Darius Fisher emphasizes the impact of employee turnover on businesses and provides practical advice to avoid it. Employee turnover means the price, in monetary value, that costs the businesses for replacing an employee. For example, it can cost upto 400 percent of an annual salary to replace a highly specialized employee. A mid level employee is replaced with 150 percent of annual salary and an entry-level employee is replaced with 30-50 percent of annual salary. For higher posts, it can really add up.
There are many effective ways to increase employee satisfaction at job and minimize employee turnover. Creating incentivised goals is one way to do that. An incentive adds a friendly competition and motivation when the job gets dull. An incentive does not have to be expensive. It just needs to be something of value to the employees. For example, one month of free yoga classes can be popular among people who value fitness.
Along with providing good incentives, try to celebrate employees good work. This could be done in an email sent to everyone on the team highlighting the employee and what he/she did good. For example, shooting an email saying, ” Jamie is killing it in PR! She just got a hit for her client in the New York Times!” This will boost employee satisfaction and encourage better performance.
Another way to motivate employees is to keep them in the loop. Regularly share teams progress and any new news and events with employees. This will give them a sense of responsibility.
Along with keeping them in the loop, it is very important to give them raises whenever it is due because of their hard work.
Although you may want to give a raise, sometimes its just not feasable. Fisher provides some alternatives to pay raises.
Have a free lunch on Fridays
Greet them on their birthdays
Make room for fun during the day
Maintain a creative workplace
Have pet friendly environment
Darius Fisher is the co-founder and president of Status Labs, an online reputation management, public relations and digital marketing firm. They have offices in New York, Austin and Sao Paolo serving over 1500 clients from all over the world.
Fisher graduated from Vanderbilt University. He has worked as an copywriter and political consultant before joining Status Labs. He put forward the vision for Status labs and hired employees.