How to lower your company's turnover rate in 2023?

Are you among the 91% of HR leaders who are concerned about staff turnover? Or maybe you're a manager who wants to do more to keep key talent in-house? Whatever your reason for addressing turnover and adjusting your employee retention strategies in 2023, there are many steps you can take to improve employee morale and keep them engaged and invested in your organization.

In some industries, such as hospitality and retail, staff turnover is predictable and part of annual resource planning. However, in other sectors, the seniority of one' s workforce can be synonymous with increased productivity, improved service and product quality, and greater efficiency.

However, turnover is not always a bad thing. A reasonable level of turnover can revitalize teams and bring in new ideas and approaches that can breathe new life into your business. But when turnover becomes constant, it can sap morale and even damage your reputation with customers and suppliers? Turnover can even have a snowball effect when employees are faced with too high a workload.

In summary, a high turnover rate can :

- result in significant costs to your business
- damage your reputation
- cause the loss of valuable savoir-faire and skills
- cause a loss of business

On the other hand, the benefits of low staff turnover will strengthen your business for years to come. You'll focus more on strengthening your employee retention strategies, which will:

- reduce recruitment and training costs
- improve employee morale and company culture
- lead to an increase in productivity
- offer a better customer experience
- to have access to a greater expertise of the collaborators

If you are facing high employee turnover or are concerned about future retention rates, try incorporating these tips into your employee retention strategy for 2023:

Make your employees feel valued and cared for throughout their time with your company by considering the employee experience at every stage of the employee journey. This means providing the best possible experience, from recruitment to exit interview. Here are some suggestions for delivering an end-to-end employee experience in your current internal recruitment processes:

- Remove unnecessary steps from your recruitment process
- Simplify your onboarding procedures
- Offer flex office and benefits
- Set clear goals and expectations
- Integrate EDI (equity, diversity and inclusion) into your corporate values
- Manage employee departures with care

Nearly 94 % of employees say they would stay longer in their jobs if they felt the company was committed to investing in their training and development. Developing learning and training programs, partnering with third-party training providers, etc. all demonstrate an investment in the development of your workforce, which in turn will encourage them to become more invested in their roles.

Provide training, mentoring and long-term goal setting, as well as clear promotion paths. Implement regular feedback systems, either through one-on-one interviews with their managers or through centralized employee satisfaction surveys to obtain real-time data.

Companies and teams immersed in a circuit of projects and deadlines sometimes tend to let successes go unnoticed and unrecognized. Set up ways to celebrate the accomplishments of your teams, individually and as a team or department. In-person acknowledgements from top management are great, but don't forget to offer more tangible rewards. In-person acknowledgements from top management are greatly appreciated, but don't forget to offer more tangible rewards. You should also leverage kudos as part of your employer branding through social media campaigns. This can be a great way to showcase a team-based company culture and demonstrate how much you value your employees' contributions to your company's success.

Feedback is a very flexible tool that can help give employees structure, support and create a culture of transparency at all levels of your organization. When a manager masters the practice of feedback, it also helps employees feel that they have access to the information they need to do their jobs. Giving employees the opportunity to provide feedback to managers will help managers improve and allow you to address any concerns quickly.

Of course, all the feedback from individual interviews, performance reviews and even exit interviews is only useful for improving employee retention if you are able to use it! When employees do not feel the effects of their feedback, they feel ignored and devalued. On the other hand, companies that regularly follow up on the feedback they receive and openly address employee concerns will see a decrease in turnover, as employees feel more secure.

Integrating employee retention strategies into your human resources plan can be challenging, especially if your internal recruiting structure is also trying to attract new talent. An RPO partner is the ideal solution, providing you with the resources, processes, devices and expertise to achieve your retention goals and provide exceptional support for your long-term recruitment strategy. To discuss your talent acquisition needs, schedule a meeting with one of our solutions experts today.