Employee turnover can be a big headache for companies. It can cost a lot, make it harder to get work done, and mean losing your valuable, treasured people.
But it's not just about the money and the work. When people keep leaving, it can make the rest of the team feel uneasy and negatively affect how things are done. That's why it's so essential for companies to figure out why people are leaving and come up with ways to keep the good ones around.
Amazing Workplace is here to help. In this blog, we're going to talk about why people leave, why it's terrible for your company, and, most importantly, five proven ways to stop it from happening. We’ll also take a look at how the Amazing Workplace® Platform can help decrease employee turnover!
What Employee Turnover Is, Why it Happens, and How it Impacts Your Company
Employee turnover refers to how often people leave a company and must be replaced by new folks.
Here are some of the most common reasons why employees leave their jobs:
- Lack of Job Satisfaction: When employees aren't happy with their work, whether it's because they're bored, not getting recognized, or their skills don't match their job, they're more likely to look for another job.
- Limited Growth Opportunities: Employees want chances to grow and develop in their careers. They might start looking elsewhere if they feel like they can't advance or learn new skills in their current job.
- Poor Management: Bad or unsupportive bosses can make employees want to leave. When employees don't feel appreciated or heard by their managers, they're more likely to quit.
- Work-Life Balance Issues: Employees care about balancing work and personal life well. Companies that don't offer flexibility, enough time off, or support for a healthy work-life balance might have more employees leaving.
- Cultural Misfit: Company culture is vital for how happy employees are. Employees who don't fit in with the company's values, beliefs, or practices might feel disconnected and decide to leave.
Employee turnover can negatively impact your company in a few different ways:
- Increased Costs: Finding, hiring, and training new employees costs money. Lots of turnover means doing this a lot, which adds up.
- Decreased Productivity: Constantly bringing in new people can mess up how things get done and make things less productive.
- Loss of Valuable Talent: Every employee who leaves takes their skills, knowledge, and experience with them. Losing excellent workers can hurt your company's success.
- Negative Impact on Morale: Many people leaving can make everyone else feel uneasy and less motivated to work.
Five Ways to Decrease Employee Turnover
Don’t worry, it’s not all bad news! Let's talk about our top five ways to lower employee turnover and deal with these problems.
1: Actively Recognize Your Employees
When employees feel like their efforts are appreciated and valued, they're more likely to be happy with their jobs and stick with the company. Recognizing their excellent work makes them feel good and creates a positive atmosphere where everyone is motivated to do their best. This all adds up to happier employees who are more committed to the company's success, which means they're less likely to leave.
Set up formal programs to recognize and reward extraordinary performance and contributions. Here are some ways to do just that:
- Employee of the Month awards
- Shout-outs from coworkers
- Bonuses for going above and beyond
2. Foster Teamwork
Encouraging teamwork at your workplace helps your team feel like they're part of a tight-knit group, which makes them happier at work.
Teamwork also means better communication, support from each other, and everyone working towards the same goals, which keeps employees engaged and motivated.
Plus, when everyone pitches in, it helps spread out the work, prevents people from getting too worn out, and makes the whole team perform better. All of this adds up to a better work environment and fewer employees leaving.
Here’s how you can encourage your employees to work together and create a culture where everyone feels included and valued:
- Give them opportunities to work on projects with people from other departments
- Do team-building activities
- Make it easy for them to talk to each other to create a sense of unity and belonging in the company
3. Embrace Diversity and Inclusion
Inclusive workplaces make everyone feel like they belong and are accepted, which makes them happier at work. By embracing diversity and inclusion, companies can build a culture that attracts and keeps great employees, leading to fewer people leaving.
When employees feel respected and included, no matter who they are, they're more likely to be involved and dedicated to their jobs. Better yet, having a diverse team brings in all kinds of different viewpoints and experiences, which leads to more creativity, innovation, and better problem-solving.
There are a few things you can do to make sure your company is welcoming to people from all different backgrounds:
- When you're hiring, make sure to actively look for candidates from diverse groups and have diverse interview panels
- It's also a good idea to give your employees and managers training on diversity and inclusion to help them understand and be more inclusive
- You can also create groups where employees can connect, share their experiences, and support diversity and inclusion
- Don't forget to have clear policies against discrimination, provide resources for dealing with bias and discrimination, and keep checking in on how your diversity and inclusion efforts are going based on feedback and results
4. Ask People Why They're Leaving
Talking to employees who are leaving about why they're going can give you vital info that can help you keep more employees around. Here’s how:
- When you know why people are leaving, like if they're not happy with their job, don't see opportunities to grow, or feel like they don't fit in, you can figure out what needs to change and take action
- This back-and-forth of getting feedback helps you make smart decisions, put in specific plans, and make the workplace better so that employees are happier and more likely to stick around
- Plus, it shows your current employees that you care about what they think, which can help them trust and stick with the company more
5. Listen to Your Employees
It’s a no-brainer that you need to listen to your employees if you want to keep them from leaving.
When you really listen to what they have to say, it shows that you care about them and take their concerns seriously. Plus, listening to their ideas can lead to new and better ways of doing things, smoother processes, and a more positive work culture, all of which help keep employees around and more involved in their work.
Some ideas for actively listening to your employees include the following:
- Give your employees a safe space to bring up their issues
- Offer different ways for your employees to share their thoughts and ideas about how things can be better at work
- Actively ask for their input and show that you're willing to make changes based on what they say
Bonus Tip to Decrease Employee Turnover: Implement the Amazing Workplace® Platform
One of the best ways to reduce employee turnover is to use our platform. The Amazing Workplace Platform uses high-tech tools to measure employees' happiness, find areas for improvement, and take action to ensure employees are satisfied and involved.
With our platform, you can:
- Get real-time info on how employees are feeling
- Have important talks with employees about their experiences and what they need
- Use employee feedback to make smart decisions and put in specific plans to keep employees from leaving
By prioritizing employee happiness and using the Amazing Workplace Platform to understand and deal with employee concerns, you can create a workplace where employees feel valued, involved, and excited to stick around and help your company succeed.
Schedule Your Demo Today
Ready to decrease employee turnover and boost your company's success? Schedule a demo of the Amazing Workplace® Platform today! Our team will walk you through the features and benefits of our platform and show you how it can positively impact your organization. Don't let high turnover rates hold your company back — take proactive steps to create a happier, more engaged workforce. Contact us now to get started!