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

5 Tips for Developing Company and Employee Objectives

5 Tips for Developing Company and Employee Objectives

If you’ve ever Googled “What’s an OKR?” you’re not alone. OKRs mean objectives and key results and they’re becoming a very popular way for business leaders to get everyone on the same page. By making your organization’s OKRs visible and transparent, employees get a better sense of how they can contribute. And the more they understand the overall impact they make, the more engaged they’ll be.But setting organizational objectives isn’t easy. You have to take into consideration internal factors such as financial resources and human capital as well as external factors such as competitors, demand for the products, and the economy. You’ll also want to encourage employees to set their individual objectives by aligning their contributions to the...

TECH+ 2021: Executive Summary

TECH+ 2021: Executive Summary

Paycor hosted TECH+, our annual national partner conference on Feb 1st and 2nd and this year, the event was virtual. As always, TECH+ brought together benefits brokers, financial advisors and HR consultants for two days of learning, insights and strategies designed to improve business development and client retention. View the sessions on-demand, here.Here are 11 key takeaways: #1: Transparency, Technology and Data Analytics are Transforming Employee Benefits Benefits teams are in the spotlight now that American business is undergoing a “revolution in caring.” Business leaders are focused on making improvements: 61% focused on improving health and well being 55% focused on improving employee satisfaction and engagement 49% focused on...

Case Study: Midwest Security Services

Case Study: Midwest Security Services

Midwest Security Services needed an HCM company who could provide accurate payroll and tax withholdings. They chose Paycor. “The experience of using Paycor’s payroll is clean and easy—and that’s something I need. There’s a lot more follow-up and communication. If I have a request for a new garnishment or there’s a change, I get emails at every step of the way from Paycor. I don’t have to wonder if something was taken care of because I receive confirmation notices. It’s great.” - Shelly Mize, head of HR, Midwest Security Services Prior to Paycor Based in Kettering, Ohio, Midwest Security Services develops security solutions for schools, hospitals and corporations including video surveillance, access control systems, fire alarm and...

Case Study: Ruthmere

Case Study: Ruthmere

Paycor is a trusted partner that helps Ruthmere eliminate payroll errors and track employee hours. “With our previous provider we had to collect timecards and upload them to the payroll system. One whole day (each pay period) was eaten up just trying to do payroll. With Paycor the entire process only takes 5 minutes.” - Jennifer Johns, Curator Prior to Paycor As the Curator of a nonprofit with fewer than 10 employees, Jennifer Johns wears many hats, HR included. Unfortunately—with their previous provider—Jennifer had to manually enter employee information into the system multiple times. In addition, the system didn’t offer an easy way to track PTO. As a result, Jennifer had to approve PTO requests through email.To make matters worse,...