How to Reduce my Company’s Turnover Rate

While you may find it easy to interview and secure talent for your business, it can be very difficult to reduce the turnover rate for your company. People will come and go as they find better opportunities, higher pay or greater benefits. There are a lot of benefits that come with retaining the same employees over time. They really come to know how a business works. They can help you increase profits and workflow.

Catered Lunches

While it might not seem like a major deal, catered lunches are a great way to boost morale. Bring in food from off-site that your staff really likes. You can use this time to bond as a team, but you can also discuss different things that are going on within the company. You may be able to find out some pretty valuable information as you share a meal with the staff.

Provide Exceptional Benefits

If employees are going to be able to find other benefits packages elsewhere in town that are better, they’re not going to stick around very long. They may simply use your company as a stepping stone for bigger opportunities. If you provide your staff with benefits that include great health coverage, dental insurance, vision insurance and other perks, they’ll be motivated to stay.

Properly Test New Candidates

Before you bring someone new to your staff of employees, you will want to thoroughly evaluate them. This allows you to get a good understanding of what their skill set is. During this process, you may find it’s helpful to be testing employees on their various skills. This might not have anything to do with their personality, but you’ll be able to find out if the skill set they bring in with them is going to be a good match for your company.

Working Toward Incentives

In addition to providing good benefits for your employees, you should think about different ways in which you can provide rewards and incentives. This could be performance-based yearly bonuses, a points system that lets everyone accumulate cash or gift cards or you could offer up additional 401(k) contributions that are based on performance or salary. A lunch with the team or a day off with pay are other great ideas that get people motivated and increases morale.

You don’t have to spend a ton of money on different programs and benefits in order to decrease your company’s turnover rate. There are many simple changes that you can make. Try some of the ones listed above and see for yourself the difference they can make with employee turnover.

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