If you have been running a business for a while, I presume you may have heard this common phrase "It is easier and cheaper to maintain an existing client than to acquire a new one." The same idea applies to employees, and maintaining them can be daunting. This is particularly true for small businesses with minimal resources and budgets.
Do you have issues retaining workers in your business? Check out things affecting your employee turnover rate:
1. Demanding Overtime
Most small businesses operate on a limited budget and may not have adequate staff. This may sometimes force workers to put in extra effort and hours to complete essential tasks. While this may be paid, some workers may be unwilling to work over the weekends or holidays. Demanding overtime makes employees want to hop to the next employer.
2. Requiring Extra Work
It may take time to fill vacant positions in your company. What does this mean? Existing workers are forced to handle the workload- with no extra pay, of course! This results in burnout which can negatively impact employee morale.
3. Poor Company Culture
According to Apollo TELS, about 74% of US workers believe that company culture significantly affects job satisfaction. Workers love being appreciated for their hard work. A company that does not value workers risks losing them to other employers.
4. Not Being Accommodating
Employees have varying preferences, and some may want to work from home. Others have young kids and prefer flexible working schedules. Workers will likely quit if your company lacks initiatives to accommodate their preferences.
5. Ignoring Financial Health
The financial health of your employees can affect your company's productivity. Stressed workers can stay up for hours worrying about debts and uncertain financial future. This can translate to decreased productivity and resignations from workers seeking better remuneration.
Get Help from Insta-Answer
You may want to reduce employee turnover rates in your business, but who handles your calls? Take advantage of our virtual receptionists and ease worker burnout. Call Insta Answer now and let us handle your calls 877-631-9711!