Monday, July 29, 2013

How To Reduce Your Employee Turnover Rate

Do you constantly find yourself scouting for new employees to fill empty positions? Instead of focusing your time and money on running your retail business, you're forced to go through applications and perform interviews. This naturally hurts you business a whole, which is why it's important to constantly work on reducing turnover rates. In this post, we're going to cover some simple and effective techniques for lowering turnover rates.

Offer Benefits

Far too many companies underestimate the importance of offering employee benefits. They assume that cutting a paycheck every other week is enough to keep employees happy. While this may be enough for some workers, other workers are looking for additional benefits at their place of employment. If you aren't doing so already, consider offering benefits to your employees such as health insurance, holiday bonuses, stock options, etc. Going the extra mile to show your employees that you care will naturally lower your turnover rates, making it a smart investment that's worth the cost.

Employee Recognition

Employees want to know that all of their hard work isn't going unnoticed. This is why it's important to focus on recognition in your store or place of business. By recognizing employees who excel on the job, you'll encourage everyone to strive for perfection. There are dozens of ways to recognize employees, such as offering them gift cards, free lunches, labeling them as "employee of the month," giving them a bonus check, etc. Ideally, you should set goals for your employees to reach and reward those who reach it. Doing so is a highly effective way to reduce turnover rates while improving employee efficiency.

Incorporate a Feedback Program

Each and every business should have a feedback program in place where employees can voice their professional concerns. Small problems in the workplace will oftentimes lead to bigger problems if not properly addressed. By having a feedback system in place, employees can voice their concerns. As a result, this will lead to a reduced turnover rate by keeping employees on the job for a longer period of time. Just be sure to not only reed your employees' feedback, but also follow through by taking the necessary action to correct any problems.

These are just a few of the many ways business owners can reduce their employee turnover rates. While there's no way to keep 100% of your employees on the job, following the tips listed here will significantly reduce the amount of workers who quit.

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