There’s no way you can completely stop good employees from leaving. It may even be harder now as the economy improves and some of your best employees go on to other opportunities with other NYC companies.
Employees also leave because their spouse got a great new opportunity across state and there’s nothing you can do to prevent your employee from leaving in that case. But there are some things you can do.
Yet considering that replacing employees can cost as much as 50 percent of someone’s annual salary, you probably could use some tips on how to stop excessive employee turnover. Read below for some ideas to help put an end to employee churn.
- First, make sure you’re paying your workers a competitive wage for your sector and region. Call around and see how your wage and salary levels compare.
- Do you reward employees who provide outstanding work and/or results? Do you tout their accomplishments publicly? Merit pay increase can be a great tool to help keep good employees from leaving.
- If pay increases of any kind, even COL increases, aren’t in the cards, consider other ways to reward employees. Could you provide more PTO, or flex time and/or job sharing? What about telecommuting for those employees who work mostly at a desk?
- Make sure you promote from within. Take a look at rising stars and see who can fill an open position on your management team. If you have a real star in the making, consider creating a position just for this person’s talents. In fact, look at all your positions: what is the “next step” for each? In other words, don’t let any job be a “dead end job.”
- If you don’t offer help with ongoing training or continuing education, seriously consider implementing a tuition reimbursement program of some kind.
Keep in mind that no matter how well you pay your workers, no matter how many opportunities for advancement you may offer, no matter what type and number of terrific benefits you offer, you will experience employee turnover. When you do lose an employee, look to Winston Resources to help you fill the position. We can provide you with skilled and reliable workers for your Manhattan company’s temporary, temp-to-hire and direct-hire opportunities. We look forward to learning how we can help you shorten the amount of time between when an employee leaves and the open position is filled. Contact us today.
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