When it comes to employee retention, a lot depends on the company and not the employees. Therefore, if you find that your rate of attrition is higher than normal, take a look at how you run your company, and examine the things that might contribute to employee dissatisfaction.
It is not uncommon for employees to resign or retire from their companies. But if a company's turn-over rate is more than normal, then there must be some elements inside it that makes its employees run away.
If you operate a company, the fewer employees resign the better for your operations. A report made by Bernadette Kenny in Forbes magazine stated that a company's attrition rate is healthy if it is below 15 percent.
Illustrating it in figures, if you have about 200 employees, it is normal if 30 of them will resign within a certain calendar year. But more than that number means that there are certain elements in your company which made them leave.
According to the Spherion's 2014 Emerging Workforce Study, one of the key factors that you need to look into is trust. If your employees trust you and what your company can do for them, you won't have any problem in employee retention, even if your competitor offers them higher wages.
Your employees can build their trust in you if you practice the following:
1. Eliminate red-tape in your operations - this practice only gives undeserved authority to certain people and slows down your procedures.
2. Let them know that you trust their decisions - but before doing that give them the proper training and the right information to make wise decisions.
3. Trust them until they've proven you wrong - don't just believe criticisms leveled against your employees. Investigate before making any conclusions.
4. Don't use the terms 'we' and 'they' when referring to other teams - this only fosters the 'us against them' mentality.
5. Don't make long company documents - a very long contract only shows mistrust by trying to cover all and every foreseeable angle of any situation.
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