In some countries, the turnover rate of staff in companies is a tremendous 15%. A high employee churn rate can be a massive problem because it costs businesses a fortune. If you don’t have any wiggle room in your budget, then this is a problem that you quickly need to resolve, but how do you do this? Well, there are a few ways to tackle high churn rates.
Perfect Your Hiring Process
The first step to consider would be how to improve your hiring process. It’s possible that there are serious issues with your hiring process that you need to explore and potentially correct. For instance, you might not be asking the right questions in interviews which will reveal if a person is a good fit for a job. If you are worried about your interview technique, then you could consider outsourcing this to a recruitment manager. They will ensure that the wrong people are being cast aside early on in the process.
Don’t forget that the best employees are always going to have other opportunities and offers on the market. So, you need to make sure that you are pitching them the perfect career opportunity. There are numerous ways to do this, but the best is to improve your office culture. This is all about how your business feels to your employees and whether it matches who they are and what they are looking for.
Room To Grow
One of the key factors that employees are interested in is whether there is room for growth in your business model. Can your team members improve their position without needing to explore roles in other businesses? If they can, then they’ll have no reason to leave. A crucial way employees can enhance their position is through training. The best construction companies will ensure that team members have opportunities to gain qualifications such as an advanced rigging license. This is just one example of how companies can increase the skills employees have and ensure that they don’t feel as though they are in a dead-end position. Training regularly will also guarantee you won’t have to let people go because they don’t have the right skills.
Keep A Check On Competitors
Finally, you need to think about what your competitors are doing better and whether they are providing greater opportunities for their own team members. Pay, while not the be-all and end-all, is a key factor here. You must ensure that your pay rates are in line with other competitors in your industry. If there’s a problem with pay employees will usually look for better opportunities in the market.
As you can see, there are numerous tactics worth exploring here. You just need to find the right option for your company. The main points to consider are how to ensure that you get the right workers on your team from day one and how to guarantee that they want to stay with your business. Do this and your churn rate will be a lot slower than the industry average.
