People and Organizations-MN7181

How to Reduce Employee Turnover

Employee turnover is a one of biggest challenge for management . Every organization wish to retain important and talented employees. The high expenditures that associated with staffing can hurt the bottom line of businesses. some turnover is avoidable while some turnover is unavoidable. The shock of losing talented employees can not be absorbed and the damage effects to the organization in a variety of ways. The organization might lose clients, other employees might be influenced toward leaving the business, and productivity can reduced for certain time . Moreover, an expertise employee might open up his or her own business and create competition for the former employer using his knowledge and client base. Other costs relate to the recruitment, hiring and training processes involved in trying to identify and prepare replacements for those who left. Losing talented employees is costly to employers while retaining talented employees can actually increase productivity and sustainability (Kappel, 2017).

If Organization has high employee turnover, management need to reduce it and following strategies can be practiced.

Hire The Right People

Keeping employees starts with hiring the right employees. It is important to hire employees who are behavioral and cultural fits for the job and the organization. It can be measured in interview questions and find out how they react in certain situations. Organization culture and structure should be introduced to the candidates , so that  Candidates will hopefully eliminate themselves if they don’t fit in. It is significant thing hence If employees don’t fit in with work environment, they won’t be happy and they tend to take their skills some where else that they fit in.

Offer attractive Pay And Benefits

People want to be compensated well. They expect quality life, most people want enough money for extras, too. If organization doesn’t pay employees well, they will leave the place. When determining pay and benefits for your employees, it is recommended to do a market research on wages. Find out what your competitors pay their employees.

Give Praise

Employees need encouragement and recognition. When employees showed positive performance, it need to be appreciated. Employees should be rewarded and inspire to do hard work. when employees truly do something worth congratulations, give it. It is a responsibility. The goal here is to create an encouraging, positive work environment. When employees feel respected, acknowledged, desired, and motivated, they are more likely to stay. The most unique thing in this method is to decrease employee turnover is free.

Show The Career Path

If employees stay stagnate in one job for too long, they get frustrated and search for another job where they can advance. Most employees want to increase their skills and knowledge and move up the career ladder. Showing employees a projected career path gives them a sense of direction and purpose Organization should show employees a clear career path. Provide them with coaching by recommending ways to advance. Organization should provide employees with training opportunities and provide them opportunities to learn new skills and practice them.

Allow Flexible Work Schedules

Management need to create Flexible work schedules. Let employees adjust their work time and location. Employees can create a work life balance for themselves. Workers can pursue things beyond work, go to appointments, and take care of their families and mitigate stress. If they have flexible work schedules they can adjust their routines. This might not unpractical to Srilankan scenario, but at least flexible lunch time , leave system , work schedule can be implemented.

All in all there can be some employees who want to leave the job. Sometime they  find jobs that they are more interested in , change career paths, decide to stay at home or maybe start their own business. Employee turnover can not be completely eliminated. But, it can reduce it by providing a workplace where employees want to stay. There should be a win win situation to both employees and employers. So that both party can gain their intended goals (Deighan, 2016).

Reference

Deighan, K., ( 2016). Managerial Strategies for Reducing Employee Turnover in the Workplace.

Kappel, M., (2017). Ways To Reduce Employee Turnover.