If you’re a fan of the National Basketball Association, then you’re probably like me when it comes to watching games. There’s nothing more I love seeing than someone dunking over another player or sinking a three-pointer in front of a defender’s face. Now that I think of it, it seems like I only enjoy plays that are demeaning to the defense, huh…but that’s neither here nor there.
As the NBA kicks off it’s 2014-2015 season, there’s one thing I can tell you that I’m not looking forward to and that’s turnovers. Turning the ball over is ugly. It’s bad for the offense and nobody likes watching sloppy play (unless you're on defense, then turnovers are awesome). The same goes for companies everywhere: turnover is bad for business.
While referring to turnover, the Wall Street Journal says, “experts estimate it costs upwards of twice an employee’s salary to find and train a replacement. And churn can damage morale among remaining employees.” Now if you’re like every other business out there, you know this is a serious problem, but how can you fix it? Is turnover even fixable? The quick answer—yes.
Tips For Lowering Turnover
Just like the game of basketball, keeping score is essential for your business. It’s vital to keep track of the candidates you’re interviewing, what their responses are to your questions and how their personalities fit within your company’s culture. One of the best ways to do this is by using an interview scorecard, but that’s only one step towards diminishing the pain in the neck called turnover.
Below are other things that can help you keep employees sticking around for the long run:
Hire the right people—this starts and ends with the interview process. If you hire the best-fit candidates for your open positions, they’re likely to stick around longer and be productive members of your company.
- Offer the right stuff—this includes everything: benefits, paid time off, vacation, compensation, etc. It’s the little things in life that make people happy and the same applies to your employees in the office.
- Listen—in order to offer the right stuff to make your employees happy, you have to listen to them. Hear what they have to say and take it to heart. These are the people that are running “the machine,” so work with them and you’ll be surprised with the kind of morale and performance you’ll see in return.
- Appreciation is necessary—especially when it’s due to hard work. Recognize your employees and give credit where’s it due. Appraisal is contagious and is bound to help encourage other employees to work hard to receive their own recognition for their work. Incentives like certificates, prizes, extra time off, etc. are always a nice way to say “thank you” for an employee’s great performance.
- Culture is key—make sure your office environment is a place that is enjoyable. It should be a place that not only you, but also your employees look forward to working at every day. There are many ways to create this kind of culture, so make sure it’s the right fit for your company and the people that work there on a daily basis.
There’s no question that turnover is a serious problem and can be costly for your business, but where does it come from? Before you can begin to solve this problematic issue, you have to find where it all starts. Find the source, hire the right people and before you know it, you’ll be celebrating championship years with employees you can call old friends!
Get the information you need to reduce turnover by downloading our free eBook below!