Every company struggles to reduce turnover & retain the employees. Economists in U.S. have recently reported that the country has reached the state of ZERO UNEMPLOYMENT. This means that there are zero percent of Millennials who are looking for a job. It is very good for the country but a tense situation for the companies.
In this state, because of the availability of more and more options like freelancing for millennials, it has become more difficult for companies to retain their stellar employees. According the Bureau of Labor Statistics, there are 6 million vacant unfilled jobs. In this era of competition, it is very important to continuously come up with new ways to engage employees & implement those ways in the company. Here are some of the ways by which employee turnover can be reduced:
- Recruit the Right Candidate
Selecting the right fit for the vacant position is the preliminary step. It is very important to screen the candidates completely and choose the best fit. Selecting the best employees will help in future as they will be not be switching the job easily.
Letting the candidate know the work culture may help to select the best fit as the candidate who will not be okay with the conditions will automatically quit.
- Acknowledge their achievements
Acknowledging the achievements of employees is a good way of boosting their morale. Acknowledging the employees on their completion of tasks is a good to encourage them. This keeps the office environment highly positive & motivated and makes employees feel respected and integral part of the organization. These all factors bring the feeling of job satisfaction & may help employees to stay for a longer period.
- Rewards & Incentives
Many studies have timely proved that adopting the culture of rewarding the employees have always helped in reducing the turnover. Rewarding the employees on their achievements makes them feel an important part of the organization & also motivates them to work more hard. This increases employee engagement & satisfaction, reducing the turnover rate.
- Conduct Seminars & trainings
Organizing seminars for the employees help them to polish their knowledge and learn new things. Conducting training sessions on the latest technology and trends may also help employees to learn what is new in the market. Learning the new market trends is something which everybody wants and is also the one of the main reasons of switching the job. When the employees will be having knowledge about the latest technology in their respective fields, then they may not switch the job as your company will be making them learn new things and polish their talent. This may help to reduce the turnover rate.
Retaining employees in the time of zero unemployment is really a difficult task for every organization. Thus, it requires unpaid attention. All the above-mentioned ways may help employees to engage in their respective jobs, grow in their fields and continue their job for a longer period of time.