10 strategies to reduce employee turnover

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You may be the heart and soul of your business but your employees are the blood and life force! If you’re having trouble retaining good employees (which is actually one of the biggest issues that most businesses face), it’s time to think about how you can keep your top-performers happy. Here are 14 ways to reduce employee turnover.

1. Study your employee turnover

Why have employees left in the past year or two? Focus particularly on your key employees, the ones who cost you the most when they left. Is there anything you can do differently or improve on to prevent this in the future? Always perform exit interviews to give you some insight into this.

2. Get serious with your recruitment

Hiring the wrong people is the biggest cause of high turnover. Most business owners recruit based on skills and qualifications only but recruitment should be much more than that. You should hire people based on their behavioural and cultural fit as well.

3. Improve your onboarding

The first few weeks and months are crucial to retaining good talent. Over the first 90 days, focus on how you can improve this experience and create a solid process. Consider giving a welcome pack with essential information and implement a mentor system so that an experienced employee can support them and help them learn the ropes.

4. Offer competitive salaries and total compensation

Pay and benefits are among the top reasons that people take jobs and show up for work every day. It’s a serious motivator so you need to be offering appropriate salaries and benefits as a minimum. 

5. Offer flexible schedules and telecommuting options

Flexibility has become a lot more important since the pandemic as we are all looking to improve our work-life balance. See if you can offer to work remotely for some of the weeks or permanently as well as flexible hours. 

6. Closely monitor toxic employees

If you have any employees that are overly critical, who gossip or blame others, and who are not team players, keep an eye on them. These types of employees can push other high achievers out of your business so try to address any problems before it’s too late.

7. Promote work-life balance

Prevent burnout and increase satisfaction by encouraging work-life balance. You can do this through flexible scheduling, remote working, giving employees time off when they need it the most, and leading by example yourself.

8. Reward and recognise achievements

Positive reinforcement is powerful so encourage and recognise excellence. When employees do something right or exhibit behaviours that you want to nurture, show your appreciation. 

9. Pay attention to employee engagement

You can improve retention by identifying when an employee is disengaging and making efforts to help them get out of this funk. Think about how you can meet the social and emotional needs of your employees. Discuss this with them.

10. Improve communication and offer regular feedback

Communication and collaboration are essential to make sure that the whole team is happy and productive. As well as using practice management systems, consider having regular 1:2:1s and performance reviews to give feedback and set individual goals. Infrequent performance reviews is actually a big reason that employees leave as they don’t feel inspired or motivated to improve.

Illuminate your way with Glow Accounts

At Glow Accounts, we understand that success in business is not one-size-fits-all. That’s why we are dedicated to lighting up your path with bespoke financial solutions tailored to your unique needs. Here’s how we can help your business thrive in Crowborough and beyond:

Tailored Financial Strategies

Every business has its vision. At Glow Accounts, we create customised financial strategies that align with your specific goals and aspirations, ensuring you’re on the fastest route to success and realising your vision.

Expert Guidance

Navigate the complexities of tax optimisation, budgeting, and financial planning. Our expert team provides the advice and support you need to make informed decisions, propelling your business forward.

Growth Acceleration

Ready to take your business to new heights? We have the tools and expertise to help you capitalize on growth opportunities, optimize cash flow, and eliminate obstacles in your path. With Glow Accounts, the sky’s the limit!

Hassle-Free Accounting

Bid farewell to the stress of bookkeeping and financial management. Our efficient, reliable accounting solutions streamline your processes, freeing up your time to focus on what you do best—growing your business.

Contact Glow Accounts Today!

Don’t wait to start your journey to greater business success. Contact Glow Accounts today to discover how we can illuminate your path to greatness. Let’s achieve brilliance together!

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