5 Tips to Stop Employee Turnover in 2024

Una ilustración de un hombre de negocios visto de espaldas, frente a dos puertas azules, simbolizando una elección de carrera o cambio de empleo. Hay signos de interrogación y monedas flotando en el aire, lo que sugiere la consideración de factores financieros o incertidumbre. Las flechas en el suelo apuntan hacia ambas puertas, representando el concepto de "rotación de empleados" al tener que decidir entre dos oportunidades o direcciones en su trayectoria laboral.

The work environment has undergone remarkable transformations recently, especially since the beginning of the pandemic, and it seems that this trend is going to continue in 2024. Meanwhile, companies seek to adapt and stand out, facing the challenge of retaining their most outstanding employees. A high worker turnover not only interrupts the fluidity and effectiveness of a team, but also entails extra expenses in recruiting and training.

How can companies stop the departure of their best members?

Below, we share with you five strategies to strengthen the cohesion and commitment of your team.

What is employee turnover?

Employee turnover is one of the most important metrics for the Human Resources department. It refers to the number of workers who enter and leave a company in a given period, compared to the total number of employees.

For example, imagine that in a group of 100 people, 15 decide to leave the company and 15 new ones are hired in one year. That means there has been a 15% turnover.

This is the formula to calculate employee turnover rate:


Where:

  • Number of employees who left is the total number of workers who left the company during a given period.
  • Average number of employees during the period is calculated by adding the number of employees at the beginning and end of the period, and then dividing by two.

The result is then multiplied by 100 to express it as a percentage.

Why is this indicator important?

Because a high turnover rate is an unequivocal sign of problems in the work environment, while a low rate indicates satisfaction and stability in the team.

So, it is essential that companies understand and manage this phenomenon, since the constant entry and exit of personnel affects efficiency, costs and organizational culture.

5 ways to stop employee turnover

Employee turnover in itself is not bad. In fact, a proper balance of hires and departures prevents companies from becoming stagnant, as it promotes the entry of new talent, the organization can incorporate new and fresh approaches that help it to improve.

However, when the exits are more frequent than the entries, something goes wrong. Therefore, here we leave you with 5 good practices that will help you slow down your team members, especially the most valuable individuals.

1. Understand their motivations

Each individual moves for different reasons, aspirations and personal goals. And, in the work environment, these motivations become the fuel that drives employees to give their best.

By understanding them, leaders can design action plans and management strategies that align with those motivations, fostering greater engagement and productivity.

How to identify what motivates your team?

Regular pulse surveys

These short, targeted surveys allow companies to have a constant understanding of employee mood and opinions. By performing them regularly, organizations detect problems, concerns or areas for improvement early and can take action before they become larger problems.

Open communication spaces

Fostering a safe environment where people feel they can express themselves without fear of retaliation is crucial. These can be informal meetings, feedback sessions or even digital platforms where employees can share their thoughts and concerns.

Active listening

It’s not just about listening to what employees say, active listening involves paying full attention, not interrupting, and responding appropriately to the concerns of whoever is speaking to you. This shows respect and appreciation for what your people have to tell you.

2. Offer clear development paths

Ambition and the desire to grow are inherent characteristics in most professionals. Without a clear development path, employees are likely to feel stagnant, unmotivated, and ultimately seek opportunities outside your company.

That is why it is so important to have well-defined development plans prepared. These not only build talent loyalty, they also drive work commitment.

Performance evaluations

Carrying out regular employee performance evaluations allows you to identify areas for improvement and enhance skills. Of course, it is not enough to just assign a grade. Actually, these assessments should be used as the basis for establishing a roadmap with clear goals and objectives that lead to professional development.

Career plans

These plans set the course for how employees can advance within the organization. And no, it doesn’t just refer to promotions, but also to acquiring new skills and responsibilities in your role.

Training and education

Training teams is an excellent way to help them acquire skills that will allow them to evolve in their professional careers. Luckily, long courses and seminars are no longer needed to learn. From webinars , workshops, even e-learning programs, training pills are an essential resource to keep your team updated and motivated. And, above all, with the certainty that in your organization they have the possibility of becoming experts in their area of interest, encouraging them to want to stay.

Transparent communication

If you want to retain your staff, it is very important that they understand what is expected of them and what they must achieve to advance. Otherwise, confusion and frustration will precipitate their departure. In this sense, maintaining open and clear lines of communication ensures that employees are aware of their opportunities and know how to take advantage of them.

3. Recognize good work

Lack of recognition is one of the main causes of talent drain. According to workplace engagement expert Leigh Branham , everyone needs to feel important, and yet what many organizations achieve is that their staff consider themselves insignificant.”

It is very important to understand that recognition goes beyond tangible rewards. Often, it is the genuine act of valuing that really resonates with employees.

Immediate recognition

When exceptional behavior or results are observed, it must be recognized immediately. This immediacy reinforces the desired behavior and shows employees that their efforts are counted and worthwhile.

Public recognition

Highlighting achievements in meetings, on the corporate website, or even on social media fosters a sense of pride and accomplishment in employees. And being recognized in front of colleagues and peers enhances the feeling of achievement. And it feels very good.

Constructive feedback

Recognition not only involves praising achievements, but also providing feedback that helps improve. Ensuring that feedback is balanced and focused on growth is as valuable as any praise.

Culture of gratitude

It is also good practice to foster a culture where gratitude and recognition are common. That is, creating a place where not only leaders are encouraged to be grateful, but also teammates are encouraged to recognize and support each other’s efforts.

4. Promote a positive work environment

Organizational culture plays an essential role. To retain talent, companies must ensure a positive work environment of collaboration, respect and openness, where employees feel comfortable and eager to contribute their talent every day.

Collaboration and teamwork

Encouraging collaboration across departments and teams helps break down silos and foster a sense of belonging . In fact, it’s no secret that teams that work together effectively tend to be more innovative and productive.

Mutual respect

Promoting respect at all levels of the organization is another fundamental aspect. This means not tolerating negative behaviour, such as harassment or discrimination, and ensuring that everyone feels valued and respected, regardless of their individual differences.

Recognize the importance of well-being

Implementing wellness programs, such as mindfulness sessions or access to psychological counseling , shows that the company cares about the physical and mental health of its workforce.

Respect for personal life

Yes, employees have a life outside of work. Respecting boundaries, ensuring digital disconnection, and offering support when necessary strengthens loyalty and commitment to the company, as it helps reinforce the idea that employees are not a number, but people with their own responsibilities. Take advantage of the fact that not all companies are capable of respecting the privacy of their employees to enhance talent loyalty.

5. Don’t forget about benefits

Nowadays, people care about much more than just salary: they want extra benefits at work, such as health insurance or flexible hours, which will make them feel more comfortable and loyal to the company.

But for these perks to really work, you need to ask and listen to employees to find out which benefits matter most to them. Again, surveys become your best ally.

This way, everyone wins: the company has happy employees and the employees receive what they truly value.

Still don’t know what causes your collaborators to leave? Do you want to find out what motivates them and enhance those areas and talent loyalty?

 

Design your own survey now with Team Insights and start understanding your team dynamics to reduce employee turnover . Register for free here and start taking charge of your organization now.

 

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