Orlando Business Insurance: Tips to Reduce Employee Turnover
Employee turnover is incredibly costly for businesses. On average, it costs businesses about one-fifth of a worker’s salary to replace that worker. For businesses with high turnover, this can amount to significant costs in the long run. It takes time and effort to recruit and train new employees, not to mention the productivity that is lost in the transition. Jobs that are very complex and require higher levels of education and specialized training tend to have even higher turnover costs.
There are several things companies can do to increase their employee retention. Workplace policies such as paid family leave and workplace flexibility help retain employees who need to balance work and family. For example, research of workplace policies has shown that access to parental leave makes women more likely to return to work after they give birth.
When employees feel valued and connected to their work, they are more likely to stay. This can be achieved on several levels. Listening to employees and gathering regular feedback. Maintaining an open line of communication where employees can communicate what they want. Offering unusual employee benefits that meet their specific needs. Engagement levels rise when employees feel empowered and valued at work. Providing them with open lines of communication, the independence to contribute ideas and benefits that show you value their employment and care about their well-being can all help reduce employee turnover.
At Newman Crane, we have Orlando business insurance policies to protect your Orlando business operation from a number of potential losses, including liability and property damage. Contact us today for more information about our Orlando Retail Insurance programs. (407) 859-3691.