Employee turnover is one of the most annoying things in business. It means you’ve got to take the time to go through the hiring process again, hope that you find the right candidate, and train them hoping that they’ll get up to speed as quickly as the person that left the position. Employee turnover results in lost time and money, and in some situations, can mean that your other employees may start feeling the brunt of having to pick up the slack for the person that’s gone which can create a nasty cycle. That is where actionable ideas on employee retention come into play. There are a lot of reasons for turnover, and in any company, they can differ. Sometimes those in leadership roles are unable to do anything about it, but other times, actions by leadership can make a world of difference. Leadership development is one such area.
Employees and Money
One of the first things that some management professional think about when it comes to employee turnover is money. Data scientists have found that while pay is important, it’s not the top predictor of employee satisfaction. Things that are important include the values and culture of the company in addition to what type of leadership and future opportunities are available to employees. Leaders that tap into the potential of their employees beyond just the skill they need to get the job at hand done and are known for nurturing talent have a better chance of keeping that talent.
Employees and Leadership
Short-sighted people in management only think of leaders as those in charge, but employees can be encouraged and developed into leaders themselves. This can sometimes end up in situations where micromanaging is an issue or the lack of a challenge exists. Autonomy is one way to work on developing your employee’s leadership skills. It gives them more discretion in how they move forward with a task. This is excellent for those that you know are budding stars in your employ, but can also turn those employees that didn’t catch your eye into more satisfied and productive employees that are less likely to leave.
Employees and Constructive Feedback
One of the keys to leadership development is the constructive feedback given by management and mentors in the company, but feedback is hard to give and receive. Properly given feedback is going to help propel your employee forward toward improving their skills. This means feedback that’s specific and focused on what needs to be done to improve their performance. Then, once your employee has moved forward on the feedback, you should incorporate how they’ve improved on the original comments. This lets them know that you see where they’ve made the right adjustments which add to their accomplishment and propels them forward.
Employees and Hiring
When you’re facing a situation with employee turnover, often, in the hiring process you’re focused on bringing in someone that’s a good fit for that position at that moment, but leadership development should start in the hiring process. By identifying potential leaders during recruitment, you’re helping to bring in talent that will do more than patch the hole in your currently sinking ship. You’re strengthening the hull for the future.
Leadership development and employee retention often go hand in hand. Happy and satisfied employees that feel as though they have a bright future at your company are less likely to jump to a competitor when something opens up. Not every employee is going to fulfill a management role in your business, but having a staff full of leaders means your company is at its strongest.