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5 Ways to Reduce Staff Turnover

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The process of hiring a new employee is not always straightforward, and can be a costly gamble for both small businesses and large corporations. A recent study found that 25% of UK employees left their jobs within the first 12 months. And in the United States, the figure is reported as being as high as 50%. This level of staff turnover can have a dramatic effect on the morale of managers and employees alike, and can cost the company upwards of twice an employee’s salary to find and train a replacement.

It goes without saying that the single most effective way to reduce staff turnover is to hire candidates who are not only skilled for the position, but are also a strong cultural fit for the company. But the work doesn’t end there. Here are five proven ways to increase your employees’ job satisfaction and, ultimately, reduce staff turnover:

  1. Invest in your current staff by creating a work environment where new ideas are encouraged, good work is rewarded, and employees feel like a valuable part of the team.
  1. Allow your employees the opportunity to grow, improve and advance by encouraging them to take on new responsibilities or learn new skills. By rewarding their development, you will create a more desirable working environment.
  1. Encourage your employees to share their thoughts, concerns and suggestions with their managers and co-workers. Allowing everyone to have a voice and see their ideas put into action will make them feel that they are of value to the company, and have a positive effect on staff morale, motivation and productivity.
  1. Offer perks, benefits and investments to your staff. These can include wellbeing initiatives, gym memberships or discounts, but it’s also worth considering more unusual benefits such as pet insurance, extra days off or health savings accounts.
  1. Empower your employees by allowing them to apply their own values and personality to the projects they’re assigned to. This will not only increase job satisfaction levels, but your staff will be far more likely to contribute to the overall success of the business.

So, while your new recruit may tick all the right boxes, it’s important to engage with them regularly to ensure they are content with their new role, and they are fitting in well with their new team. After all, a happy workplace is a productive one.