Hiring and Firing: What You Can Do to Avoid Rapid Turnover Rates

A high employee turnover rate can impact everything in your business, from customer satisfaction to your bottom line. When you are constantly having to spend time hiring new staff members, you may be dealing with an under-staffed facility until the new people are hired and fully trained. There are also costs associated with training these individuals, as well as dealing with employee issues in the weeks between trainings and termination. As a business owner, you understandably want to do whatever you can to reduce the turnover rate. Below are a few tips to follow to generate better results from your hiring efforts. 

Make Better Hiring Decisions 
There are many reasons why employees might quit or require employment termination, and one of the more common is ineffective management or a poor dynamic between the employees and the management team. Hiring individuals who understand what the job has to offer, and who have a good personality fit with the managers, as well as with the corporate culture is imperative. Adjusting your new hire screening process may result in a better selection of employees the first time around. Make sure they will be able to seamlessly fit in with the management and be able to take orders from whoever they come from.

Provide Opportunities for Growth and Development 
Regardless of the type of position you are hiring for, most people will want opportunities for growth and development in their career. When individuals feel as though their current job is all your company has to offer, they may decide to move on to bigger and brighter prospects. Hiring from within, and having a tiered employee growth structure is a great idea for keeping valuable employees and making your hiring process easier. Also think about providing trainings and workshops so new hires can hone their skills and work their way to the next job.  

Be Accessible to Discuss Concerns and Grievances
The last thing most people want is to spend hours of their working day dealing with unpleasant, stressful issues. They want work to be a rather enjoyable place to go, and it is important employees feel as though they can come to you with issues they are having, and to feel as though efforts are being taken to resolve problems they face. Make your workplace open to discussion and be sure to address any concerns your staff may have, whether they voice them or not. Keep everyone informed and involved to make sure you stay on the same page.

Offer a Competitive Wage
Finally, take a closer look at the kind of compensation you are offer. These should be in line with market wages, or even slightly higher than average. While job satisfaction is important, the bottom line is, people work to make money and if they can make more doing the same type of work somewhere else, it stands to reason many will make the decision to leave your workplace. 
Be sure you also consider the benefits packages you have in place. Your employees should feel secure in their lives outside of work as well. Hiring from a third party like All About Voluntary, which offers supplemental insurance and employer voluntary benefits can help you come up with a good plan or package for everyone on your team.

If your business has a high turnover rate, it is important to learn more about the reasons why you might be posting a job every other week. Each business may be impacted by one or several different factors, and making the effort to improve your hiring process will generate better overall results for you and save your company money in the long run.