7 Strategies for Minimizing New Employee Turnover
Posted April 18, 2022 in Articles
With the costs involved in recruiting and onboarding new talent, minimizing new employee turnover is a key business strategy. Yet, studies show that up to 33 percent of employees quit their job within the first 90 days.
How Can Your Company Minimize New Employee Turnover?
So, what can your company do to keep its new hires from heading for the door? Here are seven strategies companies can use to minimize new employee turnover:
1. Training and Integration
If new employees don’t know what they are doing, they are more likely to leave. Likewise, if they feel like they are on the fringes, they won’t feel committed to stay. By implementing robust training programs, and by integrating new employees into their existing teams in meaningful ways, companies can make their new employees feel like they’ve found a new home.
2. Intangible Benefits
In today’s world, fair compensation and “industry-standard” benefits aren’t enough to keep employees from looking elsewhere. From employee social events to well-equipped break rooms, many of today’s employees place just as much value in having access to intangible benefits.
3. Location and Hour Flexibility
Many of today’s employees also highly value flexibility—in some cases even more than advancement opportunities. Increasingly, while employees are willing to work hard, they want to do so on their own terms.
4. Advancement Opportunities
While advancement opportunities have become less of a priority in some sectors, in others they remain key motivators for high-performing employees. Those who want to advance will want to see that there is a clear path to the top—and that their performance will be judged by objective and pre-defined standards.
5. Employee-First Policies
While the customer might (or might not) always be right, in some cases employees need to come first. Employees want to feel like they are a priority, and not simply cogs in a machine. By adopting policies that put employees’ interests first, companies can improve motivation, productivity and profitability in many cases.
6. Employee Feedback Opportunities
One of the best ways to figure out if employees are satisfied (and if not, why) is simply to ask. Companies should be open to accepting both solicited and unsolicited feedback from their employees, and they should be willing to take legitimate criticisms and quality ideas into consideration.
7. Competitive Research
Finally, most (but not all) employees will only leave if there are better opportunities available elsewhere. By doing competitive research, employers can assess whether their offerings are on par with those of other companies. If they are not, knowing what other companies are offering will help them come up with their own ways to give their employees a reason to stay on.
Contact Us to Learn More
Is your company dealing with a high rate of new employee turnover? If so, we can help. To discuss your company’s recruitment and retention strategies with a consultant at Mithras Investments in confidence, please call 305-517-7911 or contact us online today.