No company can completely eliminate employee turnover, but at a time of year where employees could be looking for something new, it's important for HR departments and management teams to focus on minimizing employee turnover. Turnover has direct and indirect costs associated. Research from the
Center for American Progress discovered that it costs employers about one fifth of an employee's salary to replace them. This includes time spent training and getting a new employee up to speed. Indirect costs can be felt in other areas, and often by other team members as new employees get ramped up to full productivity. Here are three ways to minimize employee turnover and maximize productivity and your bottom line.
- Let staffers know they matter: Show employees you care about the investment they make in their work. They give a lot of themselves and it is important to recognize their hard work. Small rewards, like a Friday afternoon off or a small denomination gift card to a restaurant like Boston Market, The Cheesecake Factory or Papa John's are great, low cost ways to show employees that they are the most important part of your organization.
- Fight burnout: Don't let your employees get burned out. It seems basic, but so often employers don't stop to take the pulse of their staff. The risk of employee turnover is highest when employees are feeling mentally exhausted and frustrated at work. So try providing breaks from the office grind, like a team lunch or flexible work hours to help combat burn out.
- Give back: Corporations are citizens of their community too. Corporate community service is a great way to both prove to employees that the organization cares about their community and gives back to it, and it provides a fantastic team building opportunity for colleagues to serve their community together.
