SKIP TO CONTENT

Categories

Archives

Search

Subscribe to Our Monthly Digest

Subscribe to
Our Monthly Digest!

How to increase profits by reducing turnover

Posted: May 24, 2017 | Categories: Leadership, Team Building

Oh, I wish I could give a magic, “silver bullet” answer to the title of this blog.  If you own a business, you know the “punch in the stomach” feeling when a seasoned and highly valuable team member gives you their two-weeks’ notice.  Turnover is costly for many reasons we know and don’t know. Let’s start with a history lesson:

My father worked for an oil company from 1948 – 1985 when he retired.  My father-in-law was a tool grinder who worked for a major manufacturer from 1940-1983.  (Yes, he took time out for WWII).  If your parents were of the World War II generation, you know examples like these are the norm.

Now things are different.  The last statistic I heard was that today’s worker will work from somewhere between 5-8 companies throughout their career.  Facing this reality, what can we do to help ensure that the people we hire will stay with us a long time?  When we hire, we need to find out what is important to each person.  Here are some areas to explore:

  1. How do you like to be treated?
  2. What do you do to build trust on your team?
  3. How do you like to be coached?
  4. What makes you feel important on a team?
  5. Do you consider yourself a risk taker?
  6. What principles and values do you respect the most?
  7. In your opinion, what is teamwork?
  8. What issues tend to influence your behavior most significantly?

We can sum this up by saying:

  1. Find out what is important to them in a working environment.
  2. Determine why it is important.

If we focus on these questions and objectives, we will increase their “workplace comfort zone” and reduce turnover.