Ways to Reduce Turnover
Employee turnover is a natural part of owning a business. In some ways, it can be viewed as a positive, as it allows your company to bring in new employees with fresh perspectives. However, for a small business, losing even one person with a specific set of expertise can greatly impact your daily functioning until a replacement is found. While staff choosing to leave your company is largely out of your control, there are some steps you can take toward minimizing your turnover rate.
First, it is absolutely crucial that you communicate well with your employees. All of your employees should be aware of your business goals and vision for the future. They also need to be kept up on what is happening from day to day. For example, if you recently took out an advertisement or sent out a mailer that may increase phone call volume of customer inquiries, you should let your employees know this. Another part of communication is good listening. Your employees should feel free to provide you with suggestions and feedback at any time. If you sense they feel uncomfortable providing their opinions, try sending out the occasional anonymous survey, or place a suggestion box in the employee break room.
Next, let your employees know that they are valued. A little praise can go a long way, so starting an “employee of the month” program to recognize your employees for their hard work would be greatly appreciated. Additionally, being supportive of staff training and professional development will show your employees you are invested in them. You can also consider organizing social events for your office. Something as small as ordering in pizza for lunch once per month will help create a fun atmosphere and camaraderie among your employees.
Finally, if an employee does decide to leave your company, you should make sure to conduct a thorough exit interview. By finding out why an employee is leaving your business, you may discover ways you can improve the working environment for your current staff.