Updated: Oct 3
The workforce has experienced a significant change during the pandemic. Many businesses are stating that the workforce will not go back to normal. Some companies have decided to become permanently remote or hybrid post-Covid.
Will remote work affect employee turnover, or will it increase retention? The Human Capital Institute states that employee engagement focuses on three factors: growth, recognition, and trust. All three facts are achievable remotely through creative and innovative approaches.
As we move forward to a new work style, we will also see a new type of management. With remote work, leaders and managers cannot fully supervise their employees. Leaders should trust their team, focus their efforts on business needs and innovative tasks, and strive to manage less. The kind of leadership that the new era needs are compassionate and trusting individuals. These are leaders who will retain employees by making them feel seen and respected. The seven strategies to reduce the turnover rate of employees in your workplace consist of hiring the right people, improving work culture, increasing employee engagement, promoting work-life balance, investing in training, attractive benefits package, and leading by example.
Hire The Right People
Hiring is a lot more strategic than many would assume. The process is long and expensive. According to SHRM, the average time it takes to hire a new employee is 36 days. Many employers are usually in a rush to hire their next employee. They do not have time to fall behind on work and quotas. However, using the time and money to hire the wrong person is more detrimental and expensive than hiring correctly. Keep in mind that the higher the turnover rate is, the greater is the risk of wasting your company's resources. When hiring, focus on knowledge, skills, ability, and GRIT. Grit stands for guts, resilience, initiative, and tenacity. Not all individuals will have all the job requirements, yet their GRIT will drive them in the workplace. Grit is the differentiating factor from an employee who simply performs their tasks compared to the employee who asks for more responsibility.
Improve Work Culture
In a positive working culture, the turnover rate can be at its minimum. Create a work culture that encourages employees to move on from the company for their professional development, yet they still choose to st