In July 2018, more than 209,000 employees quit their manufacturing jobs in the United States. Employee turnover is something all industries face; however, according to the Bureau of Labor Statistics, the manufacturing industry experiences the second highest turnover rates behind only the trade industry.
When employees quit, it’s costly to the company. Reducing employee turnover breaks the negative cycle of spending more time and money to train new employees while improving employee morale throughout the company.
Addressing employee turnover requires companies to examine how they recognize value from their employees. Below are five strategies management can use to see a positive change.
1. Offer Attractive Benefits
Research suggests that employees are placing more value on benefits than in years past including health insurance, disability insurance, and early discomfort management services.
2. Provide an Opportunity for Employees to Share their Knowledge
A recent Gallop poll indicates employees feel most valued when they have the opportunity to share their expertise.
3. Be Proactive in Addressing Job-Related Risks
Employees who feel their company values them as more than employees are less likely to leave. Injury prevention and risk-reduction services are two ways smart companies are showing how they value employees.
Research indicates turnover costs account for between 5 and 10 percent of total wage costs. Reducing employee turnover directly impacts a company’s bottom line.
Learn two additional ways to reduce employee turnover, or download a free workplace safety inspection checklist, by visiting the Briotix Health blog.