Forging the Workforce of the Future: Can you reduce the turnover rate?

Team Tanda

17 May 2019    |   

Are employees leaving faster than you can recruit them? You might not be alone. Consulting firm Robert Half found that in 2018, more than 67% of Australian employers say the turnover rate has risen in the past 3 years. In fact, the average turnover rate is 15% every year. Turnover occurs when an employee chooses to leave an organisation (voluntary) or is asked to leave for any reason (involuntary). Generally, a low turnover rate is great for a company. It indicates effective hiring, onboarding, training, and engagement practices. How to solve the high turnover rate Many companies are constantly trying to find ways to reduce their turnover rate. From attractive compensation packages to flexible work arrangements and lifestyle perks, millions of dollars go into convincing employees to stay. That’s why at this year’s Workforce Success Conference, we are inviting students to propose ways to reduce the turnover rate in Australia. Read on to know more about how companies are investing their retention rate and sign up for the case competition today! An internship and cash prize awaits the winner. 1. Adjust your recruitment strategy Create a recruitment strategy benchmarked on your best employees. Look at the attitudes, qualifications, and skills of your most productive and longest-staying employees. This will guide you where to look for new candidates, and what kinds of questions you should be asking them. Hiring is expensive and every lost hire represents wasted investment. Download and customise Tanda’s free position description templates to create the best call for applications. This will let you pool the candidates faster and assess them with greater accuracy. Then use our free interview guide and free interview kits to find the right talent for your company. Read more: From Hiring to Monitoring: How to use Free HR Templates and Forms 2. Provide training and development The lack of support can cause employees to question their role in the company and whether or not they are valued within in it. Managers need to provide the training and development for employees to progress in the company. In fact, a worldwide survey revealed that 37% of employees are dissatisfied at work due to a lack of support from their boss. Uncertainty about the workplace’s vision or strategy also contribute to dissatisfaction. There’s no bigger trigger of resignation than stagnation in a role. Providing opportunities to improve and take on bigger challenges increases the probability that talent will remain with the company. Read more: William Gooderson’s 8 Characteristics of Good Managers 3. Recognise and reward hard work Unappreciated hard work tends to sour the work experience and lead employees to look for better environments elsewhere. Make sure that positive performance is credited and held up as an example for others. Back the recognition up with tangible rewards to show that your company invests in its people. You can start by rewarding attendance to show appreciation for employees who are diligent about time. To implement an attendance incentive program, invest in a reliable employee time clock app with photo verification features. Not only will you track attendance better, you can even integrate it with your payroll system so payday is a breeze. Read more: Show Up for Success! A step-by-step guide to rewarding employee attendance 4. Promote work-life balance The link between employee happiness and retention is highly intuitive. When you give employees time to spend with their families or on their hobbies, they are more likely to come into work recharged and ready to tackle new challenges. Modern managers know that keeping employees happy is key to lowering the turnover rate. One way to promote work-life balance is effective rostering. A good roster balances the availability of staff with their personal needs. This can be challenging especially for shift work industries. Workforce management software lessens the burden on managers with roster templates, leave management, and shift swapping. Free download: Overcoming Employee Challenges in Shift Work Industries 5. Engage employees every day Employee engagement is the emotional commitment the employee has to the organisation and its goals. It’s how far staff are willing to go to fulfill the customer promise. But because we spend most of the week at work, it’s easy to feel jaded.  Many employees are dissatisfied not just about the job, but also the workplace and co-workers. Increase employee engagement by asking for shift feedback about what employees like and do not like. It will allow them to take a greater part in developing their role, steering their team, and growing the business. Following through on employee concerns can significantly affect their decision to stay with the company.   Ready to forge the workforce of the future by reducing the turnover rate? Form a team of 3-5 students and sign up today. A cash prize and internship awaits! We’ll email you more details and provide consultation once you sign up.

Are employees leaving faster than you can recruit them? You might not be alone. Consulting firm Robert Half found that in 2018, more than 67% of Australian employers say the turnover rate has risen in the past 3 years. In fact, the average turnover rate is 15% every year. Turnover occurs when an employee chooses to leave an organisation (voluntary) or is asked to leave for any reason (involuntary). Generally, a low turnover rate is great for a company. It indicates effective hiring, onboarding, training, and engagement practices.

