Turnover Truths: Strategies to Effectively Deal with Employee Turnover So It Doesn’t Impact Your Business Results

One thing we can always count on in change, as I am sure you are all experiencing with staff these days. It’s not a myth that 25% of workers switch jobs every year (The Work Institute). Knowing this truth, we must do some things differently than we did in the past.

Employee turnover can have a significant impact on the growth and success of a business. High turnover rates can lead to disrupted workflow, increased recruiting costs, lowered employee morale, and reduced productivity. To combat turnover and retain top talent, we must implement effective strategies that address its root causes and promote a positive work environment.

Let’s review these strategies:

1. Establish A Strong Company Culture

   Developing a strong company culture is vital in reducing turnover. A positive work environment that fosters employee engagement, recognition, clear communication, and a healthy work-life balance can significantly improve retention. Creating a culture where employees feel valued and connected to the company’s mission will cultivate loyalty and reduce the likelihood of turnover.

2. Enhance the Onboarding Process

   Turnover will happen; the key is to minimize the disruption. A well-structured onboarding process is crucial for integrating new employees into the organization.
   

   Providing comprehensive training, assigning mentors, and clearly outlining job expectations can help new hires understand their roles and responsibilities, thereby boosting confidence and job satisfaction. Investing time and effort into onboarding can enhance employee retention by making individuals feel supported and valued from day one.

3. Foster Professional Development

   Employees are more likely to stay in a company that offers opportunities for growth and development. Investing in training programs, workshops, and certifications not only enhances the employee’s skill sets, but also demonstrates the company’s commitment to their professional growth.
   
   Regular performance evaluations and goal-setting discussions further encourage personal development and satisfaction, reducing turnover.

4. Implement Competitive Compensation and Benefits

   Competitive compensation and benefits packages are critical in attracting and retaining top talent. When you discuss compensation, be sure to present it as a package, not simply the wage. Also include things like eyecare benefits, work anniversary perks, paid training, etc.
   
   Offering attractive perks such as paid time off, healthcare plans and flexible working arrangements can significantly improve retention rates, making employees feel valued and motivated to stay long-term. Find out what is important to them; you might be surprised that it’s not always money.

5. Encourage Open Communication

   Maintaining open lines of communication is vital for addressing employee concerns, dissatisfaction and potential reasons for turnover. Regularly conduct one-on-one meetings with employees to provide feedback, identify challenges and offer support. Encourage open-door policies and anonymous suggestion boxes to create an environment where employees feel comfortable expressing their ideas, concerns, and feedback.
   
   IMPORTANT: If you offer these communication options, you must be willing to acknowledge and address topics that employees bring forward.

6. Prioritize Work-Life Balance

   Striking a healthy work-life balance is essential for enhanced employee satisfaction and reduced turnover. Offering flexible work arrangements reasonable working hours, breaks, vacation time, and stress management initiatives improves employee well-being and retention.
   
   Also, as a leader, be sure to model the way by taking care of yourself.

7. Recognize & Reward Employees

   Recognition and rewards are powerful motivators that foster employee loyalty. Implementing an employee recognition program that acknowledges exceptional performance, milestones, and achievements can significantly boost morale. Whether it’s public recognition, bonuses or, additional benefits, businesses should prioritize celebrating their employees’ contributions to maintaining a positive and inclusive work environment.
   
   This may seem like a lot, but I encourage you to prioritize and start with one category at a time; your team will appreciate the effort you put forth.
   
   Consider the approach of what you can do versus what you cannot do, and be creative - everything is figure-out-able. As always, I’m here to help.

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Nancy Dewald is a business development professional, workshop facilitator and optical industry veteran. She is CEO and founder of Lead Up Training & Consulting, which specializes in identifying business gaps, implementing solutions and developing leaders.

Article as seen in Optical Prism.