5 Tips to Reduce Employee Turnover

Employee turnover is one of the biggest problems facing employers today. Loss of personnel leads directly to increased training costs, decreased production, reduced morale and lower profits. So, what can employers do to stem the tide of turnover and keep their employees engaged, productive and motivated?

Maintain competitive compensation and benefit packages. It’s surprising how many companies don’t keep up with the market in terms of employee compensation. You can be sure that your employees know what they’re worth. Offering competitive compensation packages will go a long way to retaining your employees and keeping your hiring costs down.

Recognize and reward performance. Everyone wants to be recognized for a job well done, but it’s surprising how often employee performance is taken for granted. A small gesture of recognition can go a long way and it’s well worth the effort.

Provide opportunities for growth. Employees need to feel they have room for growth and advancement in order to feel motivated to do their best. Promotions are a great way to show there is room for advancement within your company.

Create flexibility within the workplace. Flexibility in the workplace is a huge factor in job satisfaction and employee retention. Companies who offer flexibility are rewarded with higher retention rates.

Cultivate a respectful work environment. In today’s competitive market employers must focus on creating an environment where employees feel valued and respected in order to retain employees.

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