What are the strategy to minimise employee turnover in an Industry?

Answer 1

Essentially the answer lies in making their current employment so attractive to them that they do not want to leave. This, however, doesn't necessarily mean paying them more than anyone else is offering. It is quite possible to offer a lower salary than your competitors and still retain staff, if your staff believe that their 'working lives' would be better with you than with anyone else". Obviously the discount in salary that folk are prepared to accept in return for better conditions is not limitless, but it can be purchased by organisations for much less than the cost of recruitment, training, and supervision, and the cost of loss of skills and capabilities that go hand in hand with high turnover.

What sort of attractions are we talking about? Basically it's a matter of 'finding out' from your staff. They might include things like training opportunities, work variety, genuine rewards and acknowledgement, access to discounted products and services (including home loans and discounted holiday travel), family support arrangements including child care and health benefits, sports facilities, community sponsorship and educational sponsorship.

But there is another side to this, and that is that employee turnover at one level is a healthy thing. If everyone stayed in the same place forever there'd be precious little 'new blood' and 'new ideas' entering the organisation. The answer here is to actually create your own 'turnover' engine, where you deliberately create opportunities for your people to 'leave' - to go to other areas in your own corporation, to go to government and industry associations, and to schools and technical colleges. Every one of those employees that you have 'assisted' finding a new job will remember you with gratitude and be an unpaid ambassador for your company. And there's a real payoff - if they are in a school they are ideally placed to direct 'bright young minds' in the direction of your company. And if you let these folk know that they are 'welcome back' you have them returning (after seeing that the grass really wasn't greener on the other side of the fence) with added perspectives and knowledge that can help you. In this way you 'ride the tiger' of turnover, rather than find yourself in the situation of being chased by it.

Answer 2

offer cometive wage at least 2 dollars more then the going rate for your feild this will keep them thinking heck at that place ill have to start all over along with good health care plan and overlook exused absence as long as its not being abused the incedent point plan hurts you causing you to lose people you spent so much time traning the turn over rate should drop fast

Answer 3

Offer benefits such as a bonus structure, flex time, ect. Also, make sure that the environment in the office is challenging but fun. If you have gossipers, get rid of them, they will poison the environment.

Answer 4

respect them