Is your company facing an onslaught of turnover? What are some actionable ways you can reduce to amount of turnover within your company?
As the leader of the company, you know what a typical pathway to leadership looks like. Employees want to know this information too, and you should share it with them! If most people don’t get promoted within the first year, that’s important for employees to know. This is called career mapping.
When you career map for your employees, you will instantly cut down on the amount of turnover within the company. Why? When you lay out what milestones employees are likely to hit and when it gives them a visual guide to their growth. This should be done as early in the employee’s time with the company as possible. If you can lay out the milestones during the interview, even better!
Select the Right People the First Time
One of the easiest ways to reduce employee turnover is to hire the right employee in the first place. How do you know if it’s the right employee? Take your time on the interview process. Ask questions that tell you whether this person’s vision lines up with that of the company. For example, if someone is coming to you with 25 years of experience but applying for an entry-level job, this may be a clue that they won’t stay long. Ask them about their work history and why they are actually interested in this company. If they don’t have an answer, they may just be looking for a temporary job.
Recognize and Celebrate Successes and Milestones
One of the best ways to keep employees working at your company is to keep them happy! And one of the best ways to do this is to recognize them when they succeed and/or hit an important milestone. When an employee feels valued, they are much less likely to look for other positions with other companies.
No company can survive without its employees. A company with a high employee turnover rate are not successful in general. Get to the bottom of the reason for the high turnover and make changes in order to retain more employees. Set milestones out early on so that employees know what to expect and within what timeframe. Take your time when hiring and make sure you hire someone who is looking to stay with the company. Lastly, recognize employees when they succeed or hit milestones. All of these strategies with help with employee retention.