One of the integral facets of achieving business growth and increasing profit is hiring a team of high-performing employees who can do the job efficiently. Hiring effectively is one of the most important business growth strategies, but there’s still no guarantee that your current staff will stay with your company permanently.
Employee turnover is a term used to rate the number of workers that leave an organisation. There are multiple reasons why an employee decides to leave the workplace. Retirement, relocation, or change of career paths are among them. However, high employee turnover may indicate your organisation is lacking in some aspect, or signify deep organisational issues that need to be addressed. We look into the common causes of high employee turnover and ways on how to prevent them.
Toxic work environment
Some organisations may have negative work environments that sabotage employee morale. Overworking, micromanaging, or intimidating your employees may actively drive old and new talent away from working for your company. When an organisation fosters this kind of culture, it will negatively influence retention rates. Even when you have the best people for the job, they will leave when stress levels are high and morale is low.
Solution: Maintain a work-life balance for your employees. It’s easy to lose sight of their wellbeing when pressure to drive sales up is ever-present. Be careful, as this could easily lead to overworking them. As an employer, you need to ensure their workload is manageable, and that important tasks are distributed evenly across your organisation.
Lack of feedback and recognition
Providing constructive criticism plays a huge part in retaining employees. Feedback allows employees to know which skills they need to improve on so they can further themselves and grow. Ignoring opportunities to talk to your staff or providing unexplained negative feedback will make your employees feel demotivated, disheartened, and more likely to leave.
Solution: Provide regular and thoughtful feedback. Effective managers help employees improve through coaching and help employees refocus and do better when they are struggling.
Businesses should hire people who they believe are truly qualified for the position, who fit with the culture, and who embody company values. It’s easy to hire a person because of their credentials and find out they still aren’t an ideal fit for a specific role.
Solution: Realign your selection process. Invest time and effort to ensuring you hire the right candidates. Define the role clearly and ensure that you not only focus on what’s written on their resumes. Engage with your candidates and assess their competency based on their knowledge, skills, values, outlook, and willingness to learn.
Lack of growth
Employees need to know that they can grow and develop while they work for your company. Opportunities for growth increase their motivation and subsequently, their performance. On the other hand, when an employee feels they’re not learning anything new, they may think that their capabilities are underused and that they’re simply filling in a dead-end position. When you don’t open opportunities for growth, they’re more inclined to exit and look for other opportunities that allow them to do meaningful work, improve their professional status, and raise their income.
Solution: Invest in your employees by allowing them to learn new skills. Start a mentoring program, enrol them in training, or let them join a conference that allows them to learn and grow. Open opportunities for future advancement with comparable compensation so you don’t let good talent be put to waste.
It’s easy for some managers to overlook the hard work employees display. This can be detrimental to the success of the company especially when employees start to feel that their key contributions to the company are taken for granted.
Solution: Recognise your employees and bolster not only customer rewards program but also your loyalty rewards program. When you genuinely show your appreciation, employees will feel valued for their hard work and continue to bring success to the organisation.
Boost employee morale with Bartercard
Preventing a high employee turnover starts with listening and understanding employees’ needs. When you actively reach out, you’ll find new ways to engage with them and recognise their worth. With Bartercard, you get to enhance business productivity without overworking your employees! Bartercard is a great platform wherein you can transform excess inventory and convert downtime to additional revenue. Contact us today!