Today's post includes an article from the business accelerator. For the past year or two CPR advocated for exemplary HR practices when hiring employees as well as cultivating the organizational culture (OC) that promotes a healthy workflow. Below is an article that provides recommendations as to why the right employee matters. Please note the 2023 blog post from Business Accelerator.
If you’re a business owner, you know the pain when an employee resigns. And it likely happens more often than you would prefer. Or maybe some of your team members are underperforming and you’re not sure how to solve it. You may think that this is just the reality of being a boss and owning your company. But what if we were to tell you that it doesn’t have to be this way?
Many studies have proven the financial impact of employee turnover or ‘churn’. When an employee quits, finding a replacement can cost the business 30 to 50 percent of that employee’s annual salary. Let alone the time, effort, and strain on the remaining team members to interview, hire, and train a new employee—an expense that many business owners won’t recoup for months, if not years. If this is your current reality, you may have a company culture problem.
Poor company culture doesn’t just cause employee turnover. It also leads to employee disengagement, which can also cost the company. Research from Gallup estimates that a withdrawn individual who is disconnected from their employer and company goals costs an organization approximately $3,400 for every $10,000 of salary. Your team is your most important resource. If you’re struggling with high employee turnover or disengagement, you need to change your approach.
Approach 1: Invest in Your People
There’s a relationship between operating results and employee satisfaction.
Salary is a significant part of this, including workplace perks, remote working options, flexible hours, and team-building events.
Invest in your team and their well-being. They will often repay you in loyalty and commitment to work.
Approach 2: Lead By Example
Be the person you want your employees to be.
Culture is determined by a set of shared values and behavioral norms that drives operating results and employee satisfaction.
Set the tone and lead by example.
Don’t gossip.
Speak positively of others.
Meet deadlines.
Just like a parent in a household, your employees watch you and follow your behavior.
Approach 3: Delegate and Trust Your Team
When your team enjoys their work and feels they’re contributing to something bigger than themselves, they produce better results.
Delegate activities and responsibilities.
Trust your team.
Instill confidence.
Watch them thrive.
I hope the above post reinforces the importance of recruiting, cultivating, and motivating a team to minimize an organization's turnover rate.
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Warm Regards,
CeeCee