The Secrets of Low Turnover Companies

THE SECRETS OF LOW TURNOVER COMPANIES Turnover and employee engagement are top challenges reported by HR organizations. Here's an inside look at how the low turnover companies keep it all together. 55% The average company loses of employees are searching for other job opportunities. 20-50% of its employee base yearly. 40% of organizations report that loss of personnel is a top concern. Companies with highly engaged workers have lower turnover rate by 31%. HIGHLY ENGAGED EMPLOYEES ARE: 2X more likely to remain with the company. 5X 2X as likely to help a coworker even if they do not ask for help. as likely to recommend a friend or relative to apply for a job at the company. 3X as likely to do something good for the company that was not expected of them. TIMELINESS & TEAM SIZE MAKE AN IMPACT: 33% 33% of employees know whether they'll stay at their job long-term within one week. of leaders at companies with 100+ employees are currently looking for a job elsewhere. THE SECRETS TO A HIGHER RETENTION RATE Recruit well to retain well Manage your online presence carefully. The work for a high retention rate starts before potential job candidates even come in for an interview. It starts online. Make sure your website conveys the company's core values. Also, read and respond to online reviews, both negative and positive Company with clear and understood values are as likely to have fully 51X engaged employees. Engagement is key Start an employee engagement plan. Employees who are engaged and feeling good about their contributions are more likely to be proud to work for your company, be happier to come to work every day, and feel valued. Employee engagement programs can increase yearly organizational profits per employee by $2,400. Growth is important Be open about employees' career paths. When it comes to opportunities for employee growth, be clear. Having expectations and goals for employees shows you see their future within the company and value their contribution. 78% of employees said they would retain longer if they could see a career path with their current job. Build loyalty in the office Вe a co ity, not just an office. Remember that it's not about individual glory. It's about what you can accomplish together as a team. Build loyalty by prioritizing camaraderie, timely salary increases, and promotions. 80% of executives say promoting loyalty within their companies is not or has never been a priority. Exit interviews are positive Use exit interviews to your advantage. Someone leaving your company isn't the best thing, but turn a negative into a positive where you can make improvements as a manager and company. using it as an opportunity learn about WHEN HIGH TURNOVER IS ACTUALLY GOOD: Improve Talent As your company grows sometimes your employees don't. This presents an opportunity to improve your team and the work produced by hiring new, better talent that is more suited for your company's goals. New People Equals New ldeas One of the most common reasons for employee resignation is that they simply don't enjoy it. When employees resign or are fired, this is your chance to hire new employees and replace old, stagnant ideas with fresh, innovative ideas. Stay Competitive Some entry-level roles are meant to highlight the cream of the crop. Turnover in those situations is preferable because lower-performing employees might be better suited for another role or another organization. HighGround www.highground.com rces: http://blog.accessdevelopment.com/index.php/2014/08/employee-engagement-loyalty-statistics-the-ultimate-collection blog.accessdevelopment.com/index.php/2014/08/employee-engagement-loyalty-statistics-the-ultimate-collection http://www.gallup.com/businessjournal/188138/tough-task-recruiting-top-leaders-companies.aspx firstround.com/review/this-company-retains-95-percent-of-its-employees-heres-its-secret/ http://new-talent-times.softwareadvice.com/turnover-good-for-business-0713/ http://go.globoforce.com/rs/862-JIQ-698/images/Globoforce_SHRM_2015.pdf