Turnover is a necessary evil of the employment process. We know that sourcing and attracting top employees is a daunting task, but equally as challenging and important is retaining those top employees. So what do you do when your key talent starts heading to the exit? Now is not the time to get discouraged, or get angry, or have a nervous breakdown, hissy fit, or any combination of the two; instead, this is an opportunity to reflect on your company and your policies, and see what is working and what is not working. Sometimes, we will find that even in a turnover spree, there may not be anything we would change about our operations, and that the turnover has to do more with personal and outside factors; however, it never hurts to verify this with a re-evaluation, or to try and unearth issues that need resolving. When operating a successful company, you can never examine your TOO much; in an ever-changing economical and technological environment, it is always good to frequently evaluate things.
So how DO you keep those all-star employees? The ones that are coveted by other companies? The ones that make your company tick? The ones you worked so hard to bring to your team? To create a harmonious environment of happy, enthusiastic employees, here are tips below from FlexExecs.com.
1. Segment turnover by job title, location, level, supervisor, manager, etc. Break turnover down into its component parts. Don’t accept broad numbers.
2. Focus your turnover reduction efforts on the things you control.
3. Focus on making your managers, supervisors, and/or team leaders better.
4. Look at the relationships between people. Don’t accept poor management behavior. You can’t afford it in today’s ultra-competitive business environment.
5. Look closely at whom your company is recruiting. Are your recruiting methods just bringing you more turnover? Remember: Poor hiring= High turnover.
6. Does your high-turnover work site consist of more than 150-200 people? Are you personally above or beyond the familiarity level discussed above? If so, do something about it!
7. Check out the criteria that people use when they vote for “Best Companies in America to Work for.” Apply them to your company.
8. Find out if the top people in your company spend at least 80 percent of their time managing people or tasks. If the answer is “tasks,” you’re building a turnover problem.
9. Ask your customers to rate the service they get from new employees versus the kind of service they want.
10. Require that every manager, supervisor and team leader compute the cost of turnover in his or her area of responsibility.11. Require your HR department to compute the Company Cost of Turnover per Employee. Then everyone needs to analyze the resulting data.
12.Take a close look at who isn’t leaving. Is it mostly higher-level executives? Is low turnover in the executive suite skewing your numbers?
13. Look at the specific functional areas in your company to see which ones are doing things “right.” Implement those procedures company-wide.
Finally, always look at your own company in the context of what works for you. Given the trends in the employment marketplace if you never worry about why people leave, what it costs you and what you can do about it, you will need not only an endless supply of new workers but also new customers and lots of spare cash.