How to reduce Employee turnover?

High employee turnover debilitates the activity of an organization. It has an impact on the company’s bottom-line. Also, it is normally believed that the employee turnover normally costs company a lot. As well as, it costs company twice an employee’s salary to find and train a replacement. Employee turnover can also hinder on the motivation of remaining employees.

Some of the ways in which company can reduce Employee turnover are as follows:

• Hiring the right, self-motivated and proficient employee from the beginning is believed to be number 1 way to reduce employee turnover. Interviewing the candidate carefully not only to ensure they have right qualities but also to ensure they can blend properly with the company’s culture, managers and co-workers happens to be the best alternative.
• Setting the right compensation and benefit plan is really crucial for the company. Working with human resources to get current data on industry pay packages, and getting creative when necessary with benefits, flexible work schedules and bonus structures would be the best alternative for the company.
• Communicate goals, roles, and responsibilities so that people know clearly what they should deliver. This way they also feel like they are the part of the crowd.
• HR department must do the reviewing of compensation plans at least annually. They must constantly look for changes in the compensation plan in the marketplace.
• Pay attention to employees’ personal needs more carefully and offer more flexibility where it is possible.
  
• Strengthen employee’s involvement in an organization. Employees often need respect and recognitions from managers, a challenging position to move up in their activities.
• Awards, recognitions and praise are another most important factor that helps in increasing employees’ motivations which ultimately makes them more productive in their activity. Praising employees even for the simplest of their work also helps.
• Outline challenging, clear career paths. Employees want to know where they could be headed and how they can get there. Annual reviews or midyear check-ins are one obvious venue for these discussion, but you should also encourage workers to come to you with career questions and wishes throughout the year.

Some more facts:-

• Provide opportunities within the company for cross-training and career progression. People like to know that there is a serious room for career development in the company. It helps company get going in their activities.
• Even providing training and seminars monthly or even bi-weekly helps employee focus on personal and career growth.
• People love to enjoy their work. Create a fun working environment. Also engage and employ the special talents of each employee.
• Recognize and celebrate success. Turn the occasion into a brief ceremony while you celebrate the success.