A high turnover rate is a bad thing for any business, as it means employees aren’t sticking around for very long, and indicates that there may be any number of underlying issues that are causing them to skedaddle rather than stay loyal.
If this is a problem you’re facing in your own firm, here are a few examples of what might be going wrong, and how you can address internal failings to keep team members onboard for longer.
Problem: Inadequate Resources Result in Overworked Teams
Having inadequate resources can lead to overworked teams and high turnover rates. Small business owners need to take steps towards improving efficiency for their employees, without causing burnout.
Firstly, ensure that you have enough staff members in place who are capable of handling the workload. Do not overload any one person with tasks they cannot handle or do not have time for.
Next, make sure your team has access to all necessary tools and technology needed for their roles – this will make them efficient during working hours, and prevent burnout due to prolonged periods spent on a particular task or project.
Also, be flexible when it comes to allowing extra breaks throughout the day; while having set break times is important, so too is giving your staff breathing room if they require it during work hours as well. Allowing flexibility here gives employees more control over how they manage their energy levels at work which can result in greater levels of job satisfaction.
Problem: Staff Don’t Feel Recognized for Their Achievements
Acknowledging staff achievements is key to retaining employees. Thus you should take steps toward providing positive reinforcement when team members do something well.
To start, create an environment where it’s easy to recognize employee accomplishments; make sure you are actively listening during meetings and recognizing individuals who come up with creative ideas or solutions.
Then, reward your staff for a job well done – provide tangible gifts such as gift cards or bonuses that show your appreciation for their hard work. This is easier today with Mo’s solution, which lets you automate your rewards and recognition program so that it doesn’t become a burden to administrate.
Last, of all, encourage open dialogue between yourself and the rest of the team; this will allow them to feel comfortable expressing their opinions without fear of judgment or criticism from others on the team – allowing them to be heard can go a long way in making them feel valued.
Problem: Unclear Career Paths Lead to Low Morale
If team members don’t have a clear path forward, this can lead to a lack of motivation. Providing unambiguous goals and a straightforward path to career progress avoids this.
As a rule, you should create individual development plans that provide direction and clarity on the desired outcomes from each employee’s role – this will give them something concrete to work towards.
You must also be open about potential opportunities within your company; let team members know if promotions or other roles may become available further down the line so they have something tangible that they can strive for with hard work and dedication.
Also, offer mentorship programs where more experienced staff members can help guide younger talent up the ranks. This type of support system creates a sense of community amongst employees, which leads to higher morale overall.
The Bottom Line
A combination of factors is usually to blame for high turnover rates, but you’ve got the power to change this. If in doubt, ask employees what they’d like to see from you as a business owner or manager, and you’ll find your answers.
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