4 Ways to Decrease Turnover Rate for Your Business

September 14, 2016
September 14, 2016 Melanie Iovino

4 Ways to Decrease Turnover Rate for Your Business

How do you do this? It’s simple- keep your employees happy.  Don’t be the boss that everyone is afraid to talk to – that’ll get you nowhere.

I give a lot of credit to my employees for helping get Advantage Payroll on the 2016 Inc. 5000 list.  In order to keep your employees performing at 110% you must listen, support, encourage, reward, and most importantly appreciate them.  Doing these four things will ensure that your employees are highly beneficial to the success of your business and keep them happier.

1. Listen

When your employees express their concerns, do you get caught up in words or hear the actual problem? If an employee is unhappy about something, do your best to fix it. Let your employees know that they can speak to you about whatever concerns they might have.  When they do come to you, make sure you are actively listening to solve the problem.

2. Support

Support should not only be given from the employee to the employer.  It is an employer’s job to support the employee and understand that these relationships are important.  Educational development and training, motivational programs, and incentives are great ways to demonstrate that you care about your employees and make them more interested in contributing to your business.

Here at Advantage, we offer two different payroll certification courses to employees.  If our employee passes, we offer a $250-500 bonus.  We also hold free training courses for new platforms we use to ensure that employees are well educated on the subjects.  In addition, I have given my employees the opportunity to take online courses to further their knowledge in within their fields.

3. Encourage

This can be done any way you would like and it doesn’t have to be expensive.  It can be anything from setting up a study group to sharing thoughts during lunch-time.  Employees must have a chance to stand on their own and share their own knowledge and passions.  For example, if someone’s hobby is blogging, they can teach other employees how to blog.

4. Reward

Always make sure that you treat your employees as equals and that you encourage their capabilities so that they may grow within the company.  If someone has grown beyond their position, do not hesitate to give them a promotion or a raise if you can afford it.

At Advantage, we have created positions for employees who have grown out of the job they were hired to do.  Within the last few years, we have expanded our staff an extensive amount.  We have created new manager positions, assistant positions, and new titles to adapt to everyone’s strengths.

5. Appreciate

Something as simple as a kind gesture or nice words can make someone’s day better.  There are many ways to make employees feel as if they are very special to you.

It is the small and thoughtful things that inspire and motivate your employees.

At Advantage, we try our best to practice what we preach.  For every employee’s birthday we get them a card signed by the whole staff and offer them a paid day off.  During the summer we have a BBQ at our office every other Friday.  We also allow employees to rotate early dismissal before a holiday. In addition, every month we host an “All Staff” meeting and we read off cards of appreciation for random things employees have done outside of their job descriptions.  We then randomly pick out 5 cards and whoever gets picked gets to spin a wheel of prizes.  These employees can win anything from gift cards to taking the boss’ spot in the parking lot. My employees always look forward to these fun little perks.

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