Many small-to-medium businesses (SMBs) can face high employee turnover if they struggle to keep workers happy in providing benefits, adjusting workload, and meeting other human resource needs. As an SMB owner, you may be worried about this reality since losing valuable team members can affect your overall performance, reputation among customers, and your bottom line. To determine the root cause of this growing issue, consider asking yourself the following questions:
– What Are You Currently Doing to Keep Your Employees Engaged and Motivated in Their Jobs?
Most SMBs often feel that salary is the top motivator for employee engagement, and this may put pressure on you, when onboarding staff, to meet or beat the total compensation packages of larger corporations. This however is only a common misconception as according to Gallup, only 37 percent of employees quit their jobs for those offering better salaries. There are other motivating factors for employees to continue working for you. A significant rate of employee engagement among a business’s workforce is a large motivator as well as professional development, career opportunities, and communication from the top down. In effect, the employee turnover rate becomes less of a worrisome KPI.
Thus, ensure that your SMB does what it takes to diversify your total compensation packages, such as medical benefits, perquisites (perks), and career development opportunities. You can also look into HR consulting services to interview your employees and look for possible interventions to retain them. Doing this enables you to have a professional third party oversee your processes and ensure an unbiased assessment for all employees’ sake.
The best way to measure if you treat all your employees fairly is to undergo intense evaluation as an SMB and seek feedback from your team. It will ensure that both leadership and team development are reconsidered as strong foundations towards a streamlined, sustainable business model. If you discover that some forms of favouritism or bias are present within your ranks, acknowledge this and take action towards improvements, such as orientation training, leadership development and team-building exercises.
– Are There Means to Help Build Your Employees’ Professional Development?
Every individual has their own set of goals when taking a job. Some of them may just be in it for the money, while others are more career-driven, especially upcoming young professionals. This is best illustrated by Gallup’s findings, stating that 93 percent of millennials change their jobs because their current place of employment doesn’t meet their goals, which can be a combination of positive career advancement and personal development.
As such, ensure your SMB does what it can to meet these employee demands. Investing in this can also improve your overall productivity, future growth, and position as an employer of choice.
– Do You Treat All Your Employees Equally?
Although Canada advocates for equal opportunities for all workers, your business may be harbouring some toxic practices that you don’t see as harmful to your work environment. You may also have a few enablers in your midst, further enforcing these negative practices, affecting your employee turnover rate.
For example, you may have family members working for you, and you unknowingly give them free time for extra-curricular activities in your office. Knowing that perception is reality, some employees may see this, create their own opinions and consider looking for work elsewhere, preferably in a professional working atmosphere. Thus, it is important to have some level of introspection and internal accountability among executives.
As an SMB owner, working on your employee turnover is vital to your organization’s sustainability. Remember, your workers are your operations’ lifeblood, meaning their absence can easily be felt when there’s an increasing trend of workers quitting and looking for other jobs. Thus, take the time to consider answering the previously mentioned questions and look for ways to enhance your onboarding and offboarding processes.
Are you looking for professional, custom human resource solutions to improve your SMB’s employee turnover rate and solve other related issues? Consult with us at Involvi. Our team in Edmonton can help you bolster your employment standards and put regulations in place to keep your staff happy. Schedule your free consultation with us today to determine the best strategy for your situation.