In a company, employee turn over is not new to the employees. There are reasons that an employee turn over must be done. One is being fired because of the lack of qualifications or having a low quota for the past few months, the other one is when the employee decided to leave the company.
When there is an employee turnover, the bottom line of it is the company suffers a great deal of expense.
The rate concerning the turn over of the employee is not a very good part to them unlike to those desired applicants who wishes to take over the position. Even there is a takeover, the company must place the required severance pay to the employee.
Companies have high rates of employee turn over, as said before, is costly. When there are replacements made, they need to have payments in order for the new employee to be working with them.
But this will take a long time because of the trainings that is needed first in order for him/her be an equipped employee. And through this, there is a slow output of production or even have low customers or client’s numbers because of the former employee leaved which they are working with before.
There are tips on how company prevents employee turn over:
1. Hiring the right applicant in the first part. This is the best way on how you can eliminate employee turn over through series of interviews and examine each candidate carefully. You need to look for skills and how they can fit well in the kind of work they are applying for and also the working environment such as co- workers, managers, and the company culture.
2. Companies must have the right compensation together with benefits. This is an important tool that can make your employees be responsible in their work. They need to review also the compensations and having it in the current trends of market place.
The companies can provide also work schedules which are flexible and some bonus structures. This will prevent your employees to suffer long hours every day doing works and thinking that they will only get the same amount of salary. The employees may now have the drive to work even harder to get their compensations and bonuses.
3. Paying some attention to the needs of the employees and offering them a flexible time as it needed. This will make the employee catch up even though there are below quotas.
4. Recognition about the employee’s achievement is a way that a company can tell that they are grateful for having the employee in the company.
Acknowledgement is what most of the employees wants to build in the working place. Setting some social interaction will definitely prevent any problems with the co-workers and thus making a workplace is in harmony.
These are some tips that a company can have to prevent any further employee turn over. Having these tips will definitely make a harmonious relationship of an employer to the employees. And through this, they will have a high productive workplace.