Reducing Turnover in 5 easy steps

What makes employees stay at a company despite lower pay and benefits over time? I have been asked often...and usually managers believe it gets down to pay. However, research shows that extrinsic rewards are part of the story but definitely not the whole story...

So here is how to reduce employee turnover in five easy steps:

1) Talk to your employees. Look them in the eye. Connect. An emotional connection increases engagement substantially. Especially in the age of social media and instant messaging. People really need to feel they mean something. 

2) Invest in their career. Understand where they are at and where they could go, discuss it with them - create opportunities for them to experience new learning that will ultimately push them forward.

3) Authenticity and eye-level communication - Share what's going on. Employees that feel part of the game will most likely contribute more to the bottom line.

4) Feedback - Sometimes overlooked, feedback both positive and constructive, foster an environment of progress, caring, and growth. Don't miss opportunities for providing feedback (either formally or informally).

5) Gratitude and Appreciation - go a long way. People who feel appreciated feel as though they belong, are seen, understood and not taken for granted.