How to Push Back Against Turnover – 7 Strategies for Workplace Retention

Every employer knows hiring is an expensive investment. Turnover–whether voluntary or involuntary–is even more costly. When you lose employees, the cost of replacing them (recruiting, onboarding, lost productivity, decreased morale) can range anywhere from 33% to 200% of each employee’s yearly salary. 

While some turnover is expected, consistent turnover should catch your attention. Let’s face it: if you see a lot of turnovers in your company, you’re bleeding money and dealing with deeper issues. According to a 2020 report by the Work Institute, employers could have prevented over 78% of turnover cases.

Here are some common reasons employees are leaving the workplace in 2024: 

• Little to no career development.
• Bad management. 
• Poor or impossible work-life balance.
• Insufficient compensation and benefits. 
• No recognition or gratitude from leadership. 

The opposite of turnover is retention–your ability to keep employees on your team. Organizations with high retention rates create contentment in their employees by allowing them to thrive where they are. 

Regardless of your company’s health or current retention and turnover rates, a retention strategy is crucial. By implementing solid retention strategies, you could see these positive changes: 

• A more diversified workforce. 
• Increased employee loyalty. 
• Lower hiring, training, and staffing costs. 
• Increased morale, positivity, and productivity. 
• Better customer experiences. 
• A stronger brand. 

7 Strategies

1. Hire the Right People for the Right Seat

The first step in employee retention is bringing the right employee on board from the start  - and having them in the right seat. Start by posting crystal-clear job listings and running intentional interviews. Some companies even include a behavioral assessment or strengths test (DISC analysis or Clifton Strengths Test) somewhere in the interview process. This step identifies where a candidate’s skills will fit best in your company and where they will find themselves most fulfilled and at ease. 

2. Offer Career Development 

A lack of career growth and development is one of the top reasons employees leave the workplace. Create an emphasis on internal career growth within the company and provide a clear path forward for those with initiative. Offer consistent, specific training to help employees develop their skills. Also, provide coaching, mentorship, and personal development. 

3. Focus on Leadership

John Maxwell says, “Everything rises and falls on leadership.” Train and develop your leadership teams to be expert communicators, active listeners, collaborators, and conflict managers.

Identify other influencers amongst the rank and file since they profoundly impact the team. Then, coach them to lead others to success. 

4. Create Clear Expectations  

Clear expectations and feedback are crucial to employee satisfaction. Morale and productivity suffer when employees don’t understand what they’re supposed to do—or if they’re doing it well. Use metrics, rubrics, and data to set employees’ goals. Follow up during annual or quarterly reviews to help everyone stay on track. Since everyone likes being part of the bigger picture, ensure everyone knows how his job supports the company.

5. Build a Strong Culture

Culture is a cornerstone, so build a strong one. Employees, particularly Millennials and Gen Z-ers, want to work for people who support their values. So, create an appealing, prevalent culture that aligns with your core values. This strategy helps attract the types of candidates you want and those who want to work for you. 

6. Recognize and Reward 

Offer incentives and bonuses tied to achievement and productivity. Compensation and a solid benefits program are essential, but simple and sincere recognition also goes a long way! Employees must know that leadership sees their hard work and appreciates them as individuals. 

7. Establish Open Communication and Consistent Collaboration

Collaboration and open communication go hand in hand. Foster collaboration between yourself and your employees by inviting them to bring you their questions or concerns. Ask for their input; demonstrate that you value them. Encourage collaboration and communication between the employees, too. Build a team that enjoys working together and gets the job done. 

At Career Concepts, we help employers like you find the talent you need. For over fifty years, we’ve provided quality, excellence, and authenticity to our clients and candidates. “The Right People. The Right Job." Contact us today, and let’s get started!