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Tips To Help You Fix Your Company's High Turnover Rate

PSI Team | Uncategorized

Tips To Help You Fix Your Company's High Turnover Rate

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Nothing can hurt your company quite like a high turnover rate. A high turnover rate means that there’s a high percentage of employees who leave your company within a certain period of time, typically a year.

High turnover rates are problematic because they can be incredibly costly and affect your business’ company culture, productivity, efficiency, and overall customer experience. But how can you reduce your turnover rate once you’ve realized it’s much too high?

Here are a few tips you can use to reduce your company’s turnover rate to a healthy, manageable percentage:

  1. Ensure you’re on the same page during the hiring process. If your company is too small to have a human resources department, it can be challenging to determine whether a new candidate for a job matches your company values. Fortunately, you can make sure everyone is on the same page during the hiring process by asking questions that relate to the candidate’s character and not just their job experience. A professional background screening company can ensure that everything on their application is legitimate, so you can focus on the candidate as a person.

  2. Show your employees a clear career path. A common reason for a high turnover rate is that employees are searching for a way to advance in the company. Employees who are stagnant in the same position for too long may search for other job opportunities elsewhere. Consider showing new candidates the career path for the position they’re applying for after they’ve been hired, so they feel excited to stay with your business for longer.

  3. Keep compensation and benefits current. Many companies offer their employees the same pay rate and benefits, even when they’ve advanced in the company. It’s important that you’re offering raises to keep up with your workers’ development and rising worth in the company. If other companies in your area are offering more competitive wages, there’s a chance that compensation is causing your turnover rate to jump.


Looking for third-party employment verification and reference check services?

Another way you can reduce your company’s high turnover rate is by ensuring that you’re hiring the right people. About 95% of job applicants have falsified information on their resumes. Third-party employment verification and reference check services can help you identify these falsified resumes, so your business hires not just experts, but experts that value your company culture.

If you’re looking for third-party employment verification and reference check services, PSI Background Screening can assist with comprehensive background solutions. To learn more about our professional background checks, immunization tracker, and more, contact PSI Background Screening today.