In the modern business world, employee turnover rate is a growing concern. Employee turnover is costly for employers, especially since most turnovers occur within the first 2 years. Hiring for or training a skill set is one thing, but it takes time to impose company culture on an employee to ensure the best fit and performance for the employee and business. And time is a fundamental commodity for any business. To complicate matters, most employers will never discover the true reason an employee left, making it that much more difficult to correct any problems on the business’s side.
Turnover doesn’t always work out for the employee either. If the new position isn’t a good fit either, there may be too many bridges burned to turn back; and most HR specialists will be skeptical hiring someone with a pattern of turnover.
When an industry experiences a downturn, such as the case currently in oil & gas, employee retention can be challenging. Raises and bonuses may not be an option, but there are still ways to ensure your staff feel valued. Weekly feedback sessions for employees to be heard, recognition awards and internal contests can be effective. Social events, such as company picnics, can be affordable while boosting employee morale. In the case of ticketed events, such as sports or concerts, employees may even be willing to contribute to the costs if they are benefiting from a group rate offered by the venue. Employees will appreciate management seeing them as people instead of payroll items, and as their own friendships develop, they will begin to hold themselves accountable to each other.
At Terra Guidance, we seek to find and retain the best talent we can, as any company naturally would. However, we use the same underlying principle for employees and we do for clients: How can we improve their “Quality of Life”? By giving our staff a better quality of life, our staff return the favor with excellent service and product quality, which in turn improves our clients’ quality of life as they reclaim their nights and weekends by leaving the 24/7 monitoring, logging and steering to Terra Guidance. By ensuring management and staff all have some type of vested interest in the company’s success, Terra Guidance retains the talent necessary to deliver on our promises to clients.