ purpose and how each job contributes to the company’s overall vision. If employees see how they contribute to the company’s success, they will likely want to stay and continue working towards that vision.
5) Effective Management
Finally, an organization’s HR department needs to develop a strong relationship with managers to effectively support managers in managing employee turnover rates. Managers need to understand the specific HR practices that can help them to manage their teams and employees’ incentives which will help them manage employee desire to stay at the company.
HR specialists also need to educate managers on each employee’s motivations and desires and how they can use these to support the company’s goals. With this knowledge, managers should be able to identify when their employees are dissatisfied with their work and make adjustments that will encourage them to stay at the company.