Employee turnover costs companies in a myriad of ways. These include lost staffing and onboarding expenses, as well as the resources spent training the employee. Of course, whenever someone leaves, your organization also suffers a significant hit to its overall productivity. This situation remains a major reason companies strive to keep their retention rate as high as possible.
If your company is currently suffering from abnormally high employee turnover, understanding the reasons why becomes critical. Perhaps your company culture is to blame? Whatever the reasons, fixing any issues ensures your organization can keep its valuable talent. Let’s take a closer look.
Is Ineffective Management at Fault?
An issue with a specific manager or poor management overall is why employees leave for another opportunity. Ensuring your managers receive training in effective leadership plays a crucial role in fostering a welcoming office culture. On the other hand, failure to do so adversely affects the organization’s retention rate.
Employee Burnout Leads to Poor Morale
While overworking your employees might result in a boost in productivity, it’s likely to be temporary. In this situation, quality project management plays a critical role. Ensure projects are staffed properly and that any deadlines are realistic and achievable.
A Poor Company Culture That Fails to Recognize Employee Achievements
A company culture that rewards achievement definitely contributes to high workplace morale. If your employees feel management rarely recognizes their hard work, don’t be surprised when your turnover increases. Simply giving a reward for great work helps immeasurably. Consider awarding a bonus, extra PTO, or even a gift card to your top performers regularly.
Failure to Provide Professional Development Opportunities
Technology professionals want to work for a company offering them a career ladder to success. As such, your company needs to provide a robust training program and tuition reimbursement to keep any turnover to a minimum. Requiring employees to stay with your company for a period after accepting tuition help directly influences your retention rate.
Uncompetitive Salaries and Benefits
Don’t forget employee salaries and benefits when considering a high turnover rate. Your salaries need to be competitive for your region at a minimum. Rewarding top performers, as noted earlier, also plays a key role in engendering their loyalty. This is especially the case for employees in high-demand positions, like mobile development and cybersecurity.
Connect With Synerfac!
If you need help building a talented tech team at your company, speak with the experts at Synerfac. As one of the top IT staffing agencies on the East Coast, we provide great candidates that meet your needs. Schedule a meeting with us at your earliest convenience.