Due to the low unemployment rate and the declining average tenure of workers, it is more important than ever that companies retain their employees. Unfortunately, if the employee turnover rate is high and the retention rate is low, then workers are more likely to leave their jobs faster than you can replace them. To determine if your company has an employee turnover problem, calculate it and compare it with other businesses in the same industry.
In this article, we’ll talk about some of the various factors that can contribute to high employee turnover in your company.
Personal Matters
According to a survey conducted by LinkedIn, about 25% of employees cited personal problems as the reason they left their job. If these issues are related to family problems or dependent care issues, then you can try implementing strategies to retain these employees. One of the most effective ways to prevent employee turnover is by implementing an Employee Assistance Program. This type of program can help workers address their personal problems. Besides being able to provide a variety of support services, an HR professional can also help workers navigate through their problems.
Insufficient Benefits
Benefits are also a vital factor that can help keep employees in your company. Your employees might leave if you don’t provide the same benefits as other businesses. According to a study conducted by Harvard Business Review, 88% of employees consider flexible work hours and health benefits to be very important factors when it comes to deciding if they’ll stay with their company. Many people think that providing health insurance is expensive. However, even small businesses can offer low-cost insurance to their workers.
Toxic Culture
Employees don’t like working in a toxic environment. If you’re an HR representative or manager, then try to take a secret shopping trip to your various establishments. While you’re there, check how your body feels. The workplace may seem toxic if you can’t wait to get out, but if you’re feeling comfy, you can spend some time helping others. The other indicators of a toxic work environment include complaints about sexual harassment, wrongful termination, and discrimination. If you’re unsure why your employees are leaving, try conducting a culture survey. This can help identify factors contributing to the low employee retention rate.