Did you know that employment turnover is costing the United States economy close to $600 Billion every year? And it’s only going to get worse. In this blog, we will discuss the causes of employment turnover and how to reduce it in your company. We will also talk about the importance of company culture and how it can play a role in reducing employee turnover.
The first thing you need to do is take a look at your company culture. Do you have a positive company culture that encourages employee retention? If not, then you need to make some changes. One of the best ways to reduce employment turnover is to create a positive company culture that employees want to be a part of.
Close to 19 Million Americans exit the labor force every year and forecasts say it will get worse. Hardest hit industries have been retail/ecommerce, entertainment and technology. The least industries have been energy and financial services.
Some of the causes of such high turnover has been to get better compensation and have a better work-life balance. Creating a company culture that employees want to be a part of will help reduce employment turnover. But what goes into creating such a positive company culture? Here are some things you can do:
– Encourage open communication between management and employees
– Offer competitive salaries and benefits
– Promote work/life balance
– Create opportunities at levels of the company
Open communication is the key to a good relationship between management and employees. When there’s a problem, it can be resolved quickly before it snowballs into something bigger. Promoting work/life balance also lets your employees know that you value them as people, not just cogs in a machine. Combating turnover in a corporate setting does not happen overnight, but with a properly executed retention strategy, your employees will not only want to stay but in essence provide more quality as they realize their value to the company and company’s value to them.
At SMG Synergy we have helped hundreds of startups and small businesses solve high turnover issues by implementing strategies that address the core of this, while also maintaining the quality of work without interruption or workforce delays. Give us a call to see how we can help your company reduce turnover and improve the quality of your employee’s work.