If your retail business is experiencing a high level of employee turnover, you need to take appropriate action.
Get started by considering the following five different and effective ways to reduce employee turnover and increase employee loyalty.
1. Increase Pay or Benefits
One highly effective way of ensuring your employees stay with your retail business is to provide them with a pay increase. It is important that you offer a competitive salary. If you do not, your employees are likely to leave after a short time.
When that happens, you will need to spend money on recruiting new workers. So, it can often make financial sense to increase your employees’ salaries. If your business is not in a financial position to do that, consider providing more benefits to your members of staff instead.
Most retail business owners are willing to increase pay and benefits when sales are highly stable all year round. A crucial aspect of reaching this goal is gauging employee performance above their capability. Here comes high-performance culture as a critical topic, in which employees unite behind a distinctly defined and captivating vision that embodies the company’s core values. Your entire team must actively participate in crafting this vision, ensuring their valuable input shapes its essence.
2. Give Your Employees More Time Off and Flexibility
Today’s workers want a better work/life balance. If they do not get it, they could soon leave your company. So, look at ways in which you can give your employees more time off and more flexibility.
For instance, you could adopt a four-day working week, as many companies around the world are starting to trial. Or you could give time off as an incentive so that employees who meet targets and go above and beyond the call of duty can receive time off in return for their hard work.
You could also introduce flexible hours and remote working opportunities to help your retail staff attain a better work/life balance and, in turn, ensure they stay loyal to your company.
3. Regularly Recognize Employees for Their Achievements and Loyalty to Your Company
The more you recognize the efforts and hard work of your employees, the more likely they are to stick around and perform well. So, look at ways of recognizing employee achievements and loyalty.
In addition to offering time off, it is a good idea to hand out awards, trophies and other items, such as the recognition awards from Able Recognition, at an end-of-week or end-of-month get-together.
But recognizing employee contributions should not be limited to handing out things like awards. You should also ensure that management-level staff always say a simple thank you to employees who do great jobs.
When managers are quick to express their gratitude, employees will feel more positive, be more productive, and are more likely to commit to your company in the long term.
4. Provide Opportunities for Growth
One reason that employees leave retail businesses after short periods is because of a lack of opportunities to progress in their careers. Not all workers will want to move up the career ladder, but those that do will soon become bored and feel stagnated if no growth opportunities are offered.
They are then likely to leave your company to look for another position that provides them with the opportunity to learn new skills and move up the chain of command.
So, you should look at ways of creating more potential internal promotions. You should also look at ways in which your staff members can learn new skills to help them move forward in their careers over time.
5. Listen to Your Employees
Lastly, you can reduce employee turnover in your retail business by simply ensuring you listen to the feedback and concerns of your workers.
When employees feel valued, they are more likely to stay loyal to your company. In order to feel valued, your employees need to know that their bosses’ doors are always open and that their feedback is actually listened to and carefully considered.
The more all of your managers communicate well and listen attentively to employee issues and ideas, the more you can ensure your retail members of staff do not leave.
