Epoch | How to Reduce Employee Turnover 👩🏻💼👨🏽💼
How to Reduce Employee Turnover 👩🏻💼👨🏽💼
The past years have seen a record number of employees leave their jobs for better opportunities, increasing the employee turnover rate in many organizations.
But what is Employee Turnover Rate? It is simply the percentage of employees who leave a company during a given time. Several factors impact this number, including retiring, quitting, being fired, and getting a newer, better job.
While it’s expected that people retire and are occasionally let go, we should find ways to retain effective employees before they leave for something new. Here are three ways to reduce turnover by making your work environment one to stay in for the long term.
Tips to Reduce Employee Turnover:
Flexible work environment 🧘🏽
A flexible work environment has many benefits. Two key features work with employees’ unique needs and facilitate work-life balance:
The hybrid work model. The hybrid model gives employees the option to work from home and the office. Employees can benefit from taking back time from their long commute, staying home with a sick kid, or enjoying social connections with colleagues. A recent survey shows that 47% of employees would likely look for a new job if their employer didn’t adopt a hybrid or flexible working model.
Flexible hours. When managed correctly, flexible work hours can be the key to productivity since creativity and focus don’t always hit during the 9 to 5 window. However, a good rule of thumb for this tactic is to ensure staff attend all required meetings and meet deadlines with the bonus of completing their work anytime during the day–or night. This allows for later starts, freedom for booking appointments, and working when inspiration strikes!
Create a sense of belonging through culture 🧑🏼🤝🧑🏽
Research shows that 25% of employees dread working due to poor culture. Creating a space where employees feel a sense of belonging is a sure-fire way of improving work culture and retaining talent.
- For them. When you create a sense of belonging, your employees’ well-being is positively impacted. Employees who sense belonging are almost three times– (78% vs. 28%)–as likely to have improved wellness than those who don’t. Find ways to provide staff with connection, safety, trust, and support. And make sure to recognize the value of their work.
- For you. According to research, 91% of employees feel more engaged with their work when they feel a sense of belonging. This is huge! Use this information to get the most out of your team’s productivity.
Professional development through learning 💡
A primary reason employees leave a job is when they feel stagnant. Empowering people with education is a huge draw to stay–in fact, 94% of employees would keep a job that supports their professional development longer.
Budget for learning. Factor in a budget so you can support your staff when educational opportunities pop up! Put aside an annual spend for professional development.
Online courses. You can access a wealth of tools at your fingertips. Many Universities and Colleges offer part-time professional designations online. Educational platforms like LinkedIn Learning and Udemy also facilitate professional development and are budget-friendly.
While people move on to new jobs now and then, I’m sure your organization wants to maintain an experienced and committed team. Implement flexible work conditions, create a space of belonging, and empower employees through education, and I’m confident you’ll see your employee turnover rate reduce over time.