Many companies are experiencing high turnover right now. And while the economy may be in a state of evolution right now, there are many universal reasons that turnover happens. So why do companies experience employee turnover, and what can you do to improve retention. Here are just a few ideas to get you started.
Hire Right the First Time
The high cost of a bad hire is astounding. It’s currently estimated that a single bad hire can cost an additional 30% of their first-year salary. It’s also common for new employees to leave within their first 90 days. The best way to prevent either of these things from happening is to focus on hiring right the first time. Reevaluating your hiring process is an excellent first step to improving the quality of new hires.
Pay Attention to Benefits
The conversation around benefits has changed in the last year and a half. Employees are looking for better access to healthcare, other insurance, and paid time off. It can also be helpful to assist with childcare expenses or other things that are often barriers to employment for qualified workers.
Keep the Workplace Safe
Safety is another issue that’s come up a lot since the COVID-19 crisis started. Workers have to feel safe coming into the office. But safety isn’t just about the virus. There are plenty of other aspects of workplace safety that need to be considered for employees to feel comfortable.
Evaluate Your Salary
It’s not uncommon for someone to leave a job for just a few cents more at a competitor. It’s vital that you look at your salary and determine if you’re paying fairly for the job you want. Also, be sure that you have plans to provide additional compensation as employees grow with your organization.
Be Accommodating
Today’s workplace is very different from what it was ten years ago. Even just a year and a half ago. More companies are allowing work-from-home arrangements and flexible schedules. The virus has also shown that companies need to be more concerned about sick leave providing employees with a way to safely miss work if they or a loved one are sick without fearing repercussions.
Are you looking for top talent for your workplace? Call ProStaff to learn more today.
