Are You Ready for the “Turnover Tsunami”?
5 Ways to Prevent Employee Turnover
Were you in a leadership position back in 2008? If so, you likely remember what it was like during the "great recession."
And, you may also remember how challenging it was to recruit and retain quality employees after the economy started to improve.
We are facing similar circumstances now as we emerge from the pandemic. In what the Society for HR Management (SHRM) recently called the "turnover tsunami," we need to brace ourselves for employee turnover and take action to prevent it.
In the recent pandemic-related economic downturn....
Employees took positions for the sake of having an income during a difficult time to find a job, not because it was their first choice.
Employees also delayed previously planned job searches, biding their time until the economy started to improve and more employers were hiring.
Well, now that the economy is improving, employees may already be starting their job search again.
What can we do to retain our best employees?
What strategies should we implement to make it less attractive for them to leave?
Not all hope is lost. We can take strategic, pro-active actions to prevent employees from leaving.
Here are 5 proven ways to prevent employee turnover:
Start with an employee "retention survey" to find out why your employees stay with your organization, and why they might consider leaving. Employee retention surveys are more important than exit surveys. Retention surveys give you the information you need to make changes prior to losing your best employees.
Use the data collected from the survey to actively (and visibly) make changes. Use the survey data to create a plan to build on your organization’s strengths and to make changes to improve your weaknesses. Provide regular updates to your employees on how you are using the feedback to make improvements. Amplify the impact of your changes by keeping a visible list of the changes, i.e. posting the changes on a white board or in a shared electronic document.
Review your pay and benefits package for equity and competitiveness. Create and communicate a budgetary plan to keep pay and benefits in line with the market. The important thing is to acknowledge any shortcomings and actively work to improve them, communicating with employees and seeking feedback every step of the way.
Implement an employee recognition program. After helping a client implement Bonusly this month, I’m a big fan. It’s a low-cost, high-impact way to create employee engagement through peer-to-peer and supervisor-to-employee recognition.
Don’t go it alone. Too often I see small business owners and nonprofit and local government leaders doing ALL the things without getting the support they need. Lean on your resources, including peers, coaches, or consultants. It’s impossible to be the expert in all things (HR, finance, marketing, leadership, client services, etc.) Stick with what you do best and delegate or get support for the rest.
✨Do you want to offload the overwhelm of HR so you can get back to the work you love doing? Schedule a complimentary HR discovery call today!
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