How to Reduce Employee Turnover

How to Reduce Employee Turnover

Hi my name is Sheryl Wolowyk and I’m the owner of myHRpro a human resource consulting firm. Welcome to our Employee retention and engagement video series. This is our first video in the series and today I’m going to teach you the 5 ‘R’s that will help you increase retention and employee engagement in your organization.

 

(5 Rs: Right, Respect, Recognize, Reward, Reassure)

 

When a business loses employees, it loses experience, skills, an investment in employee development and “corporate memory”. Are you a small business owner having problems retaining your employees and productively engaging them in their jobs?

 

Today I’m going to teach you the 5 ‘R’s for Employee Retention and Engagement. These five ‘R’s will help you remember key strategies and daily practices you should be following to increase employee retention, and increase employee engagement.

 

        1. The first ‘R’ that will help you increase retention and engagement stands for Right… as in hire the right people to begin with! Develop solid job descriptions, conduct effective and thorough interviews, ensure you check references. You can watch my other videos to learn tips on how to do this. By hiring the right person – someone who has the proper skills, experience and education – to perform the job as it should be performed, this will already give you a head-start to reduce employee turnover and increase employee engagement.

 

        1. The second ‘R’ to increase retention and engagement stands for Respect. Now that you’ve hired the perfect people, Respect them for their knowledge and experience. Take that extra step to ask them for their opinion on issues. They will feel honored that you, the employer, cares about what they think. Also Respect, that they are people with lives and stresses other than work. Respect that they have families and other things going on in their lives and may need to take a day off to tend to a sick child. By respecting your employees, they will respect you in return, and will not immediately jump ship when the seas get rough or when a better ship comes along. Respecting your employees’ health conditions and stress factors is such an important issue that I have created another video on this topic.

 

        1. The third ‘R’ is to increase retention and engagement is to Recognize. Recognize the success of your employees within their roles. Complement them when they do a good job. And let them know you are happy that they are part of your team and that your organization is better-off because of their hard work. This will not only help with employee retention, but will increase employee engagement leading to increased performance and productivity.

 

        1. The forth ‘R’ to increase retention and engagement is Reward. Not only do you want to recognize your employees, but you should also reward them for their hard work and accomplishments. This can be in the form of a raise, a bonus, a benefits package. It can also be as simple as throwing a Christmas party. Take it one step further and make ‘work’ a rewarding place to come to. Make work fun. Have in-office challenges (work-related or not, for example see who can grow the best Movember stash). These activities support a good cause and create a fun atmosphere to work in and also help create a feeling of community and belonging within your organization. Remember rewards do not always have to be monetary but they do have to have meaning or importance to those receiving them if they are going to have a positive impact on employee retention and engagement.

 

      1. The fifth ‘R’ to increase retention and engagement is Reassure. Reassure your employees that they have a future with the company. Encourage them, and pay for them, to take additional training that will help them grow in their roles. Reduce employee turnover by involving your employees in discussion on how their work fits in with the future of the company. Reassure them if there is a possibility for promotion in the future. This will give them a goal to work for. They will not only work harder but will stick with you through difficult times if they can see a stable and progressing future with your organization.

 

In summary the five ‘R’s of Employee Retention and Engagement are (hire the) Right person, Respect, Recognize, Reward and Reassure.

 

High employee turnover affects productivity, profitability, quality of work and employee satisfaction. And the cost of replacing and re-training new employees can be substantial. By remembering these five ‘R’s you can save yourself and your organization time and money and will create a proactive approach to employee retention. In the end, not only will your employees have increased job satisfaction, but your organization can focus on what’s important – achieving its strategic objectives.