Here are 25 practical tips for tackling turnover and increasing the satisfaction, engagement and retention of your talents.
What we’ll see in this article
What is turnover, anyway?
Turnover is a word that many people have heard, but not everyone knows exactly what it means. In simple terms, it’s the rate at which employees enter and leave a company. When is high, it’s a warning sign.
This is because high turnover can indicate internal problems, such as dissatisfaction, disengagement or management failures. After all, if people are always going out, something isn’t right, is it?
And make no mistake, turnover doesn’t just affect internal staff. It can also have significant financial impacts for the company. So understanding what turnover is and how to reduce it is crucial.
The importance of engagement
Engagement and turnover go hand in hand. Engaged employees are generally happier, more productive and less likely to leave the company. Not only that, but engagement has a positive influence on the organizational climate.
The magic of engagement is that it spreads. An engaged team inspires each other, boosts productivity and, at the end of the day, can be the antidote to high turnover.
And remember the previous topic? So here’s the connection: when fighting turnover, the key may lie in boosting engagement. It’s like joining the dots to create a more stable and productive working environment.
Signs of increased turnover
At such times, it’s time to act fast. Each of these signs is a silent cry for help, an opportunity to intervene before valuable talent walks out the door.
But how do you identify and respond to these signs effectively? Well, this is where specific strategies and well-planned actions come in, something we’ll explore in the next few topics, maintaining the synergy between them.
10 Main Causes of Turnover
Understanding the specific reasons behind turnover is essential to addressing it effectively.
Every organization faces unique challenges, but there are common causes that are universally recognized as triggers for employee departures.
Here, we’ll uncover the 10 main causes of turnover which, when identified and dealt with, can be the key to turning employee retention into one of your strengths.
Employees are often motivated to look for other opportunities when they feel that their salaries are not compatible with their level of skill and effort.
Lack of growth opportunities
Career stagnation can be a significant demotivating factor, leading professionals to look for companies that promote professional development and advancement.
Poor management, without support or clear direction, can result in an unpleasant working environment, prompting employees to leave.
Toxic Work Environment
Unhealthy environments, with a toxic culture, are unfavorable for retaining talent. Employees prefer a positive and inclusive environment.
Life-Work Balance Non-existent
Lack of recognition
Employees want to feel that their work is valued. Lack of recognition can result in discontent and leaving.
Lack of clarity in roles
When responsibilities and expectations are unclear, employees can feel lost and dissatisfied.
Inadequate benefits and incentives can make employees look for companies that offer more attractive packages.
Lack of challenges
The absence of challenges and opportunities to innovate can lead to a feeling of stagnation and disinterest in the current job.
Lack of job security can cause anxiety and motivate employees to look for more stable positions in other organizations.
How to calculate turnover?
Calculating employee rotation is no mean feat. First of all, you need to understand that turnover is expressed as a percentage and reflects staff changes. Now, let’s get practical!
|No. of Shutdowns in the Month
|Average number of employees per month
The formula is simple: Number of dismissals in the month divided by the average number of employees in the month, multiplied by 100. For example, if 5 out of 100 employees leave, the turnover is 5%.
This indicator is an essential thermometer. Keeping it under control and understanding its nuances can make the difference between retaining talent and seeing a talented team dissolve.
Here’s the thing, employee satisfaction is directly linked to turnover. Satisfied employees tend to stay. They find value in their work, feel valued and see a future in the company.
If turnover is high, there’s a good chance that employee satisfaction is low. And this is not just a hypothesis; there is a mountain of research supporting this connection.
So the question is: how do we turn this information into action? Well, that brings us straight to the next topic – the art of the right hire, a central part of keeping employee satisfaction levels high and turnover low.
The art of hiring right
Getting it right is an art and a science. It’s about finding the right talent, with the right skills, and – here’s the crucial part – the right cultural fit. A new employee must not only have the skills, but also be aligned with the company’s values.
When you hire right, employee retention naturally follows. Because when people are in the right place, where they can shine, they stay. And when they stay, turnover falls.
And the right hire is not an isolated action. It is an integral part of an ecosystem that promotes not only retention, but also employee satisfaction and engagement – topics that you have already seen are essential in controlling turnover.
Motivation to reduce turnover
The motivation for reducing turnover goes beyond hiring costs. It’s about maintaining continuity, preserving team morale and ensuring that talent and valuable knowledge remain in-house.
When people leave, they take with them their skills, knowledge and the camaraderie that contributes to a positive working environment. It’s a loss that is felt on many levels.
And this is where the motivation to reduce staff turnover connects with the right hiring and employee satisfaction. When the right team is in place, and they are satisfied and engaged, attrition naturally decreases.
Creating an action plan against turnover: 25 tips
Improving the selection process
Improving the selection process is the first step. Finding candidates who align with the company culture and have the necessary skills is the first line of defense against turnover.
Offer effective onboarding
Effective onboarding is more than an office tour. It’s an introduction to the company culture, expectations and how each new employee fits into the bigger picture.
Set clear goals
Setting clear goals gives employees a sense of direction. They know what is expected and can align themselves to achieve these goals.
Provide regular feedback
Regular feedback not only helps professional growth, but also shows employees that they are valued and that their work matters.
Boosting professional growth
Investing in employees’ professional growth not only improves their skills, but also shows that the company is invested in their future.
Valuing work-life balance
Work-life balance is not a luxury; it’s a necessity. Companies that value it tend to have more satisfied employees and lower turnover.
Implement wellness programs
Wellness programs show that the company cares about its employees’ all-round well-being, not just productivity.
Invest in training and development
Employees who receive regular training and development feel valued and are more likely to stay.
Providing competitive salaries
Competitive salaries not only attract but also retain talent. It’s an affirmation of the value the company places on its employees.
Strengthening the organizational culture
A strong organizational culture is magnetic. It attracts and retains talent, forming a shield against high turnover.
Offer attractive benefits
Attractive benefits go beyond salary. They show a concern for the general well-being of employees.
Create career opportunities
Employees who see a clear future in the company are more likely to stay. Creating career opportunities is crucial for retention.
Fostering inclusion and diversity
Inclusion and diversity are not just buzzwords. They are essential for a healthy and dynamic working environment.
Improving internal communication
Effective internal communication keeps employees informed, engaged and an integral part of the organizational conversation.
Understanding to prevent?
Understanding the signs and underlying causes of it is the first crucial step in preventing and reducing it.
Teamwork not only increases productivity, but also creates a more supportive and engaged working environment.
Implement recognition programs
Recognition is powerful. Programs that recognize and reward employee effort can significantly reduce turnover.
Listening actively to employees
Employees need to know that they are listened to. An environment where feedback is valued is an environment where people want to stay.
Promoting inspiring leadership
Inspiring leaders are a magnet for talent. They not only attract, but retain employees, reducing turnover.
Betting on pleasant workspaces
Pleasant workspaces are not just about aesthetics. They contribute to employee well-being and reduce turnover.
The importance of transparency
Transparency is a valuable currency. It builds trust, strengthens relationships and can be a powerful tool for reducing turnover.
Encouraging employee autonomy
Autonomy is not just about freedom. It’s about trust, and trustworthy employees are engaged employees.
Strengthening safety at work
Safety at work is fundamental. Employees who feel safe are employees who are more likely to stay.
Assessing employee satisfaction
Assessing employee satisfaction is a window into team morale. It is a critical tool for identifying and addressing problems before they lead to turnover.
Create personalized retention strategies
Personalized retention strategies meet the individual needs of employees, showing that each team member is valued and essential.