Sometimes the grass IS greener on the other side. Employees in every community are jumping to new opportunities, leaving employers scrambling to fill vacant positions. Catapulted by the pandemic and fueled by the demand for work/life happiness, leaders find themselves at a crossroads between growth and employee retention. Turnover is expensive. In fact, a study from the Center for American Progress discovered the average cost of replacing an employee is about 21% of their salary.
So, what can a leader do? She can ask herself this question:
Are my employees challenged?
Employee satisfaction is much more than just throwing a pizza party every quarter. It’s about truly “seeing” employees, fulfilling their needs, and appreciating the value they bring to your business. The workforce is changing, and it’s time for employers to take notice and implement strategies that focus on reducing turnover and recruiting “A” players to the team.
Yes, recruit all “A” players.
Traditionally, teams are stratified – which means a collection of high performers or “A” players who pull in the best results, a group of average team members and a small group of poor performers who will leave or be replaced. However, companies should consider hiring only “A” players. It can be a challenge, but the key is to not just hire based on skills or experience but also to focus on character…those who are positive, team players, tenacious and problem solvers. The benefits of hiring only “A” players are twofold – your team will be more productive and motivated, and more engaged. When top talent is surrounded by other top talent, retention rates skyrocket.
Have your team make decisions.
Nobody likes a micromanager. Giving your team space and time to make decisions creates a sense of ownership on their part and a true commitment to your organization and vision. Empowered employees make decisions with your organization’s best interest at heart and can resolve problems quickly. Just remember, as a leader, you need to give your team the tools, resources, and guidance to build a culture of ownership within your organization.
Failure is your best friend.
If your employees never fail, you’ve got a problem on your hands – your employees are too afraid to take risks necessary to grow your business and themselves. It’s an opportunity for your team to learn from mistakes and even celebrate them. Failure is critical in the growth process and should be embraced by leaders. In fact, failure and talking about it needs to come from the top. It needs to come from you. If your team sees you are taking chances, struggling, failing, and talking about it, it’s more likely they will follow in your footsteps. If you’re never failing, you’re never winning either.
Combat burnout by linking work and play. Gone are the days of working long hours in silos. Encourage your employees to get to know their coworkers, to build strong bonds, and maintain the health and happiness of your team. Think about ways to increase face-to-face communication and incorporate team practices that get people together on a regular basis. Encourage your team to have fun, play and be creative together. It will boost office morale and employee mental health.
Regardless of the industry type, location, or size, finding the right candidates for the right positions is a challenge most businesses face at some point. BOLD can help you assess recruitment and hiring processes and identify unintentional roadblocks that prevent your business from attracting and keeping, the best candidates.