3 Ways to Help Your Clients Reduce Turnover
3 Ways to Help Your Clients Reduce Turnover

3 Ways to Help Your Clients Reduce Turnover

In July 2019, 3.6 million people quit their jobs according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. That’s the highest number of individuals who voluntarily left their workplace in a given month since the BLS started tracking the metric in December 2000.

Every business experiences employee turnover—there’s no way to avoid it. But in today’s tight labor market, employers need to put their best foot forward in order to attract desirable candidates and keep their top performers. Check with your clients to see if they’re using the following tactics to help reduce turnover at their organization.

Hire Good, Quality People

Sounds like a no-brainer, right? To help ensure you’re getting quality candidates, implement an employee referral program in which your current employees are rewarded in some way for recommending applicants. Employee referral programs can reduce the time it takes to fill open positions and yield higher quality candidates who stay longer. LinkedIn’s recent Global Talent Study showed that 48% of businesses say their high-quality candidates come from employee referrals.

Offer Competitive Pay

Labor costs are by far the biggest expense for most companies, but it’s important not to overspend in order to attract new talent. Research the average pay rate offered by your competitors for similar jobs—a task made easier thanks to online sites such as Glassdoor—and take location into consideration before establishing a baseline salary. As your budget allows, try bumping up that baseline a bit to make the position even more attractive.

It’s equally as important not to underspend when retaining your top performers. Your workforce is your top asset and investing in their wellbeing should be a top priority. A competitive salary (or bonus!) can incentivize your employees to do their best while helping with morale and productivity.

Get The Right Mix of Benefits

The absence of benefits or the wrong benefits can drive up turnover rates. Employers need to pay particular attention to ensure they’re offering the right mix of benefits for a multigenerational workforce. Take it a step further than the traditional medical and dental options. For instance, would you consider your workplace a “wellness” company? Do you offer financial wellbeing seminars? Is telecommuting or working remotely an option as needed? Each generation prioritizes different benefits, so offering a good mix is a sure-fire way to attract talent.

Start reducing turnover, today.

To see how your business can derive the necessary information to help reduce turnover, check out our latest report, The HR Playbook: 10 Metrics that Prove the Value of HR.

Get Playbook

More to Discover

How to Build Effective Teams - Infographic

How to Build Effective Teams - Infographic

Paycor asked more than 1,000 leaders of medium & small businesses what makes teamwork work. What they said may surprise you. Check out our infographic for the highlights.Share this Infographic On Your SitePlease include attribution to https://www.paycor.com with this graphic.

Case Study: Price Brothers, Inc.

Case Study: Price Brothers, Inc.

A need for robust reporting tools and a modern HR and payroll platform with onboarding capabilities led Price Brothers, Inc., to Paycor. “We’re constantly hiring and looking for skilled trade help on a daily basis. Now they can fill out the application online and we can email them the new-hire paperwork. They can complete everything online before their first day.” - Kim McLaughlin, CFO, Price Brothers, Inc. Why Price Brothers, Inc., left their payroll provider Price Brothers, a Charlotte, N.C.-based plumbing contractor who specializes in new-home construction, needed a more modern HR and payroll platform that could keep up with their growing business. Their former solution wasn’t intuitive and didn’t collect all the data they needed for...

Case Study: Meeder Investment Management

Case Study: Meeder Investment Management

Adding Paycor Recruiting, Onboarding and Learning Management to their HR process helped Meeder Investment Management save time and increase employee engagement. “I love the ATS (applicant tracking system). It’s so easy to use. All the communication is right there. I can see manager feedback; I can see next steps. And then I click a button and all the [new hire] information seamlessly transfers to payroll. ” - Debbie Harris, HR Manager Prior to Paycor Meeder Investment Management, based in Dublin, Ohio, needed an automated recruiting, onboarding and LMS that integrated with their current system. Previously, they were tracking PTO by hand in Excel, manually entering new hire information and calculating paper timecards. Their LMS often...

Case Study: Buy Sod

Case Study: Buy Sod

Buy Sod Inc. Partners with Paycor to Pay Employees & Maintain Tax Compliance “Because we’re a niche company, our administrators sometimes have trouble uncovering and implementing best practices. But when we partnered with Paycor they brought the expertise and thought leadership to help us overcome tough challenges like the new EEO-1 report. Paycor has the patience, knowledge and resources to help us stay ahead of problems and grow.” - Jennifer Hillard, Director of People and Culture Why Buy Sod Inc. Chose Paycor In 2002, three family businesses came together to create a network of sod farms that operate and distribute around the country. But with ten locations and eighteen different payrolls to process, Buy Sod Inc. struggled to...