This Article is About
employee turnover
greener pastures
spending money
dedication
signals
attitude
big mistake
economy
risk
job
How To Stop Employee Turnover
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One of the most expensive cost and organization can endure is employee turnover. However most companies don’t realize this expense because it doesn’t show up on a financial statement. Now many companies have a line item for training, and you can track the cost for paying new employees. What about tracking the mistakes that new employee makes? Do they track the cost of the products they may waste due to mistakes? How about handling customers? If it is not handled right an organization can lose potential sales and there isn’t a way to track that expense. It will show up however in a decline in sales.

As our economy constantly changes, so do our employee’s lives. Their expenses change and the need for a better paying job increases. Good workers nay consider moving on to greener pastures. The result: a big hole in your team’s effectiveness, plus extra costs for recruiting, hiring, and training the replacements. Some organizations do not look at the fact that using that money to keep your employees is money better spent. Maybe it’s in the form of a raise, bonus, or incentive. This would be a better choice for spending money.

Here is how you can dramatically reduce the risk of employee turnover:

People will rarely leave a job unannounced. They may not use the words, but in one way or another they nearly always signal their intentions to leave. Let me say right here that when an employee has decide to leave they’re gone. One of the quickest reactions an employer will do is to offer more money or try to match the rate the employee is leaving for. Big mistake. All you are doing is insulting the employee. If they are worth the raise to keep than why weren’t they worth the raise in the first place? With some employees it may work but trust me when I say their dedication to you will be lost and they will eventually leave you.

Here are four key early warning signals to watch for;

A change in attitude: An employee who has decided to leave your company will develop and “I don’t care attitude.” They will show they have no concern about long term goals of the organization.

They rarely communicate: They are trying to conceal that they are looking for a new job. They don’t want anyone in the organization to know their plan. They are afraid if they say too much to their peers it will get out and you will hear about it. The sad thing is you want to hear about it and possibly prevent him or her from leaving. This is why you have to watch for this sign very closely.

Renew their desire to stay. Your employees are free to change jobs whenever they want. If you feel you have an employee on your staff that may be leaving, (a good employee you don’t want to lose). Try these suggestions:

Offer more feedback than usual: Spend a little more time with that employee. If you suspect they are planning on leaving you will be able to find out what’s going on with them. Let them know how valuable they are to the company. Tell them how you appreciate the hard work they do and their past contributions to the organization have been very helpful. This is where you can offer more money if you are in apposition to do so. Since you really don’t know if the employee is thinking of leaving you will not be insulting them. Actually you will be surprising them that you feel so highly of them that you felt they deserved a raise.

Empower them to take initiative: One of the reasons employees leave aside from lack of appreciation is they feel they have no opportunity to try out new ideas or procedures. When you open up this possibility it’s like giving them a new job, when in reality it’s just a new opportunity. This will renew their interest in the company and keep them with you for years to come.

Not only will it keep them happy but it will keep your employees turnover rate and costs down.


Street Talk

Tami  

This is a great article (aside from some typos). I like that you offer suggestions for how to keep people. One thing, however, is that the suggestions have to be pure in nature rather than perverted as some companies will do. They will empower people to take initiative, but then refuse to allow the initiative to take hold; moving back into the "I'm stuck" mentality. If a company can truly empower its people and accept and embrace the suggestions, then it will work and the company will likely be more successful.

Reply
  about 9 years ago
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