What did you last have had your team’s battery charged?
What’s your company’s turnover and churn rate? Have you noticed an increase in the past 18 months? If you’re in the same boat as 40% of the companies that were included by the Monster Intelligence report developed by Monster Worldwide, the leading company for online career opportunities, you’ve seen an uptick in resignations by voluntary.
In the report of Monster Worldwide, the survey shows that a staggering 70 percent of Human Resource leaders indicate that retention of workers is now an important aspect for their businesses.
What is the reason for this? There are a lot of aspects to this story that starts with the baby boomers who are getting older. We’ve all heard the reports in the media about how many boomers are reaching 60 and are retiring at a staggering rate. This is exacerbated by the pace of new employees becoming employed. Do you recall the time in the past where the rate of births dropped significantly? It’s now getting caught up with the growing population.
Based on the Bureau of Labor Statistics, the United States native workforce growth rate is predicted to decrease to 0.06 percent between 2050 and 2000. A large part of this is a fact due to the aging of boomers and the fact that the generation Xers are not at the same standard as their retired counterparts.
The issue is in the next few years, how do businesses reduce the rate of churn and keep the employees they would like to keep? There is no longer an easy solution to a single issue. The multifaceted issue requires a multifaceted solution to solve.
One option is to adhere to the Six-Step Plan and work through the next years.
* 1 – Develop the Community Spirit:
All across the country, we are requesting more from our employees, and most of them spend more time with the people they work with than spending in their daily lives with their spouses or their significant others. This means that there are families working in addition to families at home.
The word “community spirit” is simply a reference to the fact that employees are there for each fellow employee and help one another up. If an employee goes out sick or working, others take on the burden without being required to do so. Naturally, this could lead to an overhaul of the culture within your company, and the results have been proven to be effective.
If there is no community spirit in place, this typically means that a lack of trust between employees and perhaps even management. The community spirit starts with trust between employees and with management.
* 2 – Create a work-life balance program in place
With the pressures on the personal lives of the employees, as noted in the previous paragraph, employees are less likely to exceed their limits like they did in the past. What is the reason? Let’s look at the ages of the people we’re likely to talk about. Most of the time, we’re speaking of Generation X employees. People were born in 1964 between 1964 and 1980. If you take a look at this group, they’re often referred to as the lazy generation, but this could be far from reality. Generation X was often referred to for being the first group of latchkey children. It meant they had to take care of themselves after they returned from school. Parents were absent since they were working for longer periods and performing more. So they made a vow to them that they wouldn’t be a threat to their children.
3. Make sure to charge the battery of the employee:
An alternator in a car is used to charge the battery when it’s operating. Without an alternator, the vehicle would only start once, and once it was it was running, the battery eventually would die, and the engine would not be able to start again.
Companies that are successful in retaining employees can do so in many ways, which include activities outside the company, including holiday potluck meals and more. One method that is effective is to hire an experienced speaker. Many companies don’t need to shell out the money to buy a “Motivational Speaker” because this kind of motivational speaker (battery charge) is thought to be too costly.
What if you were to hire speakers or trainers who can impart practical knowledge and provide information useful to your business but is also able to recharge batteries simultaneously? The topics covered that include leadership, team building, and diversity, customer service, to name a small handful. Through this type of training typically, the expense per employee could be kept at an acceptable amount.
* 4 – Brand Your Employment:
The majority of companies understand the importance of branding to promote marketing. They don’t grasp the significance of branding from the perspective of employment. Take a look at what your company is doing, and then create an identity that explains why employees would like to work there. The Army of the United States’ most effective image, “Be All You Can Be,” was a recruitment campaign that surpassed expectations.
* 5 – Utilize the Exit Interview to Your Advantage:
Even if all is done right, you’ll still lose people. In the exit interview, the most common answer that employees say when they quit is that they want more money. If the person conducting the interview for exit digs more deeply, other reasons are likely to emerge. They could include a less travel time, better chances to advance, more difficult or more difficult. The easy answer is that it’s more money, and the majority of the people who take part in the interview will stop there.
If you have money, but you are aware that you have to look into the depths, the best approach is to inquire, “Besides money, is there anything else that leads you to this decision?” Once you’ve got the answer, then you can ask why it is crucial to the person who is making it. If it’s crucial to them, it’s likely that it’s also important to others too. Then, you’ll want to inquire, “Between X and money, which is the more important reason you have chosen to leave?” It is recommended to repeat the process several times in order to understand the structure of their motives. Some will provide some or two reasons, while others will provide more than six motives. Once you’ve got the structure, you will have a basis to build on to guide your decisions in the future.
* 6 – Hold All Leaders Accountable:
This is the point where the senior management must turn the rate of turnover in an organization available to particular managers. They must control their own churn rate, which should form part of their evaluations.
Be aware that you’ll never get to a zero churn percentage, and if your industry’s average is between 8 and 10%, then everything within that range must be taken into consideration when determining the level of satisfaction. It is possible to develop your company’s plan in line with this.
There is nothing to stop employees from going to another company if they desire to leave, but sometimes it’s better they leave. Perhaps they’re not supposed to ride on the bus.
Gregg talks with and works with leaders who want to improve their service attitude and Teamwork and ultimately increase overall productivity.