There are four things that will cause employees to leave your business in this economy:
- They don’t feel appreciated
- Poor company culture,
- No growth opportunities
MONEY is the one most often sited, though.
When times are tough in the employment line, most people with put up with certain undesirables because they need a job. But, once the economy starts churning, like it is now, their eyes are opened to numerous opportunities and options. As Howard Beale famously said in “Network”: “I’m mad as hell and I’m not going to take it anymore!”
It’s time to take a good hard look at your company culture. Verbal praise goes a long ways towards making people feel appreciated and valued. A company culture of learning and growing is one of the primary things the upcoming generations want as well. Training does not have to be expensive and will pay off in spades down the road.
And when it comes to career growth, you might need to change your mind set a bit. Growth does not necessarily need to come with a huge raise and new position, just more opportunities to learn. In other words, cross training across jobs and departments in your business increases the value of your team members to each other and to the business.
Okay, now let’s talk money. Yes, it is important too. If you want to attract and retain top of the market talent, you will have to pay above average wages. That said, if the other three areas are strong, money becomes a little less important. In other words, I might work for a little less if I know that I’m getting good training for the future and if the company culture does not have me popping antacids all day.
By comparison, calculate the cost of a revolving door. Not only do you have recruiting, onboarding and training costs (not to mention overtime covering the bases during that process), but you also have the negative impact on the team, customers and even your reputation in the market.
It’s a new world and a new economy. It takes a new approach to human capital to thrive.
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Source: Craig’s Blog