Employee turnover rates can have a substantial effect on the lifeblood of the business. It is estimated turnovers can cost anywhere from 16% to 216% percent of the employee’s salary.

Another study found that 25% of all new hires quit within a year. There are many reasons why an employee might leave. If you worry about the turnover in your workplace, knowing some of the factors to a high turnover rate is half the battle.

The Onboarding Experience

With a great onboarding experience, 69% of employees will stay on for three years or longer, according to the Society For Human Resources Management. Think about your own onboarding experience for employees. Is it a smooth transition and educational period? Do they have a lot of immediate expectations placed onto them?

Career Advancement

According to a study conducted by MRINetwork, 72% of employees are driven by advancement in their careers. This may be difficult to solve for a small business or a budding start-up. Think about ways in which you can reward your employees on a job well done and a structure for it. This could be bonuses or little things they would appreciate. It could be a better parking spot, tickets to their favorite sports, etc. This would give them goals to reach for and incentive to keep their eyes on their productivity.

Work From Home

Companies that offer a remote work option see 25% less turnover. If this is out of reach for your start-up or small business, get creative. Offer a system where if they get their tasks done for the week, they can have Fridays off or a day of their choosing. While this doesn’t solve the issue directly, it does give them a sense that they can choose when they can go home if they work hard enough.

While employee retention can be stressful, AFEUSA members have access to several employee acquisition tools. With Eric’s Jobs, employers can search nationwide for the candidate that best suits their needs and save 10% with the AFEUSA discount. Look into Eric’s Jobs and other AFEUSA benefits to see how else AFEUSA can benefit you and your company.