2 Major Ways You Can Reduce Turnover at Your Company

Retaining talent and reducing turnover is a key component to running a successful organization. According to the Work Institute’s 2018 Retention Report, one in four workers will leave their jobs to work for another company. The truth is, it doesn’t have to be this way. Most of the employees who leave could have been retained if their employers had taken the right steps.

These turnover trends have inspired companies to level up when it comes to their employee retention strategies. With better retention, businesses can avoid the extremely high costs associated with employee turnover. According to the report, U.S. employers paid $680 billion in 2020, and this number is projected to increase.

So why do employees leave at such high rates? The Retention Report found that in general employers were not meeting their employees’ expectations and needs. By knowing the root cause of employee turnover, managers can focus their retention strategies and efforts to address those issues specifically. Highly-engaged employees are less likely to leave their companies compared to their less engaged counterparts. 

There are two major solutions to reduce turnover within your company:

1) Prepare a Vision

What would a compelling vision look like for your company? Many leaders make the mistake of creating a slogan, but that is not the same thing as a vision. For your vision to be effective it must be clearly defined in more than one sentence. 

There are four main parts to a great vision statement:

Team Vision

You should start with the focus on your team, after all they are any organization’s biggest asset. Imagine your company two or three years into the future and how you would want it to be remembered by your employees. Think about the ways in which you want to take care of your employees. 

For example, what benefits do you wish to provide them with when it comes to their work environment, career growth or work/life balance? What are the core traits and values you want your team to achieve? Working out this vision from the top down will help your team members become invested in the growth of your organization. 

Product/Service Vision

Set aside some time to define what you want your products or services to give to your customers. What specific needs will it fulfill? How will you go about ensuring it fulfills them? Having a clear outline for this will help give you realistic expectations for your current offer and reveal a path for future products and services. 

If you can clarify the vision of what your company brings to the market this will also help your team because it gives them something to measure new ideas against.

Sales and Marketing Vision

The sales and marketing portion of your vision is the big picture of  how you want your products and services to be viewed by your clients. Think about what impact you want to make and how you want to do it. 

Linking your employees to your “why” is important so it gives your team a reason to drive engagement. This also gives them an idea on how they fit into your vision and their role in it moving forward. 

Impact Vision

Think about what it would look like if everything you planned came together, if your goals were met or even exceeded. Get clear about the outcome that you want to achieve. This can include financial goals, and less tangible goals like influence. 

2) Keep Your Employees Engaged

Your employees are the key to achieving your goals, but an unengaged workforce leads to failed ambitions and high turnover which completely hinders your organization. The best way to keep your workforce engaged is through continuous, lifelong learning. Training is a single event. Development is lifelong.

Today’s workforce is not optimized because companies look at training as a single workout a few times a year… that doesn’t work. The model we encourage at 1Huddle is a continuous 52-week per year employee development program. At 1Huddle, Everyday is Gameday.

Continuous learning is a critical component of retaining your top talent and it provides your employees with job satisfaction. Employees who are engaged in what they do at work are more likely to be motivated and remain committed. 

Here are some ways you can create a culture of continuous learning:

Create a workplace mindset open to growth. 

Continuous learning is not just about implementing new policies or creating opportunities to learn, it’s also about shifting the culture in the workplace to support it. Make efforts to explain the why behind learning. Explain how they can benefit from a continuous learning model. 

It’s also important to give everyone the opportunity to provide feedback, yet it is typically underutilized by new managers. Giving feedback combines several key skills like observing, communicating and listening. Not only is it important for you to teach your team members how to give feedback, it’s equally as important to teach them how to receive it without letting their emotions act as barriers to their development. 

Be sure to set learning goals within teams.

Not only should managers set goals for their team, but individual team members can also set their own achievable learning goals that they can share. Making these goals transparent allows for accountability and let’s every member of the team be more aware of what their peers want to learn.

These tips will help you encourage an environment where continuous learning is welcomed and becomes the new normal.

Reduce Employee Turnover with 1Huddle

At 1Huddle, we offer cloud-based employee training software where you can easily upload and customize your training content for a seamless training experience. All of your employees will have the ability to access their training anywhere, anytime and at the push of a button. This helps make training engaging and kept up-to-date. You can use our game platform to measure their performance and make key decisions on where you should take your training next. 

Do you want to learn more about how 1Huddle can help you level up your own workforce? Request a demo today.