There are costs to employee turnover – some obvious and quantifiable, and others that are opaque and difficult to sum. This leads to the question: what is your cost of employee turnover? What kind of toll does it take on your business when you lose an employee?
Why are my people so unreliable? Sure, some individuals are great hires and intimately understand everything about the business, show up early and stay late. On the other hand, it feels as though you can’t trust anyone but yourself.
It seems like everyone has problems, but no solutions. You often feel like you’re the only one with a fire extinguisher. You question yourself, “Why can’t my business run without me? Why do my employees need me to hold their hands? When can I take a day off?”
We had owned one of our companies for well over a decade and in the last few years, transformed it into a high-energy, high-performance culture. Through this process of transforming our business, we found the key to running a successful organization is to have a culture based on a shared set of clear values and beliefs.
What we have learned is that for people to be effective at their job, they must have Structure, Clarity and Focus. It is the responsibility of the organization’s leadership to create a work environment that is constantly improving in these three areas. The result will be a significant increase in the engagement of your employees.
Despite those statistics, our experience has shown us employees who are appreciated, challenged, and growing aren’t actively looking for another job. So, it is critical that management at all levels in your organization are actively growing those they lead. As the owner, you set the example.
If your employee thinks of their job as just a “job that pays the bills,” you risk losing that employee to any job that pays even a bit more. This is especially true in today's highly competitive job market that is saturated with platforms like LinkedIn that give recruiters direct access to your employees almost effortlessly.
Keeping good employees has become a challenge for many businesses and we all know that employee turnover has a significant impact on the organization. To make matters worse, there are new dynamics in the marketplace that make keeping your employees more difficult than ever.
I could count on one hand the number of people who chose to leave our company over the last decade. People at the lowest and highest levels of the business were empowered by the culture and consistently performed at an exceptional level. The result was a team fiercely dedicated to our values and our mission to be the best in our industry.