Having a high employee turnover rate could mean that the environment within your office is lacking a good vibe and enthusiastic spirit, however as long as you act upon it, it should never be a bad thing because mistakes are meant to be learnt from.
Hire the right people
The first aspect to keeping employee turnover low is by hiring the right people in the first place. Being open and clear about what you are looking for and expect in the new recruits will help candidates have a greater knowledge as to what they will be expected to do and skills they may need. Allowing fellow colleagues has been a useful way of determining which is the best suited candidate, as they know what the needs are within the day-to-day workings of the office and its environment. Don't ignore social skills that they may have such as empathy, kindness or a sense of humour as these could be useful additions to the culture.
Pay your way
Make sure you are aware of what competitors may be paying their employees, quite possibly if you are stingy with their wages you may find them leaving to work for your biggest competitor! Spending some time doing research on the competitive wage will bide you well, and help you keep that retention rate high. Awarding bonuses also helps staff keep motivated and offers a good target which can boost the atmosphere when met, which will help you see a boost in the profit levels.
Whilst receiving a good wage can retain staff, offering extra benefits will help demand loyalty and respect from your employees and improve the culture within the office. It may cost you a bit extra, but the benefits you reap as a result significantly over-reach this. Examples of benefits you could offer include paid vacation, well-being programmes, mental-health assistance or health care insurance.
The best way to gain respect from other people is to show them that you respect them for who they are and what they stand for. Making sure you respect their time, being transparent and listening to what they have to say will help them feel respected. The more respect your employees have for you, the more likely they will stay loyal to you and the organisation.
Prioritize employee satisfaction
Ensuring employees are satisfied means that they are also satisfied with their jobs and the culture they work in. Happy employees means high productivity levels, more engagement and less absenteeism. As an employer, showing that you are grateful to your staff can help boost satisfaction, because often, if they know you are satisfied then they will also feel satisfied.
Give opportunities for change and growth
Often, workers leave their jobs because they got bored and another organisation offered them a different job with a better pay. By making prioritising employee satisfaction, you should be able to gauge how well the employees job matches their skill set. They may be looking to further their career by being promoted to a more senior role or could be wanting to try working in a different department and by making sure you are aware of this, you can fulfil their wants and needs which again, means happy staff, a better culture and a high retention rate.
Team building and collaborative spaces are becoming increasingly crucial in agile working environments. These working spaces encourage experts from different disciplines to work together to create innovative solutions to novel problems.
This glossary has been created and will be regularly updated to include and explain the meaning of any new and emerging keywords that we use regularly so that you can talk to us with the confidence you deserve.
Create a happy workplace that boosts motivation, performance, and collaborative culture. Officeinsight shares simple tips for designing enjoyable office workspaces.