3 Ways to Prevent Employee Turnover

It wasn’t long ago when the economy tanked and jobs were lost by the thousands across the country. Many employees at the time were struggling to keep their jobs but now employers fear that employees will jump ship now that the economy is in recovery and bigger companies are starting to hire again.

Companies of any size suffer setbacks when employees leave and it takes time and money to find new prospects and go through the interview process. If you’ve got some valuable employees who you don’t want to lose, consider the following tips to prevent employee turnover:

1. Renegotiate. If you have employees who agreed to a pay cut, loss of benefits, or cut in hours in order to save the company money, they might now begin to question just how long they have to suffer with these cuts. Re-evaluate if you’re company can afford to reinstate these things and offer them back to the employees.

2. Be a Team Player. Employees want to feel like what they do matters. Experts agree that if an employee feels emotionally bonded to a company, it will be harder for them to leave. Address employee concerns and try to accommodate requests for additional training, flexible hours, or more responsibilities.

3. Be Honest. There’s nothing worse for employees’ morale than to think everything is fine financially and then be faced with possible layoffs or bankruptcy. If you expect more hardships in the future, be honest with your employees. If you expect to see more sales in the next quarter, tell your employees. If an employee knows how they fit into the “big picture” they will be less likely to go job hunting.

“Big business” has shown very little loyalty when it comes to how they treat their employees and yet people still flock for those jobs because of better money or better opportunity. If you have a smaller company or are just starting up, treating your employees well and letting them know they are valued will help keep your company growing.

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