4 Cost-effective Ways to Reduce Employee Turnover Now

Reducing employee turnover is one of the biggest challenges for organizations right now. Per a recent survey, 40% of workers planned to look for a new job in 2021. This year and into 2022, employers across all industries should prioritize preventing employee turnover. MP’s recruiting experts share four cost-effective strategies to reduce employee turnover, especially in 2021 and 2022.

4 Proven Strategies for Reducing Employee Turnover

1. Offer more flexibility and autonomy to workers.

Employers will drastically reduce turnover by offering their employees more flexibility and autonomy. These two factors have always profoundly influenced whether employees feel happy and engaged in their jobs. In 2021, when many workplaces offer remote work, it’s easier than ever for talent to find a job that offers flexibility and more autonomy. Supervising remote employees often requires managers to permit their staff to structure their own workdays. As long as they meet deadlines and are present for meetings, client calls, etc., employees are permitted to attend appointments, run out for errands, or work untraditional hours. Organizations should also note that working parents may need flexibility more than they did pre-pandemic. With school closures and COVID precautions, parents are frequently juggling complicated childcare arrangements. Employers that don’t offer flexibility and increased autonomy should be prepared to lose part of their workforce.

2. Show appreciation to workers and give public recognition.

One of the easiest and most cost-effective ways to lower turnover rate is to make employees feel appreciated. When managers say “thank you,” they make employees feel more engaged with their work and their team– especially remote employees who may not speak to anyone else all day. Another powerful technique is public recognition. Managers could:

• Share how employees have been performing well and achieving goals during company or team meetings
• Send emails to upper management or company-wide praising their employees

3. Conduct more frequent check-ins.

Improving employee engagement and preventing turnover is easier when managers conduct regular check-ins with their team. Employees will feel more connected to their team if they speak to their managers regularly, even if it’s brief. These check-ins will also be more powerful if managers take a few minutes to make small talk with their employees. Remote employees don’t experience the brief moments to connect with teammates and managers at the water cooler, lunch and break rooms, etc. These moments are essential for reducing employee turnover because they help staff feel tied to their team and company. Managers of remote employees could recreate these connections with time for small talk in their check-ins and meetings. Another reason for check-ins is to help employees see a path to growth in their role and the organization. Managers could talk to their staff about their performance, training for new skills, and how to continue to contribute to larger company goals.

4. Develop a sense of psychological safety.

Strong company culture makes employees feel safe taking risks, asking questions, and making mistakes. Ensuring employees feel psychologically safe in their job, whether remote or in person, assists employers with drastically reducing employee turnover. Employees will stay longer in a position where they are able to take risks, learn, grow, and feel comfortable interacting with coworkers and managers.