Organizations have been trying to reduce employee turnover using new innovative methods
Turnover is not just a sidelined issue in today’s company ecosystem anymore. It is a serious issue plaguing the most innovative of organizations, causing monetary loss as well as the potential of losing the most innovative minds in a company. Organizations have been trying to reduce employee turnover with a multitude of strategies. But what are the other implications of intention of turnover, and how can that harm your organization?
Here, we talk about the implications of intention of leaving and how to reduce employee turnover.
A 2-year field study was done in a huge organization on the West Coast in the United States, while eliminating multiple variables such as gender, employee age, ethnicity and job performance; to find the factors affecting employee turnover. It was deduced that a number of factors contribute to the intention of turnover among employees. So if the intention of turnover amongst your employees is high, it can be deduced that the employee may fit in any of the following categories and thus, we can find a way to reduce employee turnover.
Job Satisfaction to reduce employee turnover
Job satisfaction is a concern for many employees, which bolsters their intention of turnover. Overall job satisfaction is reflected in three indicators of employee retention: whether employees expect to resign from their jobs in the coming year; whether or not they are currently looking for a new job; and their commitment to the organization they work for. Nearly 40% of employees who expect to resign from their jobs within 12 months are less than satisfied with their jobs.
So how can you reduce employee turnover using job satisfaction as the focal point?
Improve satisfaction with the work itself
Management should have regular one on one’s with his team to talk about their goals, their jobs and make sure that their overall career and responsibilities are moving in the direction they expect it to. The management should be open to critique and try to create a timeline for the team that each team member is happy is. There should always be opportunities for career development within the organization itself, else the turnover would occur. Remember, you win if the team wins!
Satisfaction with coworkers
Many a times, disagreement and dissatisfaction with coworkers can lead to dissatisfaction with the job itself. This comes down to the culture of the organization. Having a good culture where everyone has strong bonds, everyone is able to speak out their minds and constructive criticism is welcomed is paramount. Team building activities are a lifesaver in this situation. Have your team go out and do a volunteering activity together. When they do something good together, their relations improve. This will reduce employee turnover.
Satisfaction with the supervision
The management has a huge impact on being able to reduce employee turnover. If your management is empathetic, has a good relationship with you and works with you to not only achieve company, but also your personal goals, the automatic result of that would be that employees would not want to leave the organization. Recognition for work is what makes or breaks the relationship between management and employees.
Psychological Well-Being to reduce employee turnover
The concept of workplace happiness is a very abstract term to include. However, no matter how immeasurable this concept is, we all know what a huge role it plays to reduce employee turnover. Psychological well-being can be divided into two parts:
Workplace happiness has a correlation with job satisfaction and connection with coworkers. Workplace happiness is very dependent on employee recognition for the work he/she is doing, the amount of influence the employee has on decision making, what the evaluation and feedback of the work is and what opportunities they have to further their career.
External happiness has a lot of impact on the workplace well-being of the employee. That is why companies offer health benefits to the employee and the employees' families, maternity and paternity leaves, regular get-togethers for the employees and their families. The more the company can do to keep the external circumstances of an employee stable, the more productivity you can get out of the employee at work.
Job Performance to reduce employee turnover
The intention of turnover is highly correlated with job performance. The following are the indicators of job performance using which we can directly reduce employee turnover:
How is the management and the co-workers of a company helping the employee improve their job performance?
- Goal emphasis
To what extent is the environmental goal focussed? How is the company evaluating the achievement of the goals?
- Team building
How is the company focussing on team building to be able to get better productivity from that group of individuals?
- Work facilitation
Is the company providing all the requirements the employee has for him/her to be able to achieve their work goals and thus perform the task given to them?
In conclusion, looking at the factors affecting employee turnover, we can deduce that the negative impact of employee turnover is perhaps even worse than the turnover itself. How helpful can a dissatisfied, low performing and unhappy employee be in a company? To reduce employee turnover, you have to nip the issue in the bud. A satisfied employee is a happy employee.
In previous blogs, we addressed the issue of turnover as well in relation to What Kind Of Industries Have High Employee Turnover Rate? (Check it out here) as well as Average Employee Turnover Rate: Analysis And Strategy For 2017 (Read it here).
Talk to us about your problems with turnover, Request a Demo!
 Job Satisfaction and Psychological Well-Being as Nonadditive Predictors of Workplace Turnover by Thomas A. Wright* and Douglas G. Bonett
 HR Council’s 2008 survey