Employee Retention: How to Reduce Employee Turnover
Updated: Feb 4
According to a recent survey by Resume Builder, 15% of the workforce is planning to quit their current position before the end of 2021. Read that again. 1 in 7 American workers are planning on leaving their jobs in the coming months. If your business hasn't implemented an employee retention plan yet, now is the time to start to keep your 4th quarter on track.
From the same Resume Builder survey, the top four explanations given as to why Americans are resigning from their jobs this year were as follows:
Seeking better pay and benefits
To start my own business
Want to find remote work
To find a job I am more passionate about
While your company may not be in the position to raise wages or offer remote work, you can make the work atmosphere more engaging and ignite passion for the job. Below are some actionable ideas to improve moral and boost employee engagement.
Create Opportunities for Camaraderie
Employee happiness is tied to their relationship with co-workers. Management can facilitate these bonds by creating situations in which your team can work together cooperatively. Some event ideas that can happen in-person or virtually include: Happy Hour, Game Night, or an Escape Room.
Outwardly Praise Achievements
Whether in a meeting, email, or company newsletter, make a concerted effort to vocally praise and show appreciation for your employees’ achievements from the past year in front of the office. Need inspiration? Consider creating a Year In Review presentation of one major success of everyone in your department. Employee awards are another way to show recognition.
Create Professional Development Plans
Show your employees you want to invest in their professional growth. Set up one-on-one meetings to manage and establish goals. Ask what you can do as their manager or supervisor to facilitate growth. Follow up by giving them the resources required to achieve their goals such as online courses or conferences.
Give Gifts & Benefits
As we are approaching the end of the year, the gift giving season is upon us. When giving an employee appreciation gift use the same principles you would in personal gift giving. Choose a gift that is personal, useful, and something they wouldn't buy for themselves. There are more options than ever in gifting including physical objects, experiences, gift codes, or additional workplace benefits.
Looking for a partner to help establish an employee recognition program? We can help with everything from end-of-year gifts to a branded employee rewards webstore that can operate year round.
NOTE: Be aware there have been delays in shipping and inventory shortages across the industry due to Covid-19. The earlier you can begin the process with us the better we can navigate any uncertainties and ensure your order arrives with no stress. We're encouraging all of our customers to have their gift giving and end-of-year appreciation gifts, ordered by October 1st.
Let's work together to eliminate turnover by recognizing your team's accomplishments!
Want to learn about corporate Gift Giving?
Keep checking in throughout the season as we will be publishing more Gift Giving content to make the most of your HR and marketing dollars. We recently posted about Employee Appreciation Gifts with No Minimums and Employee Gift Ideas for Every Budget.