Hiring good employees is just half the battle; keeping good employees on staff is just as important. Below are five tips on how to avoid high employee turnover.
Offer the best benefits
Health insurance, retirement plans and paid time off are all well and good but to stay competitive you will have to offer more. Telecommuting options, gym memberships and flextime are just a few options that can set you apart from the competition. Small perks such as bagels on Fridays can also go a long way.
Promote from within
Instead of looking elsewhere for someone to fill a spot, try offering up the role to your current employees. This gives employees a clear path to advancement whereas hiring from the outside can lead to frustration and dissatisfaction. You want your employees to see a future for themselves at your practice.
Foster open communication
Holding regular meetings between your employees and upper level management gives them a chance to offer up ideas or ask questions. This helps your employees feel more respected as well as encourages them to speak frankly without fear of retribution.
Use contests and rewards
When done right, contests can help spar lighthearted competition and help employees get excited to do their jobs. You can also offer stock options or other financial rewards for those who meet their performance goals and stay for a predetermined amount of time (three years, five years, you get where we are going with this). You can also create some sort of yearly or quarterly bonus structure.
Support employee development
Whether you hold onsite training sessions or offer employees a stipend to find their own, this shows your employees that you want to invest in them.
As you can see, employees are most likely to stay if they feel appreciated and valued.