Why you should care about reducing employee turnover

You’ve undoubtedly heard the phrase “people don’t leave their job, they leave their manager.” Companies around the world are learning how true this is, and are making concerted efforts to decrease employee turnover by improving their managers. In Gallup’s study, State of the American Manager, 50% of workers surveyed have left a job to “get away from their manager at some point in their career," and "at least 75% of the reasons for voluntary turnover can be influenced by managers."

Retaining employees is one of the most crucial factors in running a successful business. Not only is employee turnover expensive, it can stifle growth, and decrease morale and togetherness in the workplace. Fortunately, there are a few key strategies that can help any organization keep people around, and see continued success.

One of the biggest factors to company success and survival is the company’s ability to retain key employees. Without team-members who stick around for the long haul, many organizations struggle to stay afloat because of associated costs of turnover, as well as sparse opportunities to promote people internally. How can you reduce employee turnover? Below are three strategies for HR professionals and business leaders to improve employee turnover and retain key employees:

Did you know that 85% of the global workforce considers themselves to be on the job market? According to LinkedIn’s Talent Trends 2014 study, these candidates are either actively searching for or passively open to the prospect of leaving their current job in the dust. What does that mean for your team members today? Well, it looks like less than a quarter of them are actually content to stay with your company.

When it comes to retaining winning talent, it may seem like the odds are stacked against you. But, you want the continuity of keeping good team members who know your processes, clients and industry. It’s been proven that retaining talented team members saves you money.

One way to encourage loyalty among your employees is by developing opportunities and pathways that lead to promotions. If your workers see a future with you, they’re less likely to look for one elsewhere.