Attracting the best talent is only the start of your journey. As a leader and entrepreneur, you need to keep your team in place if you’re going to be successful. The business’ bounce rate isn’t something most bosses think about, yet it’s essential to your long-term goals.
The average time a person stays at a company is 4.6 years. However, this is without factoring in the millennial appeal as people born in the late 80s and early 90s only stay loyal for three years. When these workers are your main assets, the firm will take a hit regularly.
You’ve got to convince them to stay longer, and the best way to do it is understanding why they want to leave in the first place.
As the corporate culture shifts, there is a big divide between what is allowed and what isn’t allowed. Of course, most of this is for the betterment and safety of the workforce, yet companies can play it safe. After all, you don’t want HR contacting you to say you’ve made an error. Unfortunately, overreaching leads to silly rules, and they annoy employees.
If you’re watching people leaving their desk to go to the bathroom, you need to consider toning it down and giving employees some freedom. Pizza Bottle has more examples.
Too Much Bureaucracy
Red tape doesn’t go down well with your top employees. They want to crack on with their workload because they’re self-starters, yet the system prevents them from being productive. As a result, it takes them longer to complete their tasks and impacts their balance between life and the office. Whether it’s constant meetings or permission requests, you must start picking your battles.
Every boss wants a level of control because they have the most to lose. However, micromanaging implies that you don’t trust your staff to do their jobs correctly.
The Environment Is Performance-orientated
This is a weird one because you’d imagine employees like the fact that employers are performance-orientated. That way, everyone would have to produce the same level of work and being your best performers, they’d set the tone. The flip side of the coin is this - perks are financially motivated. 80% of workers say they prefer an additional benefit over a pay rise. You can find out more at LifeWorks. The main thing to remember is that money doesn’t always make the world spin.
Concerning your employees, they may enjoy a semi-regular day off or flexible working hours more than a pay bump.
A Lack Of Retention Strategy
To attract the top talent means understanding that you can’t afford to lose them. As such, it’s essential these people know the business values them. Some workers don’t require praise and feedback as they like to get on with their work, yet others do feel loved. Once they don’t, it makes leaving a lot simpler.
A straightforward solution in ensuring you keep their spirits high is to create a list of people you can’t afford to lose.
Are you spotting signs of unrest in the workplace? How do you plan on keeping your staff on your side?