Many reasons could appear when an employee turnover. The new generations demand changes and benefits. As a company or staffing agency, the new challenge is to understand the needs of the employee so that the qualified talent and the growth of the company is maintained.
Based on this, we will give detailed reasons why it is very likely that workers will resign without problems.
Here are some of the most common reasons:
- Missing growth opportunities
- Missing worker engagement
- Lack of organizational culture
- Missing benefits or unfair salary
- Misunderstandings with colleagues
- Unclear north or business goals
- People feel that their voices are not being heard
Counterattacks to turnover
Some strategic decisions are listed hereunder to reduce the turnover ratio.
Start a health benefits cycle
Every employee has different needs so they want a program that fits them, that’s why many health programs are built differently. This can decrease turnover ratio.
The old but well-known health insurance is a great option for many large organizations, however, these costs have been increasing and many SMEs cannot pay for it.
On the other hand, workers are obligated to become part of networks that might not be the best fit for them.
Healthy reimbursement arrangement (HRA) is very common in different businesses, this allows you flexible and cheaper benefits. This model permits you to pay for your employees health expenses without forcing them into unwanted medical networks.
A different approach is to offer a taxable stipend, it can look like an HRA but it has fewer restrictions, or regulations on where to spend the reimbursement.
A pack of benefits and perks.
Additionally, make sure to open a wide variety of benefits to your collaborators, also try to achieve that their needs are being covered. By offering these perks you can improve their satisfaction and lastly reduce the turnover ratio.
A wellness cycle is a good way to start. Creating a general wellness plan can help you increase the employees’ productivity and engagement while measuring the most common needs that health packages do not include.
Creating a personalized program can take time but, you can also allow them to access a taxable stipend to cover their gym membership, fitness program, devices, workout gear, etc…
Some other perks could be:
- Work from home bonuses
- Portals for education or educational reimbursement.
- Retirement plans
- Paid days off
- Flexibility on their schedules
- Commuter aids.
Analyze your turnover ratio
Understanding why employees turnover or why they want to stay, will help the company to reduce the turnover ratio and find out more about how to make them stay and work out new methodologies to retain great talent.
Read our article 8 reasons why your retention rate is low to analyze yout turnover ratio
Implement strategies that have a proven track record, do not guess
There are a lot of strategies that can help you increase retention.
Here are a few ideas:
- Contract the right person at first
- Find what they would like to have as benefits
- Be clear about their expectations
- Show them a clear growth path
- Build a strong company culture
- Build recognition plans for employees
Stop assuming your employees are happy
A common misconception about employees is that they are already happy. Promoting a healthy and recurrent feedback, you will know what are the feelings that employees have developed towards the company and ultimately will allow you to measure and improve their commitment to it.
A great idea is to run recurrent interviews with already employed workers to see how they feel and make sure their needs are being covered.
Run quit interviews
When workers are leaving make sure you can talk to them and interview why they are leaving. It will help you analyze the reasons for quitting the job or why they would start considering other options.
We recommend you to read Top 10 staffing trends in 2022(link) to be up to how to catch the candidate’s attention
The takeaway
An employee voluntarily leaving your company can affect in many ways your business, productivity, and financially hurt you. This is the main reason why considering counterattacks to turnover is vital, opening your company to some other benefits can take care of your employees and company.
