3 Ways to Reduce Employee Turnover & Produce a Better Workforce

Sometimes a good salary isn’t enough.

Companies that want to attract and keep the best talent are finding that — perhaps more than ever — they need to understand just what it is that today’s employees want out of work and then find ways to provide that.

While a great salary and good benefits are important, employees also desire such things as flexible schedules, a way to let their talents shine, and work that gives them a purpose, according to the 2018 Global Talent Trends study by Mercer.

And, with the unemployment rate so low, it’s easier for employees to find work elsewhere if they become discontented. That makes it even more important to keep them happy, since replacing employees can prove expensive.

The majority of human behavior is emotionally driven, but unfortunately a higher percentage is driven by negative emotions. 

A high turnover of employees suggests a high level of stress, which indicates there are human-resources problems that need to be addressed. In some cases, an employee may just be a bad fit. But in other cases, it could be that management in some way isn’t meeting the needs of the employees.

Anytime an employee leaves, the business will need to find a replacement and then train that replacement. There is reduced productivity during that hiring and training timeframe, and there also could be morale problems if other employees have to take up the slack.

Just a few of the ways companies can give employees what they want — and benefit the business at the same time — include the following.

• Help them understand their purpose. It’s important for employees to be able to grasp the connection between their daily tasks and the goals, vision, and purpose of the company. This connection is the key to building the employees’ awareness that they are a part of something bigger than themselves, which gives them purpose. This is especially true for the millennial generation. Purpose is essential to their happiness and retention. One of the most important things to millennials in a work setting is to be able to make that connection, allowing them to adopt the company’s goals as their own.

• Empower them to grow and learn. A good manager should inspire employees to think outside the box. You want to push them outside their comfort zones so they can find better ways to achieve their goals. Employees who don’t feel they are being challenged, who aren’t growing in their abilities, are more likely to become bored and seek employment elsewhere.

• Provide coaching and mentoring. Coaching and mentoring means guiding people through failures and mistakes. This is the best way to learn and gain experience. But if you try to mentor people by telling them exactly what they need to do and making sure they do it, he says, you’re not a leader or a mentor. Instead, you are a supervisor who is ensuring that processes are being followed. There’s no creativity there. Telling people how to solve a problem limits their professional growth and prevents them from realizing their potential.

To keep employees happy and engaged, it’s important for businesses to have a clarity of purpose and an ability to communicate expectations.

Without these, employees end up not knowing what they should be doing, how they should be doing it, what goals they need to achieve, and how they fit into the organization. They become frustrated and start looking for another workplace that will give them what they need.                                                        

Alex Zlatin (www.alexzlatin.com) is CEO of Maxim Software Systems, a dental-practice-management software company, and author of  the book, “Responsible Dental Ownership”