5 Best Practices to Reduce Turnover
Jul 13, 2022
Although the constant attraction of new talent helps you grow, being able to retain the people is also critical, especially with the staffing crisis our industry is facing. How can you do that? In this blog post, I’ll be sharing five strategies to reduce turnover and have a healthy organization.
People that look for a job are searching for opportunities and benefits, but in the end, they stay for the company’s culture. Taking this into consideration, these five best practices will help you transform your business culture, and therefore, have better employee retention.
1. Select the right people
This doesn’t only mean having the talent, the skills, and the experience to perform properly, but making a good fit with your company. Otherwise, you'll end up looking for people again in three months or so.
To help you discover those candidates, you have to define clearly who is your ideal employee and how does the right cultural fit look like. Based on that, as you're looking and interviewing the prospects, you’ll be able to make better decisions and hire the right people.
You must also revise your hiring process. If you are looking for someone for the long run, make sure you cover questions like:
- What are your expectations?
- How long do you want to be here?
- What would it take for you to stay in this company for more than a year?
These quick tips of behavioral interviewing will help you discover who the candidates really are.
2. Have a great onboarding plan
Some studies have shown that the majority of people that aren’t pleased with their new job leaves within the first 30 days of employment. Even before their first day ends, an employee will determine whether they made the right decision to work for you or if they made a mistake.
A way to prevent your new staff from resigning is making sure they have an amazing first day and a great welcoming experience but also striving to have a healthy business culture every day. This will also help you make the most profitability of all the time, money, and resources you are spending to hire the right people.
3. Create a culture of respect and appreciation
This is an ongoing activity because you need to create a culture where the people that work for you feel respected and appreciated for what they do. If you promote this type of positive work environment, your employees and leaders are more likely to want to stay with you.
You must also include an element of fun in your culture. No matter what your workers are doing, whether they are making pizzas, giving massages, or doing car washes, enjoying what they do so many hours a day is important to reduce turnover.
If your goal is to have better retention, you need to consider how you can improve the experience of the employee, and don’t forget that respect, appreciation and some element of fun will make them want to stay with you longer.
Learn here how my “hire slow, fire slow” mantra can help you as a business strategy.
4. Ensure that everyone is doing their job
Having a high-performance organization means that everyone is doing a good job with a high level of excellence.
As a leader, you have to hold people accountable for their responsibilities, and actions, and for what they do at the job. Also, to retain your high-performers you must prevent them from picking up the slack for others. To do so, you have to guarantee that every single one of your employees is doing the activities that they were hired to do.
5. Provide opportunities
This fifth action is very important not only for your crew members but also for the future leaders of your organization. You need to provide clear opportunities for your people from day one so that they understand how to make this job into a career and what are their growth possibilities in the long term.
When you provide a clear path on how your personnel can go from point A to point C, and they can visualize how they can improve their pay and elevate their position, the chances of them staying with you longer increase.
This is particularly important if you are a multi-unit franchisee that is growing because you’ll have a huge advantage over those that are not offering opportunities for their staff.
Another consideration: it is proven that if you promote your leaders from within, the chances of success increase up to 50%. And this will be another advantage for your business.
Why reducing turnover is key
Not only is the turnover the biggest hidden expense in your business. The longer the tenure your employees stay, the healthier your business and the better the environment and the culture will be.
In this day and age, you need to focus on retaining the people that you already have so that you can eventually have all the staff you need to operate your business successfully.
These are just some of the tactics you can implement; there are many other systems and processes that successful multi-unit franchisees need to be able to grow into an enterprise.
If you would like to learn more about these topics, join us in our next masterclass, where we teach all of these systems and processes that you require for your team, income, profