Article submitted by Dana Horne, MBA Director of Client Engagement, Performance Matters
I constantly hear people complain about turnover everywhere I go, not just in our industry. At first, I joined the complain train, and went on the ride with the rest. Then I realized complaining doesn’t do anything, go anywhere, it only gets you frustrated, so I jumped off. I decided complaining was taking the train to nowhere, and we need to find a new track to get to our destination, because our destination (goals) shouldn’t change, our strategy is what should change.
Let’s get down to the root of the turnover issue – What do you think it is? Do you think it is the new millennial generation? Their “entitled” and don’t want to work, is that it? Let’s leave that thought on the old train track and hop over to the new one and look at this issue a different way. Is the problem, the world has changed but we are still trying to manage like we were 20, 30, 40 plus years ago? Have we not adapted to the new technology? The futuristic trends? The innovative ways to approach things? Most likely, that is the case. When is the last time we reviewed the employee handbook? Job postings, company website? Are the interview processes, vacation plans, and employee recognition programs outdated?
When we change the perspective from pointing a finger at others (millennial generation) and look at the fingers pointing back at us, it doesn’t always feel so good. We have got to realize that change starts from within, meaning let’s do something different to move forward and reach our goals.
Fact: Millennials are the largest generation in the workforce to date; in 2021 they will make up 50% of the workforce.
Three Ways to Reduce your Turnover that don’t Include Raising Wages
1. Create or update your on-boarding/training experience. This may sound daunting, but it doesn’t have to be. There are several ideas on the internet if you don’t have a starting point or a consultant to help you. Get a team together to work on this, manager of department, newest member of department, and the top performer of department. Create an on-boarding plan from an amazing Day 1/Week 1 to through a time frame the team thinks necessary to get a new employee trained and comfortable with position. The newest person will be a great asset on the team because they can give you fresh ideas of what they would have liked or lacked in their initial on-boarding.
Fact: 69% of employees are more likely to stay with a company for 3 years or more if they experience great on-boarding.
2. Have weekly meetings with your team/direct reports. This means standing meetings that you have reserved time for coaching, debriefing, additional training and recognizing your team for their efforts. Make time to do this, block time on your calendar, and don’t cancel unless you or they are on vacation or in the hospital!
Fact: 44 percent of Millennials say they are more likely to be engaged when their manager holds regular meetings with them. But only 21 percent of Millennials meet with their manager on a weekly basis.
3. Increase your presence on the web. How do your reviews look if you Googled your company? What about on job websites, what are your rankings? Do you have social media presence? Research these items and find out. This is where people go to research their future employer, if the ratings are not good, they will not apply. It is no different than you looking to see the reviews on a movie, or restaurant before you decide to spend time and money. This suggestion is not just for candidates, it is also for current employee, and potential customers looking at your business. If you are not where you want to be or need to be, create a positive presence by creatively encouraging your employees, management, customers to go online and complete reviews.
Take the feedback and utilize what makes business sense and update your social presence. Maybe even take some of their quotes and post on your website or social media, with their permission of course. This will increase morale internally, get great future candidates/bench strength, and potential customers will see that you have a top-notch company.
Fact: 75% of candidates research about a firm’s reputation and Employer Brand before applying for a job.
These are a few suggestions to help you get started on your journey. We can over-complicate things, we can procrastinate change, we can point fingers, but all of this gets us nowhere and wastes valuable time that could be spent doing productive, proactive tasks that move the train forward.
“Neither a wise man nor a brave man lies down on the tracks of history to wait for the train of the future to run over him.”
Dwight D. Eisenhower