Employee turnover is a costly problem, both in terms of revenue and productivity losses as well as the expenses associated with hiring a replacement for the outgoing employee. Rather than accepting high turnover rates as a foregone conclusion, organizations should seek to foster engagement among team members—happy, engaged, content workers won’t have a desire to look for opportunities elsewhere. There are many ways to do this, but rewarding top performers and offering training and support are two particularly successful methods. Also, offering flexible schedules is another way managers can reduce turnover. Employees crave freedom and autonomy in their work day, and offering a flexible schedule has been shown to reduce absenteeism and foster higher levels of satisfaction among employees. Additionally, managers should consider offering “stay interviews” to increase engagement. This is one of the easiest methods to foster engagement across a team, and require no monetary investment. The goal of these interviews is to gather important information about how employees feel about their jobs, and what the company could be doing to better support them.
Fostering Engagement to Reduce Turnover