One question keeps coming up in every conversation I have with retail business owners: “How do I reduce employee turnover?”
My first answer is simply this: Stop treating people like human resources and treat them like human beings!
With unemployment near record lows, employers must realize there is no longer an endless pool of people from which to hire. In fact, job seekers hold all of the cards when it comes to employment. Why? Because there are literally more jobs open than people willing to work at them.
- In July 2019, there were 7.2 million job openings, but just 6.1 million unemployed Americans looking for work.
- And it’s only getting worse. By 2030, one study predicts a global talent shortage of 85.2 million worker, leading to $8.5 trillion in losses. The United States alone is projected to lose $1.7 trillion, simply because there won’t be enough qualified workers to fill all of the open positions.
In Part 3 of our series on turnover, let’s talk about boosting retention with an effective employee engagement strategy.
Why I Can’t Stand the Term “Human Resources”
A resource is something that is used, exploited or expended for an end result.
Let’s take coal, for an example. What do we do with coal? We take it and burn it for the energy it creates. When it’s gone, we just throw another piece of coal on the fire.
A human is much more special than a lump of coal. A human develops and grows over time. The more you invest in us humans, like time, energy, support, training, knowledge and so forth, the more we will produce.
Don’t you think a human would spend more time with a company where they receive the support, mentoring and motivation to become successful? I think they would.
Employees don’t need to keep working for you if you continue to treat them like an expendable resource. They can easily find another job.
That brings me to my next point.
Contact Hire Well Now today to learn about all of our managed Retention Solutions.
Watch for Part 3 in our series on turnover, which will cover ways you can reduce turnover in your business.
Stop Managing Turnover and Start Managing the Employee Experience
People want more than just a paycheck. Believe it or not, they want jobs they actually like.
Your employee engagement strategy should encompass the entire employee journey — from the moment someone first spots your job ad until their very last day on the job.
Recruit people who fit the roles you need to fill and the vision your company wants to achieve.
- Write clear, accurate job descriptions.
- Identify the best candidates with quick, mobile-friendly assessments and phone screens.
Onboard employees in a professional and exciting manner. You’ll enjoy a quicker time-to-contribution and less turnover.
- Make new hire paperwork accessible from any device.
- Offer flexible online training.
- Make it easy to sign up for offline training.
- Follow through with new hires to make sure things are going well for them.
Put as much effort into retention as you do into recruitment. Measure job satisfaction regularly to ensure that employees have the leadership, coaching and motivation they need.
- Proactively build a positive culture.
- Communicate the career paths available. Give employees a reason to dream big as they advance within your company.
- Other great career development tools include continuing education, up-to-date instructional materials and mentoring programs.
- When someone does leave, ask why. Exit interviews can tell you what competitors are doing to lure people away, and how to prevent more people from jumping ship.
Up to 40% of employees who leave do so within the first 12 months, so don’t wait until someone quits to find out they weren’t happy. Contact Hire Well Now today to reduce turnover with our managed solutions for recruiting, onboarding and retention.