Employee retention is a challenge that nearly every business faces at one point or another. And because a high turnover rate can be very expensive – estimates put the cost of a bad hire at around 30% of the employee’s first-year earnings – you want to do all you can to shut that revolving door.
One reason for a high turnover rate is poor company culture. So, improving your company culture is essential if you want to keep people around and avoid having to hire over and over again for the same positions. Here’s how to do it:
Create a strong mission, vision, and values
Employees want to do work that’s meaningful and purposeful. If they don’t know why they’re doing what they do, they’re not likely to stick around. When your employees know that their work matters, they’re going to be more engaged and motivated – and less likely to look for work elsewhere.
If your company doesn’t have defined core values, as well as a mission and vision statement, it’s time to create them. But putting a few sentences on your website’s About page isn’t enough. You need to communicate these values to your entire team. When leadership and employees live and breathe the core values every day, everyone knows their why. And that directly correlates to job satisfaction and lower turnover rates.
Weed out toxicity
As the saying goes, people don’t quit their jobs. They quit their bosses. And whether it’s a micromanaging supervisor or a bully coworker, you must weed out toxic individuals in your workplace and either correct their behavior or terminate them. It’s that simple. Toxicity will fester in your work environment and only get worse as time goes on, unless it’s dealt with. If you have a turnover problem, take a look at the level of toxicity in your workplace and take steps to correct it, right away.
Ask for feedback
One of the best ways to improve your company culture is by asking your employees how they would do it. Have your staff fill out surveys – with an option to submit anonymously – and tell leadership how they’re doing, and what the company could improve upon. Often, you’ll get insights you wouldn’t have been privy to otherwise.
Decrease Turnover by Making the RIGHT Hires
When you hire the right people for your business the first time, your organization is less likely to experience turnover. Prevent issues with company culture by hiring people that fit yours – let Metrodata Services help. Our background screening services allow you to verify the data provided by your candidates, ensuring you’re bringing reliable, trustworthy hires on board. Contact our team today to learn more and get started.