07 Sep How to WIN in Your Industry; 5 Steps to Take Now
When employee turnover rates are over 50% and employees are staying in your workforce for less than a year, you have managers who are struggling to find, hire, train, and retain productive people. When managers are stressed to the point of their own lower productivity, they tend to leave. When employees see managers leaving, they wonder if they should be looking as well. It’s a brutal cycle.
If you could stop the turnover, you would have a strong competitive advantage. You’d have experienced managers who understand the business, the clients, and the path to success. You’d have teams who’ve learned how to work together to get results. How?
1. Know the end-goal and work back from that to define the traits that contribute to high-level performance in each position. Recruit, interview, and hire based on those traits.
2. Be extremely clear about your performance expectations, measures of performance, and ways to earn more. Start day one and revisit the message often. This requires face to face time.
3. Teach your managers and their employees how the business works so they understand why you’re asking for certain results. Give them the tools they need to be successful.
4. Discover why people have left and determine if you can address the reasons (culture, pay, benefits, management style, room for growth…).
5. Grow the business to create opportunities for your team.
Let the other company churn through new faces all year while you develop and strengthen your team with loyal, tenured employees who work hard to support your mutual goals. Everyone likes stability.
Scott Mastley, SPHR, MBA, is the Chief Human Resources Officer for Resource Alliance.
Scott is a consultant, not an attorney, so he shares his opinions, not legal advice, about increasing performance and limiting liability.