As the pandemic completely rearranged the way we address work, re-introduced the importance of work-life balance and made employers adopt new, more people-centric organizational structures, employee turnover started to rise. This could be a consequence of outdated expectations, higher burnout rates or more ambitious standards, it has certainly kept HR professionals occupied. As a recruitment agency, we have experienced employee turnover rise at drastic rates. The phenomenon is rearranging the entire industry, mostly benefiting individuals and keeping leaders up at night. However, there are already some strategies that may help reduce its pace, or even reverse it, and boost employee engagement. Make sure to read on to find out more!

To make assumptions about possible solutions to a problem, it’s best to understand what causes it. According to Employee Benefit News, over 70% of employee turnover would be preventable, and a single one costs around 33% of an average employee’s annual salary. It’s no wonder that companies would like to avoid it for financial causes, but a high turnover rate may also be damaging to their reputation. It can negatively impact the morale, productivity, and motivation levels of current employees. It may be caused by low salary rates compared to industry standards, lack of attention to culture, lack of appreciation, or adequate compensation packages. But how can you as an employer actually react to these frustrations and prevent employee turnover? Here are our most effective tips:

1. Listening to your employees, and caring about their needs

One-on-one meetings, performance reviews and satisfaction surveys are all great ways to inform yourself about your employees’ wishes, needs, expectations and desires. Try to think of these opportunities as chances to improve your organization, rather than formalities. If your people are satisfied with their job, interested in taking the company further and associating with its values and core beliefs, they are much more likely to stay. Pay extra attention to signs of burnout, and do your best to evade their escalation.

2. Prioritize culture-fit candidates when it comes to hiring

We always preach hiring based on character rather than skills. Finding the perfect culture fit is extremely hard but all the more important, while skills can usually be taught. Put more effort into your recruitment game, and fight for the right talent, even if it means a higher pay grade or extra benefits. We guarantee you that you’re still better off financially than with the wrong candidate. Also, the teams you currently work with may wish to keep a peaceful environment, so it’s equally important for them to ensure the right fit.

3. Provide career advancement opportunities for your valuable employees

Constantly developing career opportunities, providing clarity in paths and an actual chance to embark on them will most definitely scale down employee turnover. This gives your people achievable goals in a safe environment they are already used to. It also shows that the management cares for their future, which is always appealing. Make sure to create opportunities for skill development, language learning and mentoring, so that everyone can strive in a grateful environment.

To sum it all up, employee turnover rates are just as much dependent on leadership as they are on the market status. Conscious combat, active attention and careful planning are all part of an all-inclusive solution strategy.