Cut turnover costs: 6 employee retention strategies companies are trying

Many of your peers are still struggling with employee retention as the Great Resignation batters the bottom line with recruiting costs, training costs and lost productivity.

Back in September 2021, 4.4 million workers left their jobs, and a year later there’s only been a little improvement. The latest Bureau of Labor Statistics Job Openings and Labor Turnover Survey says 4.2 million workers (2.7% of the workforce) quit in August 2022.

The good news is there are some steps you can take now to prevent your employees from joining them.

Keys to better employee retention

To keep turnover-related costs from getting out of control:

1. Get your people thinking about career paths. If employees don’t know about promotion opportunities within your organization – or about your promotion processes, criteria or
   timelines – it may be time for more transparency with that information.
2. Develop strong development plans for each team member. Who are the people in your organization that have been in the same role for more than three years? Could they benefit from experiences like special projects and task forces, training programs or employee resource groups? Coach managers on how to create development plans that are measurable.
3. Promote work-life balance. Simple tactics that can make a difference in employee retention include prohibiting emails and meetings outside of business hours, coaching people to professionally say “no” to avoid burnout from over-commitment and encouraging employees to take a break during the day for something they enjoy.
4. Keep an eye on all talented employees. Unless you have a robust Diversity, Equity and Inclusion program, women and minority employees at your company may need some extra support. If there’s a perception that there’s a lack of mutual support and respect among their co-workers, or a lack of trusted mentors in your organization, it can make employee retention more difficult.
5. Coach your managers to be empathetic. Fifty-eight percent of workers trust strangers more than their bosses, according to a Harvard Business Review survey. To help employees become more comfortable with asking for help, their managers should be encouraged to show an interest in what’s going on in their employees’ lives, while also appropriately sharing things about their own lives with their team. This includes stories about their own challenges, how they overcame them and closing with the question “What do you need from me?”
6. Consider an employee recognition program.