Keeping Low Turnover Rates as the Economy Improves
Over the past few years, turnover rates have slowed significantly. This is most likely the result of the continued recession and high unemployment rates. In 2008, the average rate of voluntary turnover in the Denver metro area was 15.6 percent. In 2010 the average voluntary turnover rate was 10.4 percent.
While low turnover is typically viewed as a positive, it is important to be aware of the implications; employees may be coming to work due to lack of other options, but are they losing sight of what it is that they love about working for your organization?
Employers should keep employees engaged and interested in their work. This will help to maintain low turnover rates as the economy improves, and will also maintain high productivity and morale. Employers can positively impact morale by keeping employees informed about where the company is currently, where it is headed, and how each employee individually plays a role in helping the organization to achieve its goals. Employers may also want to consider implementing low-cost or cost-free employee recognition programs. This keeps employees excited about the direction of the organization by maintaining a focus on its mission, vision, and values.