Ideas to Inspire Your EXTRAORDINARY
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PART 3: Retaining your best employees
In the first article of this series, we pulled back the curtains and looked at all the ways that turnover costs you money. In Part 2 we examined the revolving door of new hires with two key approaches, using more effective selection techniques and learning more about why people are leaving. If you followed my coaching (and ignored that pesky voice in your head that was telling you, "Who cares why s/he resigned, s/he wasn't a good fit anyway") and chose to get curious and ask questions, use that information to work on what creates long-lasting, sustainable elimination of turnover costs - Retaining your BEST employees!
A LESSON FROM THE OG
For several years I had the privilege of teaching the Organization Behavior course in the business school of McKendree University Louisville campus. I always included the story of the Pike's Place Fish Market when we talked about highly effective organizations and here's why. I honestly can't think of many jobs that I would dislike more than working as a fishmonger - the smell, the gore, the pre-dawn start to every workday, the hard labor of setting up the ice displays, and did I mention the smell. And yet, on the brink of bankruptcy, owner John Yokohama and his crew embraced a bold idea - to become world famous. What happened from there not only saved the company with
So what am I suggesting that you learn from this?
There's lots of research and information available regarding why employees stay in jobs such as what is provided in the infographic below.
These ideas are accurate but provide incomplete understanding and answers. Many business owners make the mistake of increasing employee benefits or paying for professional training in an effort to "be more competitive" in the battle for talent, only to find that they are spending more money and still struggling with the same problem.
The reason is that these are not discrete items to be selected from a buffet of ideas. Rather, there is a complex interconnection among these ideas that must be understood and considered to create comprehensive and sustained improvement.
Grab your notebook; it's time to complete your final written assignment. By answering the following questions, you will have the ingredients you need to move from triage to healing and health:
Just like our bodies, a healthy organization is one that has harmony, balance, and functions optimally without creating stress on one or more systems. The goal of these questions is to generate thinking about what it looks like and feels like to be in a healthy state (vs. the turmoil of serial turnover). An honest assessment helps to identify changes that can be effected quickly to demonstrate commitment and build momentum. Remember to use the data from step two of the second part of this series, to help you focus your efforts.