What is the best way to reduce the turnover rate of your company? There are many research papers on employee retention with numerous different theses, but I think it boils down to a rather simple philosophy…show them that you care about them.
This is why companies like McDonalds and Wal Mart have such low employee retention. They make no efforts whatsoever to show their employees that they care. Probably because they actually do not. But, as research papers on employee retention have all suggested, the companies with best employee retention rates are companies who offer their employees services that go beyond just a paycheck.
I have read my share of research papers on employee retention, and that philosophy I just mentioned is what almost all of them seem to have in common. One example of an employee retention policy would include childcare in the workplace.
This has been proven to increase employee retention due to the fact that parents would feel better while at work, not having to worry about their children, because their children are right there with them, not too far away. Also, productivity levels of companies with childcare onsite are higher than the levels of companies without.
Another method I learned from my time reading research papers on employee retention has to do with ambiance. Employees are more apt to stay with a company that keeps its offices clean, neat, organized, and conducive to work. A clean, relaxing, creative, and fun atmosphere has been shown to keep employees around.
The importance of employee retention is clear. You want longstanding workers, because they become the experts. They become the backbone of the company. Research papers on employee retention can only teach us so much.
The real strategy for keeping your employees is to keep them happy and treat them well. Let them know frequently that they are just as important as they are.