Winning the Turnover Battle in 2019

Reducing Employee Turnover

LinkedIn’s data based on 500 million professionals reports an average 10.7% turnover rate worldwide. Company leaders are vying for top talent and looking for strategies to increase employee retention. Here, we’ll explore the industries with the highest turnover rates, and outline some effective strategies for retaining key employees.

 

Turnover Rate Stats

Of course, some turnover is good, especially when not-so-valuable employees self-select and leave the company voluntarily. When you are not able to retain the employees you want to retain, that begins to get expensive, affects company performance and can impact morale.

 

LinkedIn surveyed 10,000 employees to find out why they left their former positions:

 

Why Professionals Leave Jobs

 

These reasons are not surprising and appear on almost every list of reasons why people leave their jobs. If company leaders know why employees are disengaged and looking for other employment, why don’t they address these concerns?

 

Many do not make the connection between an investment in human capital and company retention rates and performance. Rewarding & recognizing employees is a primary way in which to improve performance, revenue and retention, yet many companies still do not have a formal employee recognition program in place. An experienced professional can help design an effective program that will provide a measurable return on investment.

 

Improving Employee Retention

 

  • Outline opportunities for personal and professional growth. Preferably in the interview! Then follow through, and make sure that management is communicating with employees on a regular basis.
  • Ask for input. Employees doing the job are the most likely to provide information as to how to improve performance, suggest tools that would make the job easier or more efficient and other valuable feedback.
  • Reward & recognize. Who doesn’t like feeling that their contributions are valued? Partner with an experienced professional to make sure you avoid the pitfalls and unintended consequences of poorly designed programs.
  • Provide feedback. Don’t make employees guess how they’re doing. If you have a formal recognition program, regular feedback will be part of it. Until you DO have such a program, make sure to provide encouragement, corrections when necessary and other constructive feedback that will keep employees on the right track.
  • Improve the corporate culture. Every organization has a culture, even if they haven’t built it intentionally. Make sure yours is designed on purpose. Incorporating your mission and values into every policy decision and procedure is a good start. Designing an employee recognition program that rewards employees for exhibiting those values is another. Of course, it’s critical that company leaders’ behavior is consistent with those values as well.

 

Examining the reasons why your employees leave and working to correct those issues is a basic first step. Strategically reward & recognize your employees based on clearly communicated company goals according to company values and you’ll see your employee retention rates rise!

 

How engaged are your employees?

Quiz

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In economic terms, the multiplier effect refers to the proportional increase or decrease in final income that results from an injection or withdrawal of capital. In terms of Safety Reward Programs, the multiplier effect might refer to the ROI² (Return on Incentive Investment). A properly structured program significantly impacts overall employee engagement and safety culture, where employees are attuned to safety-related issues, inspired to display “Above & Beyond” safe behaviors, willing to be safety ambassadors, and encouraged to promote learning and support continuous improvement. Such best-in-class programs are designed to promote group objectives and reward individual behavior, engaging, motivating, and rewarding the people behind your success.
 

Fortunately, there are thousands of companies in high-risk industries that have excellent safety programming, training, and coaching in place. Many include safety in their list of core values and have invested heavily in EHS (Environment, Health, and Safety) technology, training, telematics, and personnel. However, too many miss the opportunity to incentivize and recognize individual safety contributions, behaviors, and performance.
 

Programs featuring tangible and experiential awards as the reward currency can have a multiplying effect that pays dividends. Benefits include a more highly engaged workforce, fewer accidents and incidents, reduced claims and losses, lower turnover and absenteeism, better communication, increased productivity, visibility to leading and lagging indicators, incremental coaching and training opportunities, and improved profitability.
 

So, what’s the rub? Are engagement programs focused on employee safety, health, and wellness expensive to implement? Do they only make sense for companies with thousands of safety-sensitive workers? The answer to both questions is no. Properly structured programs can be cost-effective and right-sized for companies with as few as 100 safety-sensitive workers up to those with 10,000 or more. The ROI² of these programs can be expressed as a ratio (in this case, 4:1), with quantitative results showing a savings of $4.00 for every $1.00 invested and qualitative results revealing higher employee morale, which serves as a catalyst for productivity. Safety Reward Programs help to mitigate risk, elevate employee engagement, and improve overall safety culture. They also present an excellent opportunity for companies to simply say thank you to their employees for being safe, committed, and engaged.
 

People have an inherent need to know that their efforts do not go unnoticed. Safety Reward Programs provide the stimulus and energy that encourage employees to perform at their best and achieve new heights.

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