The top four industries with the highest turnover rates are Technology/software (13.2%), Retail (13%), Media/Entertainment (11.4%), and Professional Services (11.4%).
Regardless of the reason, the percentage of workplace turnover tells employees and potential candidates a lot about your industry and your business. From changing technologies in a volatile industry to unmanageable workloads and poor management, it is up to the organization to truly understand the “why” behind their high turnover rate.
Here are some tips for retaining valued employees while reducing turnover:
Hire the Right People
Before putting up your “help wanted” sign, start by first outlining your organization’s culture and behavioral elements. Use these aspects to construct quality behavioral interview questions using the candidate’s response as an indicator of how they would react and engage in certain situations. In the interview process, be honest about the workplace culture. In most cases, candidates who do not fit the mold will eliminate themselves if they won’t fit in well.
Show employees that they are valued assets within the organization. Say it loud, and say it often. For those who are under-performing, be honest with them in where they are not meeting expectations and what they can do to improve.
Promote Diversity and Inclusivity
In addition to being an unbiased employer in terms of race, gender, ethnicity, and sexual orientation, hire individuals of varying ages, marital and parental statuses, educational backgrounds, and communication styles. This will create a completely diverse environment in which all employees can learn from one another and thrive.
Right-size Compensation and Benefits
Complete a salary analysis consistent with the pay grades for the industry in your area. Compensation, as we know, is a huge motivator for holding employees accountable for their work and job performance. Additionally, take into consideration new benefits in the industry or in your region of the country. Tailored benefits packages are becoming more popular as employers are discovering that employees appreciate solutions that are individualized rather than one-size-fits-all.
Employee turnover is not something you can always avoid. Some people may become simply uninterested in the work, decide to become a stay-at-home parent, or go back to school. Harbor America is your partner in everything employment, from start to finish. From employee on-boarding to unemployment claims, we have you covered. Contact us today to learn more.