Work has been exhausting these last six months. With an unusually high rate of turnover in the sales department, everyone has been on edge and has been struggling to meet and service the current customers of your data storage center, let alone focus on making the latest sale goals.
Turnover in a company can be both expensive and exhausting. In fact, the companies that are often the most productive are those that have employees who are committed to the company and stay at their jobs. The cost of replacing staff members who leave unexpectedly is often equal to the salary of the newly hired employee. When the costs for advertising and vetting the position are taken into consideration and are then added to the down time while the new employee is training, in fact, they sometimes exceed the first year salary of the new worker.
In addition to the financial cost, the cost of the stress put on the remaining sales team can also be extensive. No job ever gets smaller, and the fact that one person leaves simply means that everyone else’s job becomes more difficult. Companies who want to avoid unnecessary turnover focus on some key factors to keep their current employees satisfied, challenged, and well compensated. Consider some of these principles that the best employers make use of:
Executive Coaching. Making the decision to invest in executive coaching is the first step toward reducing employee turnover. When employees are offered the opportunity to learn how they can be better executives they learn how to use conflict resolution when needed. They are trained in phrasing that can be used in conversations that they have with their employees.
Strategic Planning. Once executives have been trained in employee conflict resolution, another important principle to avoid turnover is to bring in a team of strategic planning consultants. These experts are skilled at bringing in the opinions and goals of a team of managers and employers and using these to help set goals. Strategic planning is an opportunity for an entire company to contribute to outlining the sustainable, measurable, achievable, realistic, and timely goals for a company.
Staff Morale. First popular in some of the Silicon Valley technology companies in the early 1980s, building staff morale in a company can often go a long ways toward helping avoid staff turnover. Whether it is wearing jeans on Friday or providing food carts for lunch, companies that work toward the goal of building a high staff morale often get high ratings for employee satisfaction. Setting up scenarios where workers can comfortably interact with each other in informal arrangements, staff morale events can take place any time during the work week, or even on weekends.
Employee Retention Is a Priority of Most Successful Companies
Hiring new employees is expensive. It can involve recruiting firms, vetting experts, and lengthy interviews that include travel, food, and lodging expenses. Once an ideal candidate has been selected and has accepted an offer, a company’s next important job is to implement techniques that will provide a successful transition. Once the transition is complete, the company needs to employ known principles that will help avoid unnecessary turnover. By using executive and business coaching, many companies can improve their employee retention rates.