The Trick to Solving High Employee Turnover Rates

Do You Know What Your Employees Want?

When hiring, two of the most crucial things is to determine what your employees, or potential employees, want and how you can provide it to them.

If you want to create employee relationships that limit turnover at a minimum and drive high performance, you need to firmly understand what drives and motivates your employees.

To fully gain this understanding, look up your company reviews on job boards.

If you don't have reviews, you can still gain this knowledge. Check out your competitor’s reviews and see what their employees like and dislike.

For example, I found on GlassDoor quite a few employees at this software company who had negative things to say about their jobs:

So, what’s the problem?

The problem here is a lack of promotions, raises, and growth within the company!

This can be demoralizing for employees who are working hard for you. While not everyone will be promoted at the same rate, having a distinct lack of promotions or growth makes employees feel undervalued and forgotten.

A lack of growth has a negative effect on the entire company.

Limited growth opportunities, if sustained over time, can cause high turnover... High turnover leads to further negative reviews (plus wasted time and money to say the least)... Negative reviews make it harder to recruit.

I get that this may be a hard problem to solve. Look at your situation...

Does this sound like you?

What can you provide to your team to both attract and retain team members?

Here are some ideas to utilize:

Offer Salary Wages

Pay, benefits, and incentives were all listed as “pros” for this same company. If you offer a salary range rather than a fixed rate, it allows you to start paying a lower, but still competitive wage. Then, you can increase that as they complete training, learn more about the product, or meet certain goals.

Create a Contingent Benefit

Find a benefit your employees would enjoy/want. Now make that benefit contingent on meeting a goal for the month.

For example, at ApplicantPro we have a house cleaning benefit - which is a huge deal for our workforce of many work-from-home parents. This benefit is given monthly to those who meet the goal they set with their manager.

We fight hard to earn it, feel accomplished when we do, and enjoy the benefit.

Promote From Within

It can be tempting to hire your boss’s friend for the CFO position or value the 10 years of experience an external candidate has in marketing over your own marketing team for the role of CMO. What do your current employees bring to the table? They understand your product. They know your clients. They’ve invested time in your organization. They are the best option.

If this doesn't sound like your company (but your competitors struggle with it), then internal promotions and potential increases in pay should be in bold at the top of your job ads.

Do you know what your employees want?

Do you keep them both motivated and happy?

If you’re interested in some additional help, I’d love to connect with you!

Let’s discuss how to apply these changes to keep your team around for the long term.