All companies aim to reduce their turnover costs by improving employee retention. Usually, the companies that don’t integrate a culture of recognition and fail to have a vibrant employee recognition plan, the effect – including a rise in employee turnover – is humongous and essentially expensive.
It doesn’t matter how well-performing an employee might be; constantly experiencing a low level of individual recognition could drain their motivation and adversely impact the workplace culture.
It doesn’t matter whether yours is a start-up or whether you have been in the industry for some years now; you will want to make your employees feel valued to decrease employee turnover.
According to studies, the companies that get employee recognition right, their employees are more likely to remain committed to their workplace and feel connected to their workplace culture. With that said, you can use the following strategies to improve employee retention and decrease turnover costs.
Keep reading!
Incorporate a Sense of Purpose
You will want to aim to reduce burnout and help your employees feel connected with the company culture. It is estimated that employees feel a sense of purpose in their work when the company recognizes their efforts.
When employees are thanked for their contribution towards the company’s growth, it not only reduces burnout but makes the employees feel more connected to the organization, which then develops a sense of loyalty and eventually decreases employee turnover.
Support DE&I (Diversity, Equity & Inclusion)
If you want to decrease employee turnover, you will want to support and recognize diversity, equity, and inclusion. Believe us when we tell you that diversity, equity, and inclusion are powerful enough to retain the top talent your organization needs to thrive.
Depicting that a workplace is genuinely committed to supporting diversity, inclusivity, and equity – not only boosts the company’s reputation but also helps employees feel recognized and included, which is beneficial in the long run.
However, as an employer, you will want to ensure that you are hiring the right people to contribute to the company’s growth. So, at the time of hiring, you might want to opt for professional help in the predictive index cognitive assessment to get a better assessment of the potential hire’s general cognitive ability.
You can then use the assessment to get better insight into a potential hire’s capacity to adapt to workplace culture, learn, and grasp new concepts.
Nonetheless, you will want to demonstrate a strong commitment to DE&I, as it will help you get the top talent on board. Since you will create a more inclusive culture, you will be laying the foundation for a workplace culture where people will want to stay.
Celebrate Milestones
You will want to make it a point to celebrate individual and collective milestones. You will also want to celebrate life events to instigate a sense of community and belonging in your employees. This way, you will build a culture your employees will be more than happy to be a part of.
Celebrating milestones and life events is also essential for retaining valuable employees.
