If you can manage your employee turnover, you can get a better grip on your bottom line. Occasional change is to be expected, but excessive turnover can be costly. You can help your business retain your workers by understanding what may cause them to leave in the first place.
The top four reasons your employees are exiting
It’s important to have an efficient hiring process to get the right workers in the right positions. And once they’re in place, you want to take good care of them. Otherwise, you may begin to notice the following:
- On-the-job boredom. If a worker has outgrown her position, she may get bored. And boredom breeds apathy, decreased productivity—and eventually turnover. Top-notch employees want to continue learning and growing in their careers, and when they begin to feel stagnated, they’ll probably begin to look around for something new.
- Dissatisfaction with pay or benefits. The need for better pay or richer benefits is one of the most common reasons workers decide it’s time to start interviewing. It’s important to do your homework—research the average rate of pay for specific positions on the Bureau of Labor Statistics website. Then, keep pace with this rate, or even offer more, depending on an employee’s talent and experience. Benefits are important too—especially healthcare, retirement planning, wellness programs and adequate time off.
- Mismatch with company culture. You may offer jobs with growth potential and superstar benefits packages—but when an employee simply doesn’t fit with your culture, turnover is inevitable. For example, if your office is full of high-wall cubicles and little conversation, an outgoing worker may feel out of place.
- Limited job growth opportunities. Promoting from within is not just cost-efficient—it can also be a wise way to keep your workers engaged and productive. Not many top talent will want to work hard for you without a plan for the future. But with the possibility of promotion and advancement, you can help increase the career longevity of your hires.
The value of exit interviews
To learn why your workers are leaving, it is usually best to ask them. Exit interviews should be part of your company policy, to help you learn firsthand what may be going wrong, so you can take swift steps to fix it.
How to find best-matched new employees
A great way to find candidates that fit well with your company is by working with a staffing agency. Your recruiter will work with you to understand the requirements of open positions, your company culture and all factors that will make a candidate a good fit.
If you’re looking for IT, engineering, human resources or light industrial employees, McGrath Systems can help. We’re an award-winning leader in the staffing industry, and we’ll work with you to find and place high-quality hires nationwide. To learn more, contact our experienced recruiters today!