3 Awesome Tips to avoid the attrition trip!!
It’s a fact that a recession is going to create major impacts in the workforce. Whether you concede to admit that we are in one now or we are going to have one, it will not change the facts that preparing your employees for the upcoming changes is going to be vital to retaining your employees. The truth is many corporations will be forced to make some tough decisions very soon that will impact your employees financial outcome. Bonus cuts, benefit reductions, Merit increase slashes and tuition reimbursements are all places that many employers will start to cut cost before making the major cuts such as Job Loss. As we have seen during the Pandemic finding and retaining good employees is becoming rare to the point that many large and small businesses have been forced to close their doors. Businesses that were once Financially able and stable have been brought to their knees due to the lack of dependable employees. Notice that we said dependable as having a body in the seat is not the goal but having a bought in employee can and will change your companies growth. I can personally attest to this fact after managing over 1000 different experts in Corporate America with a 80% promotion rate, 10% or less attrition all while carrying the famous title of being the “Write up Coach”. Yes it’s true I wrote or PIP (Performance Improved Process) every one of my experts. How could I ensure that I created a equal and fair workforce if I only wrote up my bottom performers? The truth is we all have room to grow but if I made my top performers feel like they could not be better and my bottom performers feel like they were dead weight, then I could not successfully manage a team that would need each other to bonus and thrive. The results I created were impeccable which led me to have such a high promotion rate and low attrition rate. I ensured that each member of the team was developed and knowledgeable about the job and how to make the job work for them. Notice that last point I had to help them understand how the job work for them and create an environment where they wanted to work and thrive. Believe it or not there here are things you can do to make some of the corporate recession blows a lot less for your employees and retain them all while making 2023 your most profitable year yet.
Morale: The first key to retaining and keeping good employees is simple. Create an environment they can thrive in and feel apart of. This is probably one of the most missed pieces in the American workforce. We tend to think that we can overwork them and the reward is pay. However the truth is the typical American worker wants to feel appreciated more than the money. Now don’t get it twisted, they do want the coins but they also want to be respected for the work they do. Don’t forget they are people they have lives and things happen outside of the workplace and they manage to pull it all together to come in the next day and get the job done. As a former manager in Corporate America, I ensured my team had a good morale and here are a few ways to ensure your team does too. 1. Team Potlucks: Yes it’s true team potlucks still work. Remember earlier we talked about everyone wants to be apart of something and what better way than through food. Plan a theme like a Taco Bar etc. and make a list of what is needed and have everyone sign up for a item. 2. Team Builders: A true oldie but goodie. I can remember the smiles on my employee faces when we did team builders, whether it was a wine down Wednesday, Dress for Success, 2 truths and a lie, Team rollers skating outing or even Virtual Karaoke, it brought us together and connected us to the company and Team Vision. When executed properly this is a really BIG buy in from your employees and a great way to drive performance. 3. Pulse Check: This last part of Morale can be hurtful if your team is under some workplace duress but is MANDATORY to get you back on track. Do a team survey at least once a month that checks the temperature of your Employees. Be sure you are not going back and holding them accountable for honest feedback or this will not work. Also implement the feedback with reason. Now feedback that says the company could give them 3 more weeks off of work is probably not going to happen but explore to find out what they are needing. Can you do more versatile shifts etc to accommodate your employees. Even though it may not be a reasonable request, there is still some truth in all feedback. Finally measure your results. If implemented successfully you will be able to see more smiling faces, improved attendance and better work results.
Good leadership: I don’t meant to step on any toes here but picking the right leadership is EXTREMELY IMPORTANT to retaining employees and during a recession it is even more VITAL. Yes, the caps were necessary as we really want to stress this point. Many times it is thought to be the employee that is lazy or does not want to work etc. However having a bad manager can be like a dead tooth, and eventually it will cause you major pain. This can be prevented by picking the right people. Its important for any good manager to have a care for the people more than money. If money is the driving force you will always see a breakdown in leadership and their employees. This breakdown will eventually cost you not only in production but also in attrition. It’s a fact that the average cost to train an employee ranges anywhere from $1628 to $15,000. With those numbers retaining employees should be top on any company list. Therefore, extensive training for your leaders will trickle down. Remember this how you treat your leaders is how they will treat your employees it is truly a trickle down effect. Retention starts at the VERY top. As a former employee of one of the Top 50 best places to work, we felt the effects of when we had a good leaders and when our CEO left the company those same effects were felt. Notice I said CEO. During his time there the morale was at an all time high, when he left it plummeted and so did attrition, revenue and many other things. Moral of the story, your leaders will make or break you. Choose wisely.
Benefits: Benefits is a major way to keep your employees. Did you know that 50% of your employees do NOT understand their benefits? Did you also know that teaching them how to use them will NOT make them leave and start their own business? The truth is a well educated employee creates loyalty as they feel more “monetary appreciated” than their peers. I can remember when people would ask me why I stayed with my company for over 15 years and each time my response did not change, “They pay me to well to leave”. Now yes I did end up leaving after 15.5 years to start my own company but not after making and saving them millions of dollars. The honest truth I only represent 1 out of 10 employees that will actually leave to start their own business and because 60% of new businesses don’t make it, the other fact is they will be back if they were loyal. Educating your employees on how to use their 401K to buy homes, Budgeting to ensure emergencies are taken care of, vacations to balance the stress of work and more. The truth on attrition is that the employees that don’t take advantage of the workplace benefits end of leaving the company quicker and perform less because they feel underpaid and do NOT see the real value in the company they are working for. Don’t leave your employees hanging, hiring a professional can help your employees understand the changes they need to make to tough out the company cuts all while keeping their loyalty where they are!! We can help. Book the Dynasty Team to come in and help get your team Recession Ready, Happy and Loyal to a T!
Curious and want to know more? Here are the services we offer to Employers
Benefits & Budgeting 101: We teach your employees how to save and manage their money. We offer ways to shop for cheaper and live more efficiently. We encourage and help them understand the 50/30/20 rule and they walk away with a 30 page budget book to use for the future. Financial goal setting using the SMART method using the company benefits to achieve them without counting on Merit increases or bonuses. We discuss ways to stay ahead during a recession and understanding how their jobs are changing to keep their jobs. We also discuss the benefits of legal services during a recession to protect against eviction, repossession, foreclosure, bankruptcy, will planning and more.
Book your Free Company Discover call Now.