A high employee turnover does not just result in a huge financial cost to a company but can also do irreparable damage to the levels of morale and general employee contentment in a business.

With that being said, continue reading to learn of some highly innovative and proven-to-be effective ways of heightening your levels of employee retention.

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Learn Why Your Employee Turnover is High

As with anything else, both in the professional and the personal context, the first step to making a positive change to a specific area is to learn why it has become a problem and the same is true for levels of employee retention levels.

Depending entirely on your specific company and business model, reasons why employees seem to be leaving for other rival businesses, or else deciding that your particular industry simply isn’t for them, will vary. However, the following reasons appear to be the most common:

• Feeling under-supported & overworked
• Boredom
• Bad company culture
• Little to no career advancement
• Inadequate pay
• Lack of benefits
• Problems with management
• Worries about company longevity
• Craving a stronger work/life balance

Invest in Quality Emotional Analytics

Emotional analytics is a particularly innovative, yet already proven-to-be effective way of better understanding your employees’ motivations and fundamental reasons for working.

Furthermore, when practicing employee analysis across the entire company (find out more here at inpulse.com), it will mean that not only you will be able to focus your time on improving your levels of employee retention, but provide tailormade packages for progression to individuals too.

Develop a Better Rewards & Recognition System

The most important tool available to a business manager is entirely cost-free and takes only a tiny amount of time to put into practice; praise and recognition.

For some employees and in certain situations, publicly or even privately praising them on a job well done will make the world of difference to their feelings of belonging and value. However, on a wider level, developing a compelling reward system will mean that your employees will not only want to work more efficiently and be more productive, but their general levels of contentment and happiness will drastically increase.

Introduce Employee Compensation Reviews

Certainly, in the current economic climate businesses across the entire spectrum of industries, both in this country and internationally, it is more than likely entirely unfeasible for large increases in salaries.

However, taking a small amount of time to cast a professional eye over different salaries in various departments and more specifically evaluate salaries and even make small adjustments will mean a great deal to individuals.

Implement Quality Mentorship Programs

Especially when it comes to streamlining and improving your recruitment and onboarding process, training is essential and when it comes to making a new employee feel valued and instantly connected to the work and the culture, so pairing new recruits with a mentor is a fantastic idea.

Furthermore, not only should beneficial mentorship opportunities be available to new recruits, but such benefits should also be offered to existing employees, especially those who are interested in progression.