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Is High Turnover Making You Crazy?

June 21, 2018

High turnover is a very common concern we hear among our credit unions. It can be especially difficult in small, rural areas across the country to not just keep staff, but to find adequate replacements. For example, some of our credit union clients reside in many of the lowest density areas in the United States, including rural Nebraska, the Western Slope of the Rocky Mountains, and Southern New Mexico. Turnover can be incredibly costly, burdensome to not just HR but all staff, and outrageously inefficient. Take a look at some tips provided by our HR partner, OnePoint HR. We work together with OnePoint for our HR assistance service, CU Works HR.

Employees are motivated by higher pay.
Keep tabs on what compensation is offered by your competition, and offer comparable benefits packages. Try conducting annual wage and salary surveys to get insight into your employees' outlook on pay.

Workers can be motivated by better benefits — offer additional perks: 

  • Flexible schedules. 
  • Remote work privileges. 
  • On-site fitness room or day care. 
  • Discounts on services or travel. 
  • Employee assistance programs.

To help employees fully appreciate how you're rewarding them, try providing each employee with an annual statement of total compensation that shows all their wages and benefits that can be translated into dollar amounts, showing employer contributions to:

  • Benefits premiums.
  • Retirement accounts.
  • Paid time off.
  • Stock options.
  • Educational assistance.
  • Adoption assistance.


Engagement-boosting strategies
Could it be that your employees are not "engaged"? This may sound like another corporate buzzword, but engaged employees share a number of common traits:

  • They seek out challenging work.
  • They're good at resolving and/or finding solutions to problems.
  • They share ideas and solutions with colleagues.
  • They offer support to colleagues who are busy.
  • They seek out training and development opportunities.

Here are some of the things you can do to improve engagement:

  • Offer team-building activities.
  • Let employees contribute in big ways when possible, and highlight the impact they're making on your company.
  • Communicate with your employees regularly, and have an open-door policy.
  • Make sure your managers take a proactive approach to employee relations. Create opportunities for everyone to spend time together discussing goals, sharing successes and providing feedback that reinforces your company values.
  • Assign employees to a special project or put them in an expanded role. Build in opportunities for employees to cross-train one another.
  • Ask yourself these questions: Are the right people in the right roles? Do you have too many people for the amount of work that needs to be done? Do you need to reorganize? Are your people getting the feedback and recognition they need?
  • Manage your managers. Make sure brand-new managers have the tools and resources necessary to succeed.
  • Provide training and development opportunities designed for your supervisors.
  • Make sure that your employees have appropriate ways to communicate feedback about their managers.

By understanding the common reasons for high employee turnover, you will be better able to protect your credit union from a similar fate. Employees who are well-compensated, challenged, engaged and properly managed will likely be loyal, productive members of your workforce.

 

 

 

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