Unpacking employee turnover insights for 2022
Employee turnover can be a frightening concept, especially in 2022. The landscape of HR is dramatically changing as employees yearn to feel more connected to their colleagues and to their organisation, and employers pivot to adapt to these changing needs.
To win the War for Talent, especially during a cost of living crisis, HR leaders need to re-evaluate their current strategies and make the necessary changes to attract and engage new and existing employees alike.
Retaining employees is as imperative as any other part of business. The cost of attrition is a great loss for businesses, as every resignation costs a company roughly one-third of the worker’s annual salary. Seeing turnover can also reduce morale among the remaining employees, which only further prolongs your issue.
Despite the high costs and the inequity for some industries, turnover itself luckily can be mitigated.
5 tips for reducing turnover
Keep in mind, not all turnover is daunting. In fact, some employee churn is healthy, according to a recent report. Healthy churn gives HR leaders the opportunity to bring in new talent and enhance Diversity, Equity and Inclusion (DEI) in their organisation.
The average turnover rates continue to climb across all organisations, but some industries have been hit harder than others. Here are a few ways for key industries to attract, engage and retain top talent.
Reducing turnover in technology
Managing a hybrid workforce in the technology industry comes with its own set of complications. You’ll need to find new ways to forge connections to keep top talent engaged, and make your workforce stand out. To reduce turnover in tech, try the following:
- Keep employees in the loop by sharing company-wide blog posts from your leadership teams.
- Send out frequent pulse surveys to gauge employee morale and encourage feedback.
- Create employer-branded engagement platforms to facilitate two-way conversations between employees and leadership.
- Check that employees feel supported in having quality at-home equipment and desk set-ups and offer allowances where necessary.
- Reach remote employees on a human level with video updates and messages.
- Boost employee morale with a recognition programme that encourages connections across departments so less visible teams aren’t taken for granted.
Reducing turnover in manufacturing
Pay isn’t always the key to keeping people happy and reducing turnover. You can pay more in hopes that people will stay, but this isn’t guaranteed to work.
Frontline workers, like those in manufacturing plants, spend the majority of their day in their workplace, so if they aren’t happy with the conditions, they’ll leave.
Here are a few ways to improve engagement and reduce turnover in the manufacturing industry:
- Provide workers with an Employee Assistance Programme (EAP) so they have a place to unload their day-to-day stress and receive valuable consultations.
- Help employees feel more valued at work through a rewards and recognition programme.
- Increase on-site visibility of senior leadership or work-from-home leaders so employees won’t feel isolated from higher-ups.
- Encourage mental health days to allow workers to rest, recuperate and stave off burnout.
- Boost employee wellbeing in all forms (mental, physical, financial and emotional) with helpful tips and tricks to keep absenteeism at bay.
- Offer a mobile-friendly engagement app to reach frontline workers who may not have access to a desk every day, or at all.
- Create a positive work environment by automating safety procedures and saving time for your employees.
Reducing turnover in retail
A big reason for turnover in retail is dealing with customers, which is, unfortunately, the nature of the beast. But you can adjust the way leadership responds to and backs up your employees in the face of difficult situations.
In a customer-facing role, stressful conditions can quickly wear a person down. Focussing on your employees' wellbeing with financial, physical, and mental support can ease some of this burden.
To prioritise the wellbeing of your employees, try the following:
- Schedule employees for shorter shifts and offer longer (or shorter, more frequent) breaks to help them return to work feeling refreshed.
- Offer a free EAP so your team has a safe space to go should they ever need a little extra support.
- Provide access to on-demand videos and articles that support employees' physical, financial and mental wellbeing.
- Introduce a wellbeing allowance that gives retail employees money to put towards the wellbeing initiatives they need and want.
- Boost team-wide morale with peer-to-peer recognition tools that promote a culture of thank you.
Reducing turnover in banking/finance
Don’t try to prevent the inevitable ups and downs of the finance industry. Instead, focus on improving your workplace by doing the following:
- Offer ample holiday time and actively encourage employees to take the time they are given.
- Provide work-from-home opportunities for employees who don’t need to be on-site every day.
- Build belonging by offering company and employee-sponsored groups or clubs (a messaging channel for runners to connect on their training, a book club that can meet during lunch to discuss recent reads, etc.)
- Find frequent and varied ways to keep employees in communication with their team and others (online bulletin boards, video posts from leaders, etc.)
- Make recognition and reward visible within and across groups.
- Offer advancement opportunities by making succession planning a part of performance reviews and by visibly promoting from within.
- Provide unique employee benefits and make information about these benefits easy to find.
Reducing turnover in healthcare
Healthcare workers deal with some of the most difficult situations of any industry. Be conscious of the continuous mental toll placed on workers. Help mitigate this toll with these tips:
- Reduce shift length. If workers are routinely there for more than 10 hours, it may be time to make a change.
- Offer mental health days and bring employee wellbeing opportunities to staff. Don’t expect them to go find wellbeing benefits themselves.
- Allow employees to use annual leave or sick leave with no questions asked. Trust them to manage their off days.
- Offer grief counselling and have leaders share how they are taking care of themselves.
- Proactively and transparently address challenges, but balance those challenges by sharing moments of pride and accomplishment to create a culture of support and recognition.
- Collect employee feedback on a regular basis to check in with your people and implement changes based on this feedback.
Reducing employee turnover is crucial in every industry, especially as we navigate The Great Adjustment. It's challenging for everyone – the employees, the organisation and even the clients.
The industries and tips listed above may help you improve employee satisfaction and retain your workers, especially if leadership sets the example. When you engage, recognise, and connect your team, your organisation can achieve higher employee retention.
Want to learn more about how our solutions can help you attract, engage and retain top talent in your industry? Get in touch with an Employee Engagement Specialist today.