Losing employees is very stressful. It’s not uncommon for one employee to leave and more to follow suit immediately after. This leaves you with several questions that are bound to keep you up at night, such as: Have we recorded all of their duties? Who will take over these responsibilities? How much will it cost and how long will it take to hire and teach a new employee?
As these questions start to bubble up, it’s easy for the rest of the workplace to feel overwhelmed and concerned, making it difficult to think strategically. A little turnover is normal and to be expected. By hiring a Professional Employer Organization (PEO), you can reduce your employee turnover rate and create a plan to manage it more efficiently. Continue reading as we offer more insight on how to effectively manage turnover.
Hire top talent
Hiring top talent as a small business owner may seem like an impossible task when you can’t afford to offer the same enticing benefits as Fortune 500 companies. However, when you hire a PEO, you can offer big business benefits without spending an arm and a leg. To learn more about how this is possible, you can check out our guide here.
Losing an employee is the perfect opportunity to get feedback on how to better run your organization. By conducting exit interviews, you can gather insight on where you can make improvements as a business owner. It’s critical that the core values of your company are what guide your employees from their first day to their last. While constructive criticism isn’t always easy to hear, you will never be able to conquer your shortcomings without truly hearing this feedback. In order to ensure honest feedback, you should hire a third party, like a PEO, to conduct these interviews.
Improving your company values
As the modern workplace evolves, money is becoming less of a priority for newer generation workers. Millennials, for example, are more concerned with working for a company whose values are giving back and helping the greater issues of society. Top talent will not be looking for just money–they will be seeking a company that truly cares. You can improve your company values by:
- Offering flexible work schedules to prove to your employees that you trust them and value their work/life balance
- Making a point of recognizing your employees’ hard work to help them feel respected and appreciated
- Talking with your employees about their long-term goals and offering them a career path to keep them inspired and content in knowing that you care about their futures
Once you’ve received feedback on how to improve, it’s critical that you don’t just throw this information away. Employee feedback is like gold, and should never be taken for granted. To ensure that you don’t get distracted, you may want to create a team whose goal is to move these things forward and implement these changes. This team can help construct an employee retention plan with this analyzed market data.
At the end of the day, you want to make sure that your employees are content in working for you. By outsourcing your HR to a PEO like Delta Administrative Services, you can lower your turnover rate by offering better benefits and letting us manage your employees, HR, liability, and other paperwork. Contact us today to learn more about how we can help you attract top talent and keep your current employees!