Managers have always worked hard to keep their business fully staffed with trained people. Trying to keep just the right number of employees in the right positions to run your business is a challenge. But lately, you’ve found it harder to get good people and even harder to keep the ones you have. Let’s drill down to some of the causes of turnover, so you can avoid the great resignation that is in all the news these days.
The cost to replace an existing employee is even higher than finding a new one. So don’t just focus on finding new employees- focus on retention.
Employees leave their jobs for reasons that could have been addressed all along. Similar to any relationship, if one doesn’t feel listened to, understood, appreciated, involved or respected, they want out. Think of a marriage. Everyone weighs the value of what they get versus what they give. And if that ratio comes up short, they leave.
It’s important to think of your relationship with your employees as an equal one regardless of the positions they hold. You’re trading their services for what they value – and it’s not just money. To avoid the great resignation impacting your business, give your employees an equal footing in the relationship. Her are five ways:
- Understand your employees’ expectations of the job – ask each one individually because they differ
- Provide training and development to prepare them for their future aspirations
- Find out what would make their job and the workplace better right now
- Talk about burnout with them – how can you help create some balance?
- Let them devise a reward system to improve retention and productivity
One last thing – keep the conversation going weekly. If your employees know how much you care and value them, you can avoid the great resignation. You haven’t peaked yet!
Get more performance out of your most valuable and expensive business assets – your people. Contact me to find out how.