Do you know how much employee turnover costs your company? For every employee that leaves, you need to pay about a third of their annual salary in recruiting and training expenses.
Let’s say that you have three employees that leave your company and each of them makes $60,000 a year. The cost to replace all three is $60,000.
When you look at employee turnover from that perspective, it makes you prioritize employee care and support.
Employee care isn’t about putting a pool table in the break room. It’s about empowering employees so they’ll be more engaged.
Do you want to know how you can develop your employees and reduce employee turnover?
Keep reading to learn the top tips to enhance employee care and development in your business.
1. Have a Lengthy Onboarding Process
One thing that contributes to high employee turnover is the onboarding process. Close to 25% of employers handle onboarding in a day. Another 20% take about a month.
That’s not enough time for a new employee to adjust to their new position. This is where employee care and development make a huge difference.
Employees that are left feeling left out of the onboarding process will leave your company. Many will leave within six months.
What should onboarding look like? You should have a complete onboarding and training plan for new employees. Make sure that you have frequent check-ins with them and they have what they need to perform well and ask questions.
2. Turn Managers Into Mentors/Coaches
Managers don’t get a lot of training, either. They’re usually promoted because they do their jobs well. This happens often in sales, where the top sales performers are promoted to sales managers.
Just because they know how to sell doesn’t mean that they know how to manage a team. That can be disastrous for the employees under that manager.
Your managers need to take lessons from coaching. Managing is about telling people what to do and when to do it. Coaching gives space to allow employees to find their own solutions through prompting.
You can invest in training for your managers to be great coaches. There are certification courses and seminars for managers to help them be better at their jobs.
3. Invest in Professional Training
How do you keep employees that have been at your company for a while engaged? It’s easy to assume that they’re fine and they don’t need career development.
The issue at hand is that these employees are likely to leave for new challenges. They can become bored and just go through the motions every day.
Professional training helps keep your employees engaged because they’re learning. They’re being challenged.
It also keeps your team aware of changes in your industry that impact their work. For example, if you own an advertising agency, your employees have to be aware of changes in digital advertising.
SEO and social media algorithms change constantly. Regular training ensures your team is ready to deliver their best to clients.
4. Development Is Personal and Professional
Professional development is crucial, but you can’t overlook personal development.
Personal development focuses on developing soft skills, which helps employees be better team members and communicators.
You can focus on different areas of personal development. For instance, you can develop employees to get fit and healthy. Wellness programs that support this can bring big returns in lower absenteeism.
The business can foster intellectual growth by hosting a book club. Once a month, employees can meet during lunch to talk about a personal development book.
5. Adjust Your Reviews
Companies tend to judge employees based on their performance throughout the year. There may be quarterly reviews with managers, but the annual review has a lot riding on it.
Employees put a lot of pressure on themselves to perform because they know that bonuses and pay raises are at stake.
Yet, for as hard as an employee works, one subjective review can cost the employee a lot of money. Plus, a negative review can make an employee feel underappreciated.
Many organizations are doing away with the employee annual review and finding other ways to measure performance.
6. Empower Your Employees
Do your employees think they’re empowered to do their jobs? If they have to ask permission to do anything related to their work, probably not.
The more you empower your employees, the more they’ll feel valued and trusted. They’re more likely to stay at your organization for a long time.
This is where skilled management comes into play. Managers have to learn to let go of enough control so employees feel empowered.
Managers also have to find ways to hold employees accountable.
You can start empowering employees by giving them challenging projects. You hand over the keys and support them along the way. That’s how you handle employee care and development.
7. Give Employees Opportunities to Network
Companies are reluctant to let employees network because they don’t want competitors to steal them away. That scarcity mindset is cost you respect and money.
Employees want to develop their networks because it leads to more opportunities. They’re not going to jump ship.
It’s actually quite the opposite. You demonstrate that you’re invested in their career growth and development. Employees that have broad networks can also bring business and other outstanding employees to your company.
Lower Turnover With These Employee Care Tips
How do you lower employee turnover? You need to invest in employee care and development. That’s what will keep employees engaged and lower your turnover rate.
These employee growth tips will save your company money, and every penny you invest is well worth it. Be sure to check out the Business section of this site for more business insights.
