{"id":11828,"date":"2015-03-17T13:04:52","date_gmt":"2015-03-17T17:04:52","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=11828"},"modified":"2020-03-30T18:42:56","modified_gmt":"2020-03-30T22:42:56","slug":"6-ways-to-reduce-your-companys-turnover-rate","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/6-ways-to-reduce-your-companys-turnover-rate","title":{"rendered":"Six ways to reduce your company’s turnover rate"},"content":{"rendered":"

With any company, especially startups, it’s important for each member of the team to feel valued. This decreases turnover, even when times are tough. Below, Marjorie Adams advises how to keep your best employees longer<\/a>.<\/p>\n

Employee turnover is one of the biggest issues facing any small firm, including ours.\u00a0The Wall Street Journal<\/i><\/a>\u00a0estimates that it costs more than twice the amount of an employee\u2019s salary to find and train a replacement. Turnover lowers company productivity, increases the workload of remaining staff, and decreases institutional knowledge.<\/p>\n

Employment requires a consensus of sorts: the company has to have a need (and a budget), while employees must have the ability and the desire to fulfill that need. When there is discord between the two, people leave.<\/p>\n

After experiencing the cost of employee turnover, we\u2019ve put several programs in place to ensure we keep good people:<\/p>\n

1. Recognize Employee Contributions<\/b><\/p>\n

Tell your staff how much they are valued. Through \u201cthank you\u201d comments from myself\u00a0or their manager, or a shout-out at a staff meeting, we want employees to know we appreciate them and admire their contributions. We also solicit feedback from our employees to ensure they know we are listening to their concerns and ideas.<\/p>\n

2. Build Personal Relationships<\/b><\/p>\n

Our company operates remotely. With everyone spread throughout the country, water cooler chats are impossible. Getting to know each person at a different level helps build team camaraderie and company loyalty. We approach getting to know them through two ways. First, we spend time during our weekly staff meetings to learn more about each other \u2014 likes and dislikes, celebrity look-alikes, and even what they had for dinner last night. Second, we encourage individual relationships between managers and peers. This happens more organically through employee reviews and joint projects.<\/p>\n

3. Share The Priorities<\/b><\/p>\n

When team members knows what is important to us as a company, they make better decisions. It\u2019s that simple.<\/p>\n

4. Provide Productivity Tools
\n<\/b>
\nNo job\u2019s a walk in the park; that\u2019s why they call it\u00a0work<\/i>. Ensuring our employees have access to the tools and information they need helps ensure they can do their job more productively. We provide powerful hardware, software, and apps that make boring things \u2014 such as tracking billable hours \u2014 much easier. We have a variety of tools we use as a company to share documents, keep track of project information, and even sign human resource documents.<\/p>\n

5. Provide A Competitive Benefits Package<\/b><\/p>\n

We\u2019re competing for clients and for employees. Flex schedules, health insurance, and specialty insurance \u2014 such as disability and life \u2014 make a difference when it comes to attracting and keeping employees.<\/p>\n

6. Ask For A Commitment<\/b><\/p>\n

We\u2019ve recently begun asking our team, especially managers, to commit to staying in their position for at least two years. There is no guarantee, even with this verbal agreement, but most people think twice before breaking their word.<\/p>\n

Being a good employer is hard. There are a multitude of pressures facing all of us each day, and saying \u201cthank you\u201d or \u201cway to go\u201d to an employee can easily move to the bottom of the list. Remember: you can\u2019t please everyone, but making an effort to do so can mean the difference between a company focused on growth and a company who never has enough staff to grow.<\/p>\n","protected":false},"excerpt":{"rendered":"

With any company, especially startups, it’s important for each member of the team to feel valued. This decreases turnover, even when times are tough. Below, Marjorie Adams advises how to keep your best employees longer. Employee turnover is one of the biggest issues facing any small firm, including ours.\u00a0The Wall Street Journal\u00a0estimates that it costs […]<\/p>\n","protected":false},"author":1387,"featured_media":11861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-11828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nSix ways to reduce your company's turnover rate<\/title>\n<meta name=\"description\" content=\"With any company, especially startups, it's important for each member of the team to feel valued. This decreases turnover, even when times are tough. 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