In the world of business, turnover refers to how long most employees will remain with a company. Companies that have high turnover are the ones that see employees coming and going much more frequently than what would be considered sustainable. This is generally seen as negative for a business, as it implies that there are factors that cause employees to be unhappy and seek employment elsewhere.
Success of a business, especially one that’s relatively new and small, relies heavily on having loyal employees that have no interest in moving on, and thankfully, there are some methods a business owner can employ to keep turnover low.
Paying A Good Wage
One of the most important parts of working is earning enough money to live – but it’s not always enough to only offer minimum wage. Employees that are a part of a business that pays them a healthy wage, including increases that exceed yearly inflation, usually means that an employee has very little reason to move on, at least from a financial point of view.
In fact, this has become one of the biggest issues of the modern age – too many large companies have not kept up with inflation, and it’s left their employees having to work themselves half to death to try and pay their bills every month. This is not sustainable in the long-term for either the employees or the business.
Healthy Workplace Environment
Another way to keep employees with a business is by ensuring that their work environment is friendly, welcoming, and safe. They need to know what they can express any issues that they have without any serious repercussions, and to have access to a human resources department that allows them to address any complaints that they may have. A toxic work environment is never going to be able to hold on to workers for very long, especially one where sexism, racism, and any other kind of bigotry is prevalent and not dealt with swiftly and efficiently.
Recognition And Rewards
Everyone likes to be recognised for the work that they do, which is why it can be great for workplace morale to recognise the employees that put in the hard work and offering rewards can make them even more motivated. Rewards be in the form of extra paid time off, increases to their salary, or a bonus at the end of the year, or even just a small coupon to enjoy FIFA betting. Even a simple “thank you” can help a worker feel appreciated, something that’s sorely missing in a lot of corporate environments.
Not everything should be about work, and employees should always know that when works comes to an end for the day, they are not expected to answer any work-related calls, emails, or texts. Having a healthy work-life balance is vital for the mental health of all employees and helps reduce the chances of anyone suffering from burnout, which can have serious consequences for the employee as well as the productivity of the business.