5 Tips on How to Reduce Employee Turnover

Employee turnover can be a real headache for any business. 

A high turnover rate equals constantly training new hires, losing valuable knowledge and expertise, and decreased productivity. Not to mention its impact on morale, workloads, and team dynamics. 

And the numbers don’t lie: Replacing an employee costs employers an estimated 33% of their annual salary. This means that if the employee earned $45,000 per year, it would cost your company an additional $15,000 per person. 

But don’t worry; we’ve got you covered with these five tips on how to keep turnover low and your business running smoothly. 

Let’s dive in!

5 Tips on How to Reduce Employee Turnover

Communication is the number one rule in any healthy relationship, including the one with your employees. 

Effective internal communication is key in setting clear expectations and empowering your team to perform their job without the guesswork or unnecessary back and forth, in turn saving time, mistakes, and frustration. On top of that, communicating with your staff openly and regularly shows your dedication to transparency and enhances engagement.

And so, improving internal communication will go a long way in reducing turnover. Create clear and simple communication routes, encourage two-way communication, and consistently check in with your employees.

You can reduce turnover from the very first day of an employee’s employment by providing them with a positive and effective onboarding experience. Therefore, ensure your onboarding process sets new hires up for success for years to come.

In addition, showing your staff that you’re invested in their professional and personal development is essential in keeping them motivated and satisfied in the long run. This is partially due to the fact that better-trained employees tend to have more confidence in their work and workplace.

And don’t forget: providing your team with good training and development opportunities will help them develop their skills, produce high-quality work, and become more significant assets to your company. It’s a win-win.

Appreciation is a feeling we all crave – and your staff is no exception.

You should recognize your employees for their achievements and celebrate a job well done – however big or small. This way, you can make employees feel valued and seen, boost their morale, and motivate them to continue to put their best foot forward.

Instead of waiting for Employee Appreciation Day, create an employee recognition program to ensure your employees feel appreciated all year round.

Be sure to provide your workforce with the tools and resources they need to perform their jobs effectively and simplify daily actions. This reduces frustration and burnout, two factors that contribute to employee turnover. 

Investing in software that helps streamline your team’s workday and enhance daily operations helps employees feel supported by their employer and deliver good work. This, in turn, makes them more likely to stay with the company long-term and increases productivity.

Showing your staff that you value their input is essential to employee satisfaction and preventing turnover. 

Employees that feel their voice is heard are more invested in their work, have more trust in their employer, and feel included and meaningful within the company. And so collecting and acting on employee feedback leads to increased morale, better performance, and, ultimately, a lower turnover rate. 

And another plus? It gives you valuable insights to make more informed decisions to improve your workplace and daily processes. 

Conclusion

There’s no denying it – high turnover rates cost businesses a fortune and can spell disaster when ignored. While eliminating turnover entirely might not be possible, you can minimize it by creating a work environment that your employees are eager to stay in. 

Follow these five tips to create a work culture that’s productive, effective, and will keep your best employees on board for years to come.

An employee management app, like Connecteam, will help you achieve all of the above and more, allowing you to keep your employees connected, engaged, motivated, and productive no matter where they are working from.