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How to Maintain a Low Turnover Rate in an Ever-Changing World

3 Ways to Maintain a Low Turnover Rate SVS Group

The national average turnover rate in 2022 is 47.2%. According to the U.S. Bureau of Labor and Statistics, up to 4.5 million workers are leaving their jobs each month. With such a massive leak in employee retention, you might wonder what you can do to keep your own employees from walking out on you.

The good news is that workers aren’t walking out for the fun of it—they’re seeking greener pastures and smart companies are out there providing them. It’s time to look around your business and spot the dry patches that need watering.

Invest in Your Employees’ Education

94% of employees said they’d stay at their current employer if they invested in their long term learning. Degrees remain the standard for moving up in most fields, even though the means to get them has increased drastically and even a well-paid worker can’t afford to take on that kind of debt. 

It only makes sense that a company that believes in its employees long-term potential would invest in it. Of course, education doesn’t have to be an online degree. Simply providing paid training of all kinds would be a tremendous boost to employee retention.

Many companies provide LinkedIn Learning accounts free to employees. Setting up a simple process to request compensation for outside learning would also go a long way to showing your workforce you want them to stay and grow with your company.

Are Your Payscale and Benefits Packages Current?

For a long time, employers have had the upper hand. As they grew comfortable in that position, they began offering less and less. Now with the Great Walkout opening eyes, smart leaders are offering better salaries and benefits.

Check what the market rate is for your empty positions. If you’re paying below it, consider raising it to at least the market average. You may fill the position at a lower rate, but you’ll have to lower your expectations to actually fill the role.

Same with benefits. American’s workforce deserves to be taken care of and if you’re not looking out for their health, they’ll find an employer who will.

Consider Temp-to-Hire Positions

Of course, one of the oldest reasons for employee turnover has nothing to do with current trends and everything to do with your hiring process. Going through the rigorous gauntlet of interviewing and selecting candidates often feels like a roll of the dice. 

Contact Our Experts at SVS Today

A better way is to partner with a staffing firm like SVS Group to do the hiring for you. And by making your open positions temp-to-hire you get to try out an employee making no long-term commitment. It cuts down on your overhead and your time.

Contact SVS Group today to find out more!