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Last week, we talked about the high cost of turnover, and I didn’t want to leave you without any suggestions about what to do about it. So today, we’re going to talk about five ways to reduce your turnover. We’re going to jump right in.
First of all, it starts at the very beginning. Hire well, know your culture and values, and hire someone that fits. I’ve always felt like it was much more important to hire for personality. You can always train skills if there are a couple of skills gaps here and there.
Second of all, you need to give your people what they want. Flexible working environment, competitive salaries and benefits, and career development opportunities. We all know the labor market has changed dramatically in the past few years, and it’s really important to give an appropriate and modern package of benefits.
Third, make sure you’re rewarding and recognizing their positive contributions. Everybody loves a little praise once in a while, but keep in mind some of us like that publicly, and some of us like that privately. So really know who you’re talking to.
Fourth, listen to them. That doesn’t mean you always have to do what they suggest, but make sure your employees have a voice in how their work is done and in their area of expertise, they may very well know better than you what’s going on in their area.
And finally, I will fully acknowledge that this is the hardest one. You need to take a look in the mirror. The most frequent reason employees leave is because of their management. It’s far and beyond the biggest factor, and you may not be aware of some of the things that you’re doing out of habit that may be causing your employees to have a less than ideal work environment. So please do what you can, always to improve your own leadership and management skills.
This is Judi Otton with GrowthCast, and I’ll be back next week with a new Fiscal Fitness Tip of the Week. See you then.