You may have all sorts of new initiatives planned for the New Year. But is preventing turnover one of them? While some turnover is good for a company, too much can wreak havoc and hurt the bottom line.
If you know you need to invest some time and effort in reducing turnover in 2014, here are a few areas to focus on:
Assess Compensation
As one of Miami’s leading staffing agencies, Future Force knows that money may not always be the #1 issue impacting employee satisfaction; but it’s pretty important. And if you’re not offering competitive compensation to your team, then it’s no wonder turnover is high.
It’s time to take a hard look at both salary and benefits and ensure they are in line with your competitors or better. While fair compensation is important to all employees, it’s especially critical for retaining high value talent.
Re-instate Perks
The last few years have been tough. And if you’re one of the companies that’s had to cancel bonuses and cut perks, then you’re certainly not alone. However, now that the economy is more stable, consider re-instating at least some of these perks. You don’t have to start offering everything at once. But do start somewhere, even if it’s simple. You’ll boost morale and build employee loyalty in the process.
Recognize Your Employees
Employee recognition is critical to keeping employees satisfied – and yet most companies don’t do a good enough job in this area. But praise is both inexpensive and effective.
So make an effort to recognize your team more often. Send thank you notes and emails. Highlight an employee’s good work at the next company event. Offer small rewards for meeting goals. When employees feel appreciated, they will be more satisfied in their jobs.
Help Employees Get Ahead
One way to keep employees engaged and motivated is to help them develop new skills and get ahead in their careers. You can do this by meeting with each employee to discuss development goals and creating a plan of action for achieving those goals. Not only will the employee improve, but the value they offer to your company will be far greater – a true win-win.
Pay Attention to Employees’ Personal Needs
For instance, if an employee is dealing with an aging parent, offer them a more flexible schedule or the ability to telecommute. These kinds of perks go a long way in building loyalty to your company.
And if you need more help recruiting and retaining talent, give Future Force a call. As one of Miami’s leading staffing agencies (2011 Top Ranked Firm – Staffing Industry Analysts, Top 100 Minority Business, and Hispanic Business 500), we can handle the hiring process for you – from sourcing candidates to conducting interviews and skills testing. You can focus on other priorities, while we deliver top candidates.