How to solve the high turnover rate

Many companies are constantly trying to find ways to reduce their turnover rate. From attractive compensation packages to flexible work arrangements and lifestyle perks, millions of dollars go into convincing employees to stay. That’s why at this year’s Workforce Success Conference, we are inviting students to propose ways to reduce the turnover rate in Australia. Read on to know more about how companies are investing their retention rate and sign up for the case competition today! An internship and cash prize awaits the winner.

1. Adjust your recruitment strategy

Create a recruitment strategy benchmarked on your best employees. Look at the attitudes, qualifications, and skills of your most productive and longest-staying employees. This will guide you where to look for new candidates, and what kinds of questions you should be asking them. Hiring is expensive and every lost hire represents wasted investment. Download and customise Tanda’s free position description templates to create the best call for applications. This will let you pool the candidates faster and assess them with greater accuracy. Then use our free interview guide and free interview kits to find the right talent for your company.

Read more: From Hiring to Monitoring: How to use Free HR Templates and Forms

2. Provide training and development

The lack of support can cause employees to question their role in the company and whether or not they are valued within in it. Managers need to provide the training and development for employees to progress in the company. In fact, a worldwide survey revealed that 37% of employees are dissatisfied at work due to a lack of support from their boss. Uncertainty about the workplace’s vision or strategy also contribute to dissatisfaction. There’s no bigger trigger of resignation than stagnation in a role. Providing opportunities to improve and take on bigger challenges increases the probability that talent will remain with the company.

Read more: William Gooderson’s 8 Characteristics of Good Managers

3. Recognise and reward hard work

Unappreciated hard work tends to sour the work experience and lead employees to look for better environments elsewhere. Make sure that positive performance is credited and held up as an example for others. Back the recognition up with tangible rewards to show that your company invests in its people. You can start by rewarding attendance to show appreciation for employees who are diligent about time. To implement an attendance incentive program, invest in a reliable employee time clock app with photo verification features. Not only will you track attendance better, you can even integrate it with your payroll system so payday is a breeze.

Read more: Show Up for Success! A step-by-step guide to rewarding employee attendance

4. Promote work-life balance

The link between employee happiness and retention is highly intuitive. When you give employees time to spend with their families or on their hobbies, they are more likely to come into work recharged and ready to tackle new challenges. Modern managers know that keeping employees happy is key to lowering the turnover rate. One way to promote work-life balance is effective rostering. A good roster balances the availability of staff with their personal needs. This can be challenging especially for shift work industries. Workforce management software lessens the burden on managers with roster templates, leave management, and shift swapping.

Free download: Overcoming Employee Challenges in Shift Work Industries

5. Engage employees every day

Employee engagement is the emotional commitment the employee has to the organisation and its goals. It’s how far staff are willing to go to fulfill the customer promise. But because we spend most of the week at work, it’s easy to feel jaded.  Many employees are dissatisfied not just about the job, but also the workplace and co-workers. Increase employee engagement by asking for shift feedback about what employees like and do not like. It will allow them to take a greater part in developing their role, steering their team, and growing the business. Following through on employee concerns can significantly affect their decision to stay with the company.

 

Ready to forge the workforce of the future by reducing the turnover rate? Form a team of 3-5 students and sign up today. A cash prize and internship awaits! We’ll email you more details and provide consultation once you sign up.

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We at Tanda are pleased to announce that our time clock application is now available to download for Windows and macOS devices. Starting today, employees can have the same experience they’ve always enjoyed with the tablet version of our employee time clock, but now on the desktop. It accurately records employee attendance and compares it with the weekly roster. It also updates the timesheets automatically to the cloud and stores it offline when the device is not connected. And if the computer has a webcam installed, it can also take a selfie of the employee when they clock in and out just like the mobile app! Employees can clock in and out in their respective desktop workstations instead of going to wherever the tablet is located. It can also be a backup option if and when your office’s main Tanda Time Clock is unavailable. Remote employees can also use the Tanda Time Clock for the Desktop to clock in and out using their own computers. Existing users can click here to find out how to download the Tanda Time Clock for Desktop. Are you a new user? Signup for free here to use Tanda to track time and attendance for your business, and so much more.

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