Editor’s note: TLNT is continuing an annual tradition by counting down the most popular posts of the year. This is No. 25. Our regular content will return next Monday.
Many people agree turnover is a growing issue, particularly as hiring picks up.
But what are most organizations doing about it, aside from implementing some short-term solutions when they discover it’s a problem?
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Reducing employee turnover actually starts with the hiring process — but there are important management aspects to consider as well. Here’s what several experts had to say about the issue:
During the hiring process
- Use video interviews and social media to hire for fit. Employee turnover is a big, and expensive, problem for many companies. To reduce turnover, it’s important to look for candidates who will fit into the company culture with ease. Using video interviews and social media interaction, you can judge cultural fit more quickly now than ever before. A highly skilled candidate is great, but to avoid turnover you’ll also need a candidate who will love working for your company long-term. – Josh Tolan, Spark Hire
- Look at all aspects of candidates. Although this sounds simple, the fact is, many employers don’t look at all aspects of a candidate, such as how they’d fit in with a team or if their values align with the company’s. When you evaluate all aspects of a candidate, you’ll chose the right employees. In turn, this will reduce turnover because, in conjunction with performing well, employees will want to be there. – Alan Carniol, Interview Success Formula
- Make cultural fit top experience when hiring. Increasing employee retention will mean improving hiring efforts. Employers should focus their efforts on acquiring candidates who are not just skilled for the position, but are also a strong cultural fit for the company. Behavior-based screening and interviewing will help to make best long-term hires. –Nathan Parcells, InternMatch
Retaining current employees
- Invest in your staff. This does not just refer to compensation, which is vital to retaining top talent, but also spending the time to mentor, train and advance your staff. The reason that most people quit is out of frustration with the status quo, and lack of future development. The trick is to communicate with your staff from the onset and set clear goals that you review with them at least twice a year. Then create an environment where new ideas are encouraged, good work is rewarded and people are allowed to stretch themselves to take on new roles and responsibilities. – Lynn Dixon, Hourly.com
- People management and balance reduces turnovers. It’s about people management. It’s about managing their expectations, their motivations, their problems, and even their joys. Instead of asking “how hard will you work for our company”, ask people what they will do to balance their work/home life. Balanced, contented employees will be productive, successful, and loyal. – Clara Lippert Glenn,The Oxford Princeton Programme
- Collect input on how the company should be run. Ask your employees what they think! Everyone is a knowledge worker today, and everyone should have input in how their part of the organization can or should be run. Let the command and control hierarchical decision-making die a fast death. – Shirley Engelmeier, InclusionINC
- Provide regular feedback. Engage in weekly feedback sessions. Employees are hungry for feedback that makes them better. Setting up weekly keep-doing, start-doing, stop-doing sessions is fast and effective at making the the employee feel valued and heard. —David James Singh, Kira Talent
- Identify and offer unusual employee benefits. For many companies, standard employees benefit programs are not always given the fanfare that they deserve. But by offering programs that might be a bit out of the ordinary — such as pet insurance, Health Savings Accounts, Job-Sharing Days, etc. — an employee’s appreciation and attachment to a company may grow. – Jason Pinto, CBG Benefits
- Create meaningful employee experiences. Philips undertook extensive research in 2012 to understand the motivators and insights behind what today’s graduates and professionals want from their careers. The findings confirm that employees want more than a paycheck from their job. Engagement levels rise when employees feel empowered to apply what matters to them to everything they work on and with an employer whose mission aligns to their personal values. Encourage people to apply what makes them great as people to the outcomes they are driving and they’ll want to get out of bed in the morning to contribute to their employers’ success. – Russell Schramm, Philips
- Open the lines of communication. Ask your employees what they want. Take what they say and implement it. Not every suggestion will be viable, but it’s important for them to know you value you them individually, that their voices are heard. Open communication can also give you advanced warning if someone is unhappy and thinking about leaving so that you can address the issue. – Bethany Perkins, Software Advice
What do you think? What else can employers do to reduce turnover and retain top employees?