Employee turnover is present in all organizations, although in some more than in others. Today we propose to find out what those who manage to retain the loyalty of their team do so that when someone sings to them: "Si tú me dices también", they don't abandon everything.
Employees come and go and that has a very high cost for any organization. The cost is not only measured in money, we must also consider the time and effort to find and train another person and the damage that can be caused in your company by the time you neglect tasks while properly training the new team member (the opportunity cost that you must assume when hiring a substitute).
According to a survey of more than 600 HR Leaders, 87% of respondents said that improving retention is a top priority. That is why we have created this list of 7 simple, free or low-cost tips that you can carry out to make each member of your team stay -delighted- in your company:
1. Analyze the reasons for turnover
It's hard to change something you don't measure, which is why we're such fans of People Analytics and data-driven decisions! In addition, by measuring the rate you will also be able to measure the cost. It is important to collect the data, understanding that there is not the same cause for all casualties. There can be as many reasons as there are people, so it's crucial not to lump all employee turnover into the same category.
2. Hire the right people
Oh,it seems so easy to replace one team member with another... And even though we know it's not, our ears still hurt when we hear: "You post something on your timeline and you'll find 20 employees".
We must value the process in which everything begins: hiring. Making an effective selection involves conducting tests based on the evaluation of the competences and behaviors that they will need to put into practice. Focusing only on strong skills will ensure that your employee will perform their tasks correctly, but what if they don't fit in with the company culture?
By contacting first, -the job offer, the emails or the previous calls- and during the interview, make sure to show the candidates what the organization is like and your culture.
If people do not fit into the work environment, they will not be happy and if they are not happy they will not be motivated and will leave as soon as possible for another company where they fit in well.
Transparency is crucial for any relationship to prosper in the long term, also for employees to stay with you and for a healthy organization in general. Additionally, encouraging information sharing will help employees collaborate effectively.
Come, come closer and we are going to tell you a secret: transparency in the administration of an organization also influences the happiness of the employees. And, as you know, a happy contributor -unlike Neymar.
4. Competitive social benefits for employees
First of all, make sure you pay employees a fair wage for their work. Any advice we can give you will not be of any use if you do not guarantee them a decent salary. That being said: it offers attractive, competitive benefits commensurate with the development of an employee. Let them grow as your company's profits grow as well.
Note, not all benefits have to be monetary, remember that millennials don't want to repeat the mistakes of their parents.
5. Offers labor flexibility
Speaking of benefits...flexible hours will have positive effects on retention, both for managers and the rest of the organization.
Flexible working hours or telecommuting allow employees to adjust their time and place of work to their needs and thus allow work and personal life. Welcome to the coveted work-life balance!
However the flexibility is applied, it is clear that when people can live their lives beyond work, they are more satisfied and motivated during work hours.
6. Give recognition to your team
Here is one of the most effective methods to prevent churn, and it's free: just use the words. And is that showing appreciation for an employee's contributions is a great way to keep them engaged. Luis Castellanos, a pioneer in positive language research, shows that recognition has a contagion effect and helps us to be much more productive. It is an incredibly powerful tool in the (work) world!
If an employee reaches and exceeds their set goal or does their tasks in an extraordinary way and you don't tell them anything, don't expect them to continue carrying out that effort for much longer or stay in your organization, they will look for others that do make them feel valued. It is vital for anyone, whatever their role, to know that their work has meaning and impact, and will help them align with company values and understand their best contributions to achieving global success.
Also, the more specific you are, the more impactful the recognition will be. And just as it is not necessary to applaud your collaborators every time they send an email without mistakes, it will not help if you only give feedback once a year, you will miss many opportunities for recognition.
7. Encourage gratitude
It seems that we are going to fall into a black hole of self-help but no, everything is under control. Fostering social skills in your employees helps them connect with each other, and what better than through expressions of gratitude? Their relationships will be healthier, they will feel happier and they will be more attentive to the good behavior of their colleagues.
All this encourages a feeling of ownership of the company, which, believe us, is wonderful. Trust us, we believe we are the CEO's of HRider (Hey CEO boss! :P).
Employee turnover may not be completely eliminated. With the boomers retiring and as more and more millennials enter the workforce, turnover rates promise to get worse. But we can try to minimize them by providing a workplace which employees love and are proud of. Even if they fly out of the nest one day, they'll feel like they've grown professionally while having a great time, and they'll even miss you!
We can think of many more ways to draw our employees in like a child to a tablet, but for that you will have to subscribe to our blog and be the first to know!