Sometimes the common denominator is the manager. How to know when it’s time to look inward when it comes to employee retention.
Chronic turnover is an expensive problem for any business. Not only does it impact productivity and your overall bottom line, it also can have a serious effect on workplace culture. So when your company becomes a revolving door for even the most talented individuals, it’s time to look inward to figure out if the problem is internal.
Here are 3 signs that the problem is you.
1. Poor New Hire Retention. For many businesses, one third of new hires will leave their jobs within the first six months. That means that after investing the time searching for the ideal candidate, hiring and onboarding them onto your team, they resign or get fired, in most cases, without making any positive impact on your bottom line. Not only is this bad for business, it has a negative impact on your company culture. What to do? If you are having a hard time getting your new hires to buy into what you’re building, it is likely that you need to dedicate more time to developing an onboarding process that clearly articulates your mission, vision and core values. Why you exist, where you are going and the guiding principles need to be constantly reinforced. That requires giving feedback and working closely with them until the get the hang of the process on their own.
2. Communication Disconnect. Are you consistently assigning your team tasks but not receiving the result you envisioned? The breakdown in communication almost always stems from a lack of clarity around goals, expectations and feedback. If an employee is not provided with clear guidelines about the roles and responsibilities, odds are they will be out the door in no time. New employees want clarity around their goals and expectations—so make that a priority if you want to retain employees. What to do? We consistently see issues with hiring, onboarding and performance management that stem from a lack of clear mission, vision and values, in addition to a lack of clear goals and expectations. Make sure that you make giving and receiving feedback a part of the onboarding experience.
3. Turnover of Top Producers. “If your overall turnover number is 10%, but the people heading for the exits are from the sales force’s top tier, you have a serious problem,” says Gallup contributors Benson Smith and Tony Rutigliano. While turnover on the other end of the spectrum is actually beneficial for an organization, losing top producers can seriously impact the success trajectory of a business. More often than not in comes down to bad managers. What to do? Consider leadership training. One of the best things a businessperson at any level can do is to continue to hone his or her sales and business development skills through leadership training or executive coaching. Learn how to stay relevant as a leader and to reach employees from all skill levels.
The most important investment you can make as a leader is in yourself. In our experience, leaders who are willing to roll their sleeves up and spend time teaching and coaching their teams impact engagement and retention more than anything else. Contact Carver Peterson Consulting to find out how to become a leader that inspires, teaches and goes the distance.