Tips to Reduce Employee Turnover -Jay Holstine
Retaining employees is one of the biggest issues that most companies face. If you have the right talent, the most important thing is to retain that talent so the company can benefit. In this guide, Jay Holstine takes you through a few tips to help you reduce employee turnover and ensure that the best ones stay with you.
How to Reduce Employee Turnover by Jay Holstine
Here are a few actionable tips that can help you reduce employee turnover.
1. Hire the Right People
The most important thing you must do is to hire the right people for the job. You should know exactly what you are looking for in an employee and what work you want them to do. If you have the right person for the right job, then chances are that they will stick for a long time too. A great way to do so is to first get to know the potential candidate by whatever means available before you hire them.
2. Offer a Competitive Salary
If you want the right people to stay with you, you must offer them a decent package. At the end of the day, everyone is looking out for themselves and the kind of personal growth they are looking for by working. So try to give them a good package that motivates them to stay. If you offer below-market rates, then your employees will keep looking for better opportunities to switch as and when they get the time to. Also, try to give bonuses repeatedly based on how well the employees perform. When you do that, employees will know they will be rewarded if they put in the hard work expected of them.
3. Reward Employees
Jay Holstine says that recognizing and rewarding employees goes a very long way. If you think an employee is putting in the hard work that is needed and is surpassing expectations, praise them regularly so they know that you are noticing them. This way, they will feel strongly for the work they do and also for the company. When they are more engaged, they will work harder, which will eventually further reduce employee turnover.
4. Encourage a Healthy Work-Life Balance
As a leader, you must prioritize your employees’ physical and mental well-being. To do that, you need to ensure that there is an ideal work-life balance. When employees are swamped with work, they don’t get enough time for the other important things in their lives, which makes them frustrated and alienated. So try to promote a healthy work-life balance, says Jay Holstine.
5. Create Learning Programs
Employees are always looking for personal growth. So try to curate learning programs for them in a way that allows them to brush their skills up further and become even better at what they do.
Final Words by Jay Holstine
With these actionable tips by Jay Holstine on reducing employee turnover, you will surely see how you can retain the best talent, eventually allowing the company to succeed manifold.