Statistics show that 1/3rd of American employees are at risk of quitting and looking to change their jobs within the next six months. Losing an employee within the first year of their tenure can cost companies three times the amount of the person’s salary. Losing and trying to replace hourly employees is just as frustrating. Companies waste time training new employees, leading to an unproductive workplace, only to lose that employee and start the process all over again.
Here are 3 different ways your company can actively battle turnover.
Provide Career Growth Opportunity
Employers would be surprised to know that many employees would take a job that offers career growth over a job with a higher salary. Career growth is a healthy part of work-life balance, which we’ll discuss later. Only 36% of employees report that their company has career growth opportunities, despite the fact that 60% of managers claim their company does. A whopping 41% of employees say they’d leave their present companies if offered a position at another company that offers career growth.
Encourage Work-Life Balance
A typical employee works 40 hours a week. That’s already a huge chunk of your life. This isn’t counting the inevitable overtime that many employees find themselves doing, making their free-time much shorter. For the sake of employee retention, your company should do whatever it can to encourage a healthy work-life. Beyond discouraging overtime, your company can offer employees the ability to work 8.5 hours Monday-Thursday and half days on Fridays, or even 10 hour days just four days a week. An employee is also less likely to leave a job if it offers great vacation time.
Use Retention and Referral Software
Many businesses are implementing employee retention programs and employee referral programs, like Refered. Refered is a software that fights turnover by giving employees financial incentives to stay at your company and refer qualified employees. Talk to an expert today about Refered.