If you’re finding yourself filling vacancies left and right, it might be time to investigate the high turnover rate. This is especially the case if your top talent are also leaving for better opportunities. There may be a key oversight in your business operations that is causing the exodus of employees. Not to worry, though! We’re here to help you maintain your team and keep your best employees from leaving.
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Start using exit interviews
If your best workers are abandoning ship, it’s worth investigating into what the root cause is. One of the easiest ways to find the problem(s) is by using exit interviews. If you’re not using exit interviews right now, then start. They’re a good way to find out what’s happening with your team if there are any outstanding issues. Exiting employees may be a bit more honest with you about what’s going on, so you won’t need to worry about hearing only half the truth. It may even help you uncover some problem employees that may be sabotaging your company’s productivity.
Utilize weekly group or individual meetings
Another way to find the root cause is by having weekly meetings. Use a set meeting period to individually, or as a group, talk about issues with your employees that they might be facing. By doing this, you show your employees that you care about their employment experience. Being honest with your approach can help go a long way towards helping keep your best employees from leaving.
Look at your employee benefits
Exit interviews and team meetings might reveal dissatisfaction with your employees’ benefits package.
Top employees appreciate an employer that presents an attractive benefits package. Some impressive offering suggestions might include health insurance, retirement savings accounts, and more. If you haven’t reviewed your employee benefits package in a while, consider doing so.
Offer performance rewards
You most-likely have business targets you want to reach during each month or each quarter. A good way to reward your best employees is by offering performance rewards or incentives to do a good job.
For example, you could offer bonuses if your company exceeds the monthly or quarterly targets. You can also set up monthly or quarterly targets for individual employees to work towards, similar to commission.
Offer flexible work hours & conditions
This year has seen a rise in flexible work hours and options for remote work. If your business is capable of it, it might be worth offering these to your employees. Many businesses have seen an increase in productivity with remote work, so if your company can make it work, your team will appreciate it.
Need to recoup top talent for your business? Contact us today to see how we can help!