Some employees stay in their company for many years because they love their work and feel like they are where they are supposed to be. On the other hand, others leave their job after only a brief period of working to pursue other career opportunities.
As an employer, you definitely want to retain all your employees, whether they have been working for you for several years or have just started a few months ago. While many factors affect employee turnover, you can prevent it by effectively managing your teams.
What is Staff Turnover?
Staff turnover rate refers to the number of employees leaving the company and needing replacement in a certain amount of time. If the staff turnover rate is low, only a small number of employees are leaving the company. Most companies would want to keep their staff turnover rate low because recruiting and training new employees could cost the business significant time and money.
On the other hand, if the staff turnover rate is high, it means several employees are leaving the company. If your company’s staff turnover rate is higher than the average, you have a problem that needs to be addressed. But it’s worth noting that there are many factors behind a high turnover rate. Having a high turnover rate does not necessarily mean that your company is bad. As you know, there are various reasons why an employee will leave. They might be retiring, or they simply decided to change their career path.
If you are losing your best employees to your competitors or people are leaving because they are not happy with the work environment, then you have to do something about it. Give your employees reasons to stay before it’s too late. Remember, each time an employee leaves your company, you will need to spend money to look for a replacement.
Why is Team Management Important?
One of the sure-fire ways to maintain a low staff turnover rate is to effectively manage your team. Team management refers to the manager’s ability to manage a team, so they can efficiently perform their tasks and help the company achieve its goals. Effective team management is crucial since it helps employees be more motivated and satisfied, which leads to low staff turnover.
Managers should encourage employees to provide feedback. And most importantly, they should act on the feedback to prove that their opinions matter. This will make them feel valued, and they will be more motivated to give their best at work.
Managers should also practice transparency in the workplace by openly communicating about shortcomings, mistakes, etc. Open communication can go a long way in managing a team and making the staff feel valued.
Create a Space Where People Can Raise Problems
If you want your employees to feel motivated and excited to come to work each day, you should create a space for them to raise problems. Encouraging feedback from the staff and showing them that you act on it can lead to continuous improvement, which helps the company grow.
Lifestyle and recruitment specialists Lightning Travel Recruitment always promote this when working with higher management, employees should feel confident voicing their concerns in the workplace. They should know that they will not be judged or punished if they provide feedback. Company leaders should set a good example when it comes to this. The leaders must practice their ability to offer and receive feedback. They should consistently ask the staff for input and visibly show that they are acting upon the feedback they receive.
Of course, not all employees are comfortable with voicing their concerns. Managers should be respectful and not force employees to open up if they are uncomfortable with it. They should use emotional intelligence in gauging whether an employee is comfortable giving or receiving feedback.
Employee training and development can play a key role in encouraging employee engagement and ultimately keeping the staff turnover rate low. Organisations can rely on Bespoke Training Solutions to provide their employees with proper training, keep them updated, and make them feel valued in their roles.
One reason employees leave is the stress of discovering that their new roles require skills that they do not have. Pre-employment training allows employers to train potential candidates in the skills needed to perform their roles in the company. Another reason many employees leave after working for the company for a short while is they feel at odds with the organisation’s culture and values. Thus, pre-employment training can serve as a means to gauge whether the employee is a good culture fit or not.
Another reason many employees find the need to leave their company is the lack of opportunities for training and development. Many employees fear that their skills have become obsolete after staying in the company for a long time and not getting any help to advance their careers. The best way to address this issue is to provide bespoke corporate training. By providing a comprehensive training program, your employees will feel valued and encouraged to grow with the company and not look for growth opportunities elsewhere.
Hold Fun Team Events
Research has shown that fun team events can foster a sense of camaraderie among team members, boost productivity, and make employees feel more motivated to come to work. Moreover, team-building events create a happier team and better work culture.
When organising fun company events, think of activities that can foster workplace relationships. These activities promote a sense of communication, connection, and teamwork among team members. Activities like giving back to the community, scavenger hunts, and even weekend lunches will allow your employees to break down barriers and know each other better.
Companies in a remote work setup should conduct virtual team building events. When the pandemic started, numerous options for virtual team building were developed, giving remote companies plenty to choose from. For instance, a virtual scavenger hunt is a fun activity that allows the team to solve riddles, crack clues, and learn about different places, which essentially helps to build the team together.