Take care of your existing employees.

Replacing an existing trained employee can be expensive. The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.

For high-turnover, low-paying jobs, expect to pay around 16% of the employee’s salary to replace them. For mid-range positions, expect to pay around 20% of the employee’s salary to replace them. For executive positions, expect to pay up to 213% of the employee’s salary to replace them.

There are several ways to reduce employee turnover. Some of the most important ways to reduce employee turnover are to understand why you are experiencing turnover and improve employee satisfaction.

Here are some steps to reduce your employee turnover rates:

• Offer competitive salaries and benefit packages: You can attract and retain valuable employees by paying them well and offering many benefits.
• Hire people who match your company culture: When you are hiring employees, you can look for candidates who have similar values and goals to your company’s.
• Provide flexibility: Offer your employees more flexibility (if that’s feasible), and they will thank you with their loyalty.

There are several ways to improve employee satisfaction.

Here are some steps to improve employee satisfaction in an organization:

• Research what employees want: Learning what employees want can help you make changes to boost job satisfaction. Use surveys and interviews to ask employees what resources, tools and benefits matter most to them.
• Ensure employees get respect: Create a safe, healthy work environment that demands the fair treatment of all employees. Encourage employees to voice any concerns.
• Review pay and benefits packages: If employees express discontent with their pay and benefits packages, consider reviewing pay structures with executives and interested parties to determine how you can make these options more appealing.

Workplace productivity depends on sustaining a low turnover rate in the organization. Low turnover means that management does not have to hire and train new employees regularly. If a company can retain its existing employees, it saves time and money.

About the Author.

Ratnesh Jain is an entrepreneur, mentor & author.

IIM Ahmedabad alumni with 30+ years of professional and entrepreneurship experience. Past 17 years in Executive search & Growth consulting.

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