How to Reduce Employee Turnover

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To reduce employee turnover, stay up to date on the latest salary and incentive schemes, create built-in training programs, provide a long-range forecast, and make sure working conditions are good. Perform appraisals so that employees know where they stand in order to prevent turnover with help from a business consultant in this free video on running a small business.

Part of the Video Series: Business Management & Customer Service
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Video Transcript

My name is Helen Vella, Vella and Associates, business coach, trainer and author. I'm going to speak to you now about how to reduce employee turnover. Very important to keep your employees working for you as long as you can because this gives you continuity within the workplace. Training new members to come in costs much more then it does to keep staff that you already have. Make sure that you keep up with the latest trends also, that you know the latest salary schemes, the latest bonus schemes, the latest incentive schemes, because believe me, your staff will know what your competitors are offering and they will know what you got going for you also. So what you want to do is make sure that they've got prospects that they know they've got prospects, that they know there's training programs built for them, that there's team building for them, they know where they're progressing themselves to. Have a long range forecast with them. Make sure that when you do their appraisals that you've got working with them a time line so that they know in the time line where they're going to be at what time. So if they do see something else out there in the workplace where there could be a better offer for them, they know that they've got something to look forward to with you to consider before moving to someone else. Make sure you've got good working conditions also because a lot of people will move just for the working conditions regardless of your salary or your training schemes. So make sure they've got nice areas to work in, nice areas to take their breaks, make sure that their break area is comfortable, they can sit there and relax and destress themselves. Make sure they've got areas where they can make their own sandwiches, make their, microwave their stuff, all that sort of thing, it's a good investment, it will save more money in the long run because your staff is the most expensive thing you have and you want to make sure that you get in return for your investment. So these are some of the tips that you can help keep your staff retention.

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