<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=588980224612017&amp;ev=PageView&amp;noscript=1">
Platinum Group News and Views

Platinum Group News & Views

How Can Employee Turnover Be Avoided?

by Michelle Fleckner
0 Comments

Why Is Employee Retention the Key to Success?

Employee retention and turnover is an important factor for many firms. Employing the best people that are able to provide the most value is key to growing a business and delivering stellar results. Turnover is costly as there are large expenses in finding new people and training them for the job. It could cost up to 30% of the worker's yearly salary to fill a position. Highly skilled workers can be tough to find, especially for a job with specific requirements. Companies need to protect and maintain this valuable asset once they have it. Unfortunately, this is not always the case and firms lose good people to their competitors. There are several things to think about employee retention and avoiding turnover.

Strategies to Reduce Turnover

  • Investing In Skills and Training

Only 15% of employees worldwide are fully engaged with their jobs according Gallup.  That means many people are ripe or eager to change jobs and would not mind a call from a recruiter or staffing agency. In fact, 59% of employees have been with their current firm for less than 3 years.

Interestingly, 42% of employees suggest that learning, development and training would be the key to get them more engaged with their work. Enriching activities that keep their mind active and skills improving is important rather than rote work that is done over and over again. Firms can do a number of things in this area including sending team members to conferences or seminars, having regular internal training sessions, bringing in outside experts, paying for a course to be done after work and much more. E-learning is another new and exciting field that allows employees to get additional training from the convenience of a hand held device.

So one of the key things to do to improve engagement and retention is investing in the learning and development department. Not only will the company benefit from increased retention, but the firm will have more valuable employees with a broad set of skills. 

  • Meetings and Tracking

Meetings are important to retention, both for good and ill. Endless, wasteful meetings that the employee feels are unproductive or boring may be so detrimental to job performance that the person eventually decides to leave. On the flip side, meetings that are one on one with managers and compatriots may unlock issues the employee is having at work.

Whether it is with the tasks of the job, trouble with team members, external issues or anything else, these concise yet penetrating meetings may actually be the reason that the employee remains at the firm. Once an issue is revealed, the manager should track and engage with the staff member over  time. They need to hold regular meetings and make sure the issue is being addressed. With that kind of care and consideration, turnover is much less likely.

  • Compensation or Benefits

Of course, salary and total compensation are important. If someone seems like they may be willing to leave, don't be afraid to invest in them and raise their salary. They will grow into the role and the compensation over time and be incentivized to work harder to truly earn their new salary.

For firms on a tighter budget, there are other more fringe benefits and compensation which may make up for salary. These include better health care benefits, a corporate parking spot, tickets to shows or even a gym membership. While these all may have relatively low monetary value compared to a raise, they do indicate a true exchange of value which the employee will appreciate.

  • Recognition and Approval

Last but not least, keeping personnel is a matter of recognizing achievements. Whether it is something minor like completing forms on time, or a major sales contract, public recognition and approval goes a long way to keeping staff engaged and retained.

When it comes time for an employee to leave your organization, it is recommended to conduct an exit interview. This gives the employee an opportunity to freely discuss what he or she liked/disliked and provide feedback about the position and company. Exit interviews can help address problem areas within the organization in order to prevent other employees from resigning. 

If your company is having a hard time retaining employees, Platinum Group has the perfect solution for you. Register today for Platinum Group's free webinar series - HR Transformation ChallengeThis four part series consists of specific tops on how to: Attract, Retain, Engage and Manage employees and their data. To learn more about the HR Transformation Challenge visit: https://www.platinum-grp.com/hr-transformation-challenge.

Register Here

Finding the right HR Payroll and Accounting solutions for your business can be challenging, especially when there are so many other responsibilities on your plate. That's where we come in. At Platinum Group, our HR Payroll and Accounting solutions streamline your workflow so you can focus more on your favorite parts of running your company. Whether it's our industry-leading HR solutions, simplified payroll or accounting service, our team enjoys everything you don't so you can grow your business. For more information, contact us today at 828-252-0029 or visit www.platinum-grp.com.

HR Transformation Challenge Payroll & Human Resources

Michelle Fleckner

Michelle Fleckner

Michelle joined the team in 2017 as VP of HCM Solutions. Her interest is in helping companies identify areas where streamlining and automating would benefit their HR & Payroll departments. Her strengths are organization planning, revenue generation, customer retention & business process automation.

Recent Posts

platinum-grp.com-home-logo-cta-bar.png
Need support for your business? We can help.
New Call-to-action