How to Lower Employee Turnover

Three Steps – How to Lower Employee Turnover

3 Steps – How to Lower Employee Turnover 👇

HOW to Lower Employee Turnover – Discover the top 3 ways to plug a million-dollar leak in your company!

The cost of replacing an employee can range from one-half to two times the employee’s annual salary. 

At 50k/year that’s a minimum of 25k PER employee.

It should come as no surprise that they’re still quitting their jobs in record numbers.

And it’s because of something MORE than money. 

As a health & wellness business owner, when you lose members of the team, you begin to lose the team as a whole. 

Here’s how to plug that hole:

1. Understanding the motivators and pain points of employees 
2. Set frequent meetings to discuss what your employees actually care about 
3. Encourage a work-life balance

Keep reading and I’ll explain…

Understanding Your Employee’s Motivators And Pain Points. 

It’s more important than ever that health & wellness business owners listen to the needs of their employees and adapt their business accordingly.

Recent research from PARO made it clear that earning a larger paycheck is no longer a motivator for adhering to a regular 9-5 schedule. 

So if your employees aren’t motivated by dollar signs…

You need to determine what they are motivated by and begin to implement fair strategies that everyone can benefit from. 

Current research says that employees value a work-life balance over compensation so common pain points for them would be the time away from their homes/ family/ or activities they enjoy. 

I want you to think of your current employees and answer this, “Why do they go to work every day and how invested in your business are they?”

If you can’t answer it, then ask them. Allow your employees to answer anonymously if they feel the need to and use those answers to determine what motivates your employees. 

Because you can’t fix a problem when you don’t know what’s causing it in the first place. 

Set Frequent Meetings To Discuss What Your Employees Actually Care About. 

These meetings can be monthly or quarterly depending on the size of your business and the needs of your employees. 

During these meetings, you will listen to their frustrations, their dreams, and what they want their future to look like.

In doing this you will have created a space for the team to continue to grow and form together while they’re sharing things that are working for them, and what they want in the future. 

Can you adapt your company culture to fit those dreams? Are you and your business part of their goals?

Keep in mind that when an employee voices a frustration, the goal is to listen and take constructive steps to alleviate it. 

This shows your employees that you VALUE them. 

Encourage A Healthy Work-Life Balance.

A 2017 article in Forbes states that allowing flexible work schedules is one of the top ways an employer can reduce employee turnover. 

Flexible work schedules let employees adjust their work time and location.

This allows employees to create a work-life balance for themselves. 

Your team can enjoy things outside of work, go to appointments, and take care of their families.

I’m sure you can find ways to offer flexibility, such as flexible lunch times, flexible hours within the day, or flexible days off.

If it’s possible for some positions, you can look into allowing employees to work from home or hiring established freelancers. 

The benefits of hiring a freelancer are that it’s more cost-effective than a full-time employee, you have access to specialized talent (ie: a bookkeeper), and there is usually a quick turnaround on deliverables. 

The main takeaway is to understand that your employees have lives outside of work. 

And when they can live their lives, they will be more satisfied, less distracted, and less likely to quit.

I hope you can see how important providing an environment that allows for a healthy work-life balance can be for your business growth. 

Because ever since the pandemic, employees are requesting (demanding) more time to do things they enjoy, and you can’t blame them.

If you don’t have flexibility in place and you struggle with employee retention and growth…

Maybe it’s time to restructure your business. You can start by bringing on freelance team members to “test” what it’s like to manage team members with flexible schedules. 

If you’re still doing your own bookkeeping, or your statements never add up at the end of the month… 

And you currently don’t have a team to support you with this, comment “FLEXIBLE” so we can see how we might be able to help. 

Also – If you know a business friend who might need to hear this information share this video with them or tag them below! 

Or schedule a free, no-obligation Discovery Call with us: https://hello.burnsidebookkeeping.com/public/appointment-scheduler/630cfb590890c351b5d20c25/schedule

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