Employee Retention seems to be the buzzing topic at large lately. I was listening to a webinar recently that said the majority of our labor force in the coming years (Generation Y) will have upwards of 10 jobs in their life. Most of this generation will change jobs every 2-3 years.
That’s staggering! And painful to think about as it relates to the bottom line for our businesses. Did you know that to replace a team member typically costs that team members salary plus another half by time the replacement is found, trained, and gains the experiential knowledge needed?
We can’t change the workforce who is headed our way. But there are things that can move the needle and cause people to stay 4-5 years, or even more. Over the life of your business this could be millions of dollars, not to mention the saved headaches, stress, and sleepless nights.
For current team members it’s as basic as helping them do a little more of what they love, and helping them do a little less of what they hate. You’re not going to know what this is until you ask them. And each person will be unique. So go. Have a short conversation face to face.
Ask them what is their favorite part of their job now, or what is something they wish they could do but aren’t currently doing. Then ask them what is one part of their job that they look forward to least, that drains them of life and energy.
Now it’s your turn to take their feedback and do something with it. Perhaps some team members can swap certain responsibilities so everyone can do less of what they don’t enjoy. Or perhaps everyone has to keep doing what they hate, but gets to do more of what they love.
This really will move the needle. It will boost morale. It will ease stress and tension. Making this check-in and adjustments part of your regular routine (monthly/quarterly) will expand the longevity of your team.
Happy needle moving!
If this is something you’d like more help with, or simply accountability to ensure you get it done, I’d be honored to partner with you. Check out some ways I may be able to help you here: https://gerryedtl.com/solutions/#coaching