Posted in:Talent Management
By now employers are starting to understand the monetary costs associated with high turnover, unproductive employees, and disengaged team members. Between direct costs associated with recruitment, other costs associated with onboarding, training, and orientation, turnover events can add up. However, there are operational and productivity declines associated with turnover as well – all of which point to the need to create long-term employee engagement and retention strategies.
The Importance of a Solid Team
When turnover is limited, it allows employees to grow and embrace their roles over the medium to long term. With time comes the benefit of perspective – a long-term employee may be able to frame business decisions in the context of the organization’s history and offer insight accordingly. Additionally, over time teams with low turnover can build robust working relationships and friendships, learning to leverage each other’s strengths. Creating that strong team dynamic is more challenging in an organization with frequent turnover, as employees regularly have to provide orientation to new hires and adjust to new skill sets and working styles.
Create a Workplace where People want to Stay
There are a few key things employers can do to create an environment with happy employees and limited turnover. Some key considerations include:
Select Management Carefully
Develop a robust selection and training program for managers within your organization. No matter how happy an employee is otherwise, it can be challenging to remain in a role with a difficult manager. More often than not, employees don’t quit their job, they quit their managers. Be aware of these inter-relational dynamics.
Communicate the Purpose of the Role
Ensure employees understand how the work they are doing contributes to the organization as a whole and how it makes a difference. Employees on comparatively lower rungs of the totem pole may find improved job satisfaction from understanding the impact their work is making. Plus, most people want to know that they are making a real difference.
Foster Strong Team Dynamics
Provide employees with opportunities and encouragement to get to know their team members. Having coworkers one considers to be friends can be a motivating factor when it comes to sticking with a company over the long term. It also makes for a closer knit community where you know you can count on your work friend, as well as having people to join on lunch adventures and team outings.
Ensure Pay is Equitable
While compensation is rarely the whole story when it comes to employee turnover, it is important to ensure employees are not being shortchanged or overpaid excessively. Take steps to ensure pay equity both among similar roles within your organization and with similar roles in your peer market.
Quitters are Okay
Lastly, don’t forget that some turnover is fine. As long as the departure or dismissal is for the right reasons. Not everyone you hire will fit into your team. You can minimize these occurrences by building a strong company culture and conducting exit interviews to gather important information that will help shape your talent management practices.
Here to Help
Need help improving employee satisfaction and engagement? We can help. We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected].
For further details on how Honiva can help you prepare you during your recovery and rebuilding, please view our service offerings. We also welcome business owners to attend our next online seminar to learn how to improve employee management practices and strengthen your company long term. Register for the free HR Education session at EventBrite.