The negative impact of a high employee turnover can translate into revenue loss.
An article, Bamboo HR, an online HR software company for small and medium businesses highlights this saying: “In the US alone $11 billion dollars in losses are attributed to employee turnover each year. It costs somewhere between 1.5 to 3 times a departing employee’s salary to find a replacement and get them up to speed.”
It’s never been more important for business owners and manager to try hold on the employees they do have, says Aki Kalliatakis, managing partner of Leadership Launchpad, a consulting service in customer management. Losing key employees can leave your business short-staffed and may also interfere with organisational goals that require the contribution of a full team.
“In today’s world of young employees with higher expectations than ever before, managers need to counteract all of this bad news by doing the things that motivate and inspire employees,” says Kalliatakis.
To stay on the good side of employees and make them think twice before they drop you, here are five strategies to apply:
1. Establish a good work culture
It is said that people never leave companies – they leave managers and colleagues. If the working environment is not healthy or enjoyable, that can bring down your employees morale. It goes without saying that the manager also needs to be an example of the behaviour that he or she seeks. Nothing will kill your credibility faster than the attitude of “do as I say, not as I do.”
2. Prioritise development
Young people today love to learn new things, so your training and coaching needs to be completely up to scratch. Help them, teach them new tricks, and enable them achieve their best potential, and they will remain loyal.
3. Offer an empowering environment
Empowerment and a sense of “ownership” are also very important. Give people the freedom to make decisions, and foster an entrepreneurial environment by asking them, “If this was your business, what would YOU do?” This can make a huge difference. And remember, empowerment is not about just letting go but also being on hand to offer advice and support. It’s about acting like the world’s best sports coach.
4. Have empathy
If there is one thing that people need in what can seem like an indifferent and alienated world, it’s that my boss really understands them. Remember that the opposite of love is not hate: it is apathy. Ask about their work, their families and any challenges they may be facing.
5. Be motivational
And finally, the big one: energise and motivate in your team. How can you fire up your team with enthusiasm? There are dozens, even hundreds of things that you can do, but perhaps the most powerful include recognising and rewarding excellent performance, saying thank you and showing appreciation, and also creating a sense of fun in the work environment. Just try doing a Mexican Wave in the office, or decorating the place with balloons and streamers, or getting everyone to come to work with a funny hat or a weird t-shirt. yut them some ice cream, or plays some energising music, or take them for an outing. It doesn’t have to be expensive, but it should result in a sense of laughter and enjoyment.