Some ways to keep attrition low in your business

One thing that business owners have to deal with often enough is the reality of attrition. The truth is, there are always going to be members of the workforce who would have their reasons to leave your company. In this blog, Michael Saltzstein points to some ways to keep attrition low in your organization.

1. Be fair in rewarding your people. A sizeable number of employees move on to other companies because they feel that they are not compensated well-enough. Make use of creative profit-sharing schemes and progressive commission policies in place so that your people will feel that they are taken care of. Most of all, do not hold back on rewarding loyalty.

2. Do not misplace talent. Periodically assess your employees and find out if each one is able to function well in a role that is natural to them. You never really know what goes on in the mind of a person. You might have that employee who is accepting his role and performing satisfactorily, and yet begrudgingly sets out on his work each day. Perhaps such an employee could flourish in a different role.

3. Hold your managers accountable. Research shows that 95 percent of people who leave a job report that they do so because of an ineffective manager, according to HR Magazine. Michael Saltzstein cautions against being content with just giving your managers targets and letting them achieve this however they wish. Be involved in the way that they do things. Perhaps your managers have some room to improve, too.

Michael Saltzstein leads with expertise in areas like alternate risk financing, loss control, technology solutions, workers’ compensation, safety, occupational health and safety, crisis leadership, strategic alignment, change management, self-insured/deductible analysis, actuarial studies, retain/transfer decisions, win-win negotiations, coverage evaluation, and growth strategies. To know more about his expertise, visit this page.