Just when you thought you had your team hired, trained, and were ready to breathe a sigh of relief and concentrate on being productive – really concentrate on getting things done – you experience yet more turnover. Sometimes you lose your best person, other times it is as if you are experiencing an epidemic. Maybe your turnover is akin to a bad rash; intermittent, regular and never ending. One thing is for sure, over time, turnover zaps the very strength not just out of the team leader but the team as well. Because no matter how it happens, turnover of valued employees negatively affects not just productivity but also every aspect of your business.
Businesses spend a lot of time worrying about customer churn, the idea that an existing customer is more valuable and easier to make happy and retain than finding a new customer to make happy and keep. However, what about employee churn? In an employee, churn situation it’s harder to create collaborative workplace relationships because the makeup of the team keeps shifting and relationships never really solidify. It’s hard for employees to engage in that which is always changing drastically. It’s also hard to ever plan long term when as a leader you not only can’t depend on people, but you never stop churning people long enough to plan properly. Churning people through a company affects everyone’s development and stresses everyone as all employees are constantly playing catch up. Existing employees even start to question themselves regarding the advisability of their staying. Inevitably, productivity is impacted, not just of the results of the team leaders, but of coworkers, customers too, and over time such, a situation can negatively affect the performance of an entire site or even the company as a whole. After all, you’ll never be talked up as an employer of choice if no one ever stays long enough to talk. Having a high turnover reputation makes valuable employees hesitant to accept job offers as they consider they’ll wind up churned too.
Areas Covered in the Session :
Stopping the churn:
12 things you can start doing today that will immediately slow employee turnover.
Paying attention to current employees. How to stop current valued employees from feeling overworked, underpaid and unappreciated.
How to make boring or unattractive jobs better.
Catching your breath:
Not all turnover is bad. What type of turnover is good and what is not.
Assessing leadership styles, including your own.
Compensation and rewards – using what budget you have but in the most effective manner.
Paying attention to your most valued employees – making sure your “cornerstone” employees are satisfied.
Are your employees quitting you before you even extend a job offer? Rethinking your hiring practices.
Finding out what your employees value. Using exit interviews to stop people from leaving before they’re even thinking of leaving.
Retention awards – what works, what doesn’t.
Looking at the data, using predictive turnover to make business decisions.
Avoidable vs. unavoidable turnover.
Using data to target and boost the effect of retention rewards.
Using data in succession planning.
Who Will Benefit: