How to Reduce Employee Turnover

Posted by Soni Saxena on February 10th, 2020

Employee churn is by far the most severe hurdle facing most human resources departments today. Retention rates of employees are only going to get worse with the surge in the economy, and the talent crunch due to retiring boomers. The turnover rates for most industries, especially in the service sector, hover around 25%. The employee retention rates will only get worse with Millennials, who are known for job-hopping become a significant part of the workforce.

According to a study, companies that pay under ,000 a year cost 20% of the annual salary to replace. These costs include training, management time, and advertising. The lost Dollars alone cannot give you an accurate indication of the exact value of losing an employee. High employee churn affects your company’s bottom line, and there is no getting around it. High turnover rate can affect the morale of your organization, cost you double to find a replacement, and delay critical projects.

Employees are an essential asset to any company. All the business metrics of an organization get impacted by their performance. Today, these employees are job-hopping at an alarming rate, and the reasons for it are, lack of adequate training, employee engagement, and unmet expectations.

Here are 7 Killer Strategies to Reduce Employee Turnover
1. Hire the Right Candidate
2. Offer Competitive Package
3. Encourage Employee Engagement
4. Performance Review & Recognition
5. Boost Morale
6. Give Regular Feedback
7. Invest in Training & Education

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