5 Tips For Improving Staff Turnover Rates

We hate to be the bearer of bad news, but your current employee retention strategy? It might not be working.

The Great Resignation is upon us, with millions of people quitting their jobs in 2021 alone. And if you’re one of the many business owners experiencing a 25% attrition rate, you’re in good company.

But don’t get it twisted — employee turnover is normal, and can even be a good thing! People come and go, employees move up and down the ladder, and companies switch talent as the years go by. But when your outbound employees outnumber the inbound, your training and employment costs are bound to go through the roof.

All of this said, managing employee turnover is hardly easy. What are the solutions for employee turnover, and what strategies can managers consider to reduce staff turnover?

Glad you asked!

Let’s walk through the top five strategies used to reduce employee turnover rates — including how Motivosity can help.

But first — What causes employee turnover?

Employees don’t just walk out on a job for no reason. There’s always something — a stressor, a pain point, or a personal consideration — that pushes them to drop a reverse pink slip.

But determining why employees leave can be a bit tricky. From what researchers have gathered, it largely stems from:

• A lack of engagement. A recent study suggests that businesses with a purposeful mission have a 49% lower attrition rate than those without.
• Poor or lackluster recognition. 75% of millennial-aged employees will jump ship if they don’t feel recognized.
• Bad management. More than 80% of workers would consider leaving their jobs if paired with an inefficient manager.

Employee turnover isn’t rocket science. If employees feel undervalued, underappreciated, or simply underwhelmed, they’re just not going to stick around — even if the price is right. Workers are ten times more likely to leave a toxic workplace than stay for a great salary (which means dollars on a stick aren’t necessarily going to change minds).

What you need to normalize your employee turnover rates is a legitimate strategy — including some of the ones we’ve listed below!

5 ways to reduce employee turnover

Now it’s time to dig into the meat and potatoes! According to science, there are five major points of employee retention that should be leveraged for best results.

Reduce employee turnover by:

1. Keeping great leaders on staff. The best managers play chess in order to uncover strong traits and capitalize on them.
2. Recognizing hard workers. Build a culture of gratitude that’s more than skin deep.
3. Keeping tabs on employee sentiment. Issue regular pulse surveys that cut to the quick — no beating around the bush.
4. Building good connections. Allow employees to create meaningful relationships even outside the cubicle (P.S., this is why connection software is important)!
5. Offer tangible rewards. A ‘thank you’ card is one thing, but a ThanksMatters card with real rewards involved will make a world of difference for your employees.

Remember: these are all excellent ways of influencing employee satisfaction, but they’re not necessarily mapped to your specific business needs. Ask yourself: What are the main drivers for employee retention in my company, and why? Employee engagement surveys can really come in clutch here.

Boost employee retention with some help from Motivosity

Employees quitting hurts a lot more than just your pride. By losing some of your best team members, your brand may suddenly find itself between a rock and a hard place (i.e. lots of inefficiency and great big bills).

While some turnover is due to reasons outside your control, don’t let another employee slip away without a retention program in place. And if you’re looking for a one-stop-shop solution, Motivosity might be the solution for you.

We’re not ones to brag or anything, but Motivosity and employee retention go together like peanut butter and jelly. We help business leaders just like you keep the workforce engaged by putting recognition on a pedestal — the way it was meant to be! With 2,000+ 5-star reviews and a 96% average usage rate, we’re everything you need to change the tides of retention for the better.

So why not give us a try? Our software demos are always free!

Sources:

• https://www.motivosity.com/blog/factors-influencing-employee-satisfaction-and-wellbeing
• https://www.motivosity.com/blog/how-to-write-and-measure-employee-development-plans
• https://www.motivosity.com/recognize
• https://www.motivosity.com/blog/how-managers-can-improve-employee-satisfaction
• https://www.motivosity.com/blog/employee-rewards-programs-for-small-businesses