Tips to reduce employee turnover

Whether in big or small companies, a high turnover rate can be a big problem. The reason is that it affects the HR costs, driving them high and hurts the bottom line. Many times HR managers are at a loss over how to control it because they are mostly unable to find evident reasons that are causing a high turnover.  Reducing the turnover rate provides some obvious benefits and the biggest one among them are reduced HR costs.  There are some important areas where the managers must direct their focus to reduce the  turnover rate.

Having the right recruitment strategy: Trouble starts from the beginning if you hire the wrong people. So get your recruitment strategy right to hire only the people that fit with your organizational culture. 

Salaries and benefits: research the industry trends and compare your salaries and benefits with others to find out how you can improve your compensation and benefit plans. Be creative with the benefits you provide to your employees.

Engage your employees.

Appreciate their contribution whenever you find a chance. Employees that feel their work is not being appreciated are more likely to leave the company early.

Provide flexible working schedules that suit your employees' needs.

Create a culture of collaboration. Several times the roots of the evil lie in the culture. Apart from culture focus on creating a positive environment to make employees feel secure and satisfied with their jobs. 

Frame the right HR policies. Ensure no discrimination at the workplace.

Manage your employees performance through training and feedback.

All these tips can help you create a better work environment, increase employee satisfaction and retain them for longer.