A significant issue in any workplace that should be addressed with urgency is rapid employee turnover rates. A fast employee turnover labels companies with a negative reputation and can dampen opportunities for good potential candidates in the present competitive job market. Many positive candidates that could be great additions towards the development of an organization can be turned off working for a company once getting word of a high turnover rate. Current employees can also suffer from high turnover rates and a lack of positive work culture.
Scott Crockett, Everest Business Funding’s Founder and CEO, understands how detrimental employee turnover can be for any business. Reputation, as well as workflow, employees, projects, client experience, and budgets, can be contradicted by the problem. To aid those companies in need of assistance with such an issue, Mr. Crockett highlights a few ways for businesses to keep employees for the long term by offering these several helpful tips.
Establish Positive Culture
Workplace culture can make or break a company. The research shows that millennials see culture as a determining factor in applying for jobs, job satisfaction, engagement, and staying with the organization. If your company struggles with high turnover, it’s time to take an honest look at your culture. Who is being promoted? Are your employees follow your diversity and inclusion policies? Do your managers and executives use empathy to connect with the team? Are they offered contractor insurance? If you are not sure about these answers, ask your employees for the feedback! Creating a specific company culture that embodies an organization’s values and embraces a business’ ideal environment is crucial when limiting employee turnover.
Recognize Hard Work
Employees can be their best selves and contributors to a company when recognized for their hard work. That means providing a work environment for employees to attain their goals and dreams and a platform for open communication and the ability to share values. Upper management needs to know their employees personally to recognize when employees are going above and beyond. Exercising a reward system for solid work ethic and accomplishments helps create a feeling of appreciation and inclusion throughout the company. Providing fun events for the entire organization after a successful quarter is another proactive way to build team bonds while awarding hard work.
Offer Competitive Pay
It is no secret that we live in a competitive job market, so businesses should be ready to step up to the plate to not only gain but retain quality employees by offering competitive pay and benefits to new candidates. If your business does not provide the appropriate amount of benefits and pay for an employee, that individual will most likely find a company that will. Hiring the right people to offer competitive pay matters as well.
Offer Flexible Work-Life Balance
“Especially after experiencing remote working as a response to the pandemic, employees in today’s business world look to work for a company that offers flexible work-life balance,” says Scott Crockett, Everest Business Funding’s CEO. If possible, an organization should allow flexibility with employees balancing work and life so they can manage personal affairs that are important in life, such as doctor’s appointments or family events. Employees will be more satisfied when they can choose where they work, whether that location is at home or the office. If you have a business that needs employees to be present at certain times of the day, offering flexibility in other areas such as lunchtime or holidays can boost employee satisfaction.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a world traveler and serial entrepreneur with an impressive track record in the finance sector. Scott has raised over $250 million in capital and helped create thousands of jobs during his 20+ year-long career in consumer and commercial finance.