3 Tips to Decrease Your Business’ Turnover Rate

The average small business spends more than $1,400 on training its employees. If the employees end up leaving, then you have lost that money. Therefore, it is vital that you retain as many good employees as possible.

Pay Attention to Benefits and Wages

Become a detective to learn what companies like yours are paying their employees. According to this industry report, the number one benefit that workers want is health insurance. After that, it may surprise you to find that many employees want benefits that will not cost you much, such as work-from-home options and flexible hours. You may also need to examine your paid-time-off options to make sure that they are fair to everyone working for your company.

Offer Training and Development Opportunities

According to Instructure, employees want to be in charge of their own careers, and that means they’ll appreciate learning new skills. You might think that this means you’re getting them ready to leave the company, but if they’re happy with what their gaining from their employment, they won’t want to. Additionally, a highly trained workforce is often more productive and engaged with thoughts of helping you build a better company through the skills that they are learning. Since employees are usually the ones dealing with your customers, remember that a knowledgeable workforce usually gives better service to your customers. Then, they leave better reviews making your company bigger, and they come back to buy even more. the more.

Allow Employees to Advance

SHRM suggests that you set up a career ladder so that employees know exactly what they need to do to advance to the next level within your company. Empower your managers to give informal reviews on employees work on a regular basis, so they know what they are doing great and where they need to concentrate on doing a better job before getting promoted. Remember that almost everyone responds to a criticism sandwich. Start out with honest praise. Then, make the area where the employee needs to improve brief and actionable before closing with another piece of honest praise. This makes employees feel appreciated. By setting up career ladders ahead of time, employees are usually thinking about getting the next promotion within your company and not looking for other jobs.

When you focus on these three aspects of your business, then your employee turnover rate will decrease. The money that you are spending on training will go to serving your customers better. Then, employees will recommend good employees apply for any job openings within your company.
Planning the right training and advancements plus deciding which benefits to provide for your employees can be decided while planning your business model. It can be a little overwhelming for a new business owner but it doesn’t have to be. Contact me to help you get on the road to success today!

About the Author Miha Matlievski

Breaking taboo called FAILURE by talking openly about it, sharing my fail stories and lessons that I learned on my way back from hell. I had four successful companies that at one time all went bankrupt. You could say that I went from hero to zero. But I managed to survive! Down that road I became Fail Coach not by degree but by failing personally and professionally, learning from my failures and growing. If you are looking for a coach try not to find one with shiny diploma hanging on his wall but one that has personally gone to hell and back.

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