According to a report in Forbes, employees who stay with the same company for over two years will cut their lifetime earnings by 50 percent. This startling number is not only a reason to leave, it’s a reason to get a job at a rival company. When analyzing employee turnover, it’s important to consider ways to reduce it and increase employee satisfaction. It’s also essential that your firm is protected with Staffing General Liability.
According to an article in Small Business Trends, here are three strategies to share to clients for reducing employee turnover.
- Offer competitive benefits. Most employees are looking to manage their work and home life and will be satisfied with flextime or telecommuting. This will not only boost employee satisfaction, but it will give them a sense of self-rule over their schedule. The ability to balance work and home life will affect their desire to stay at a company. Flextime can also cut medical costs by lowering stress employees encounter.
- Invest in your employees. The more employees feel valued, the more likely they are to stay with their current company. See what conferences and training programs your business can offer. This will produce happier clients and employees and better overall performance.
- Establish a supportive workplace culture. This will reduce the stress and anxiety in the office. An encouraging workspace will have employees feeling relaxed and ready to share their ideas. This will not only improve employee satisfaction, it will reduce turnover. Pets are also a way to create a supportive climate.
At World Wide Speciality Programs, we offer occurrence coverage that protects your staffing firm from legal actions in regards to injuries and/or property damage. For the last 50 years, we have provided peace of mind for staffing firms in need of loyalty. We can provide you with the best, most innovative staffing insurance solutions available. For more information, call us today at 877.256.0468.