How to Avoid Employee Turnover and Maintain a High Employee Retention Rate
Owning and/or managing any type of business can be a gratifying/rewarding experience, especially if the company/operation shows consistent profitability and stability over time. However, this satisfaction comes at a cost, so to speak, as a business owner or manager must contend with and overcome a variety of external pressures on a daily basis in order to succeed; competition, supplier issues, increasing operating expenses, and legal issues are just a few of the stressors that can stifle the positives of owning/running a business.
Indeed, these external influences can be quite challenging in their own right, particularly in today’s economy; thus to counteract their potential impact on the growth and viability of a business, highly capable employees are needed throughout that organization to help maintain a competitive edge. Unfortunately, this latter requirement poses its own set of challenges to a business owner/employer, albeit internal rather than external in nature; a need to recruit and train of those types of individuals and, perhaps more importantly, keep them in the organization for the long-term.
Employee retention is undoubtedly one of the most critical mandates for an employer. It is an essential dynamic in achieving productivity and revenue targets and in maintaining momentum and growth in a competitive marketplace; its antithesis, i.e.: high employee turnover, can affect overall employee morale and company performance, not to mention the direct costs associated with recruiting and training replacement staff all over again.
Although it is inevitable that some employees will leave over time, and thus unlikely that a company will maintain a flawless/perfect rate of employee retention during its course of operation, there are steps/actions that can be implemented to help minimize or avert turnover; accordingly, the recruitment specialists from Winters Technical Staffing, one of Toronto’s leading staffing agencies for the past 45 years, present these suggestions and recommendations on how to limit or avoid employee turnover:
- How to Avoid Employee Turnover
- Hire people with the right cultural fit
- Act swiftly in addressing poor performers
- Offer fair and current compensation and benefits
- Provide opportunities for growth and development
- Provide opportunities for cross-training and progression
- Recognize and reward contributions and accomplishments
- Give priority to employee safety, well-being, and happiness
- Clearly communicate roles, responsibilities, and expectations
- Encourage work-life balance, including options to work remotely
- Offer feedback on performance and contributions on a regular basis
- Establish and cultivate corporate traditions/events throughout the year
- Demonstrate respect for all employees – communicate and listen to ideas
- Involve employees in decisions that affect their jobs and company direction
- Staff adequately to avoid mandated overtime or non-compensated functions
A commitment by an employer to apply the above in their daily businesses practices will have a substantial impact on employee retention; it will also help develop the company’s reputation as a good place to work, thereby aiding in attracting top talent as needed and further influencing its success and profitability.
Professional Insight and Services to Support Your Employee Retention Efforts
As implied above, a considerable amount of time and effort must be invested in business practices directed at maintaining high employee retention rates. Yet while it is important to know how to avoid employee turnover, some employers might not have the resources or the processes in place to apply these practices consistently and effectively.
Under such circumstances, these employers may find benefit in the services provided by the experienced recruitment consultants from Winters Technical Staffing. For 40+ years, the professionals at Winters Technical Staffing have been successfully supporting clients with various dynamics related to staffing that can directly or indirectly affect employee retention rates; these include:
- Candidate recruiting
- Interviewing for cultural fit
- Preparation of job descriptions
- Pay equity/compensation surveys
- Health and safety training mandates
- Education, reference, background checks
- Analysis and assessment of corporate culture
To learn more about the full range of services available from the recruitment and staffing specialists at Winters Technical Staffing, visit services.
Contact Winters Today
Are you concerned about your employee retention rate but uncertain of the reasons why and/or how to avoid such high employee turnover? Call the recruitment specialists from Winters Technical Staffing today at 416-495-7422 or contact us for a complimentary consultation on how we can best support you and the needs of your organization.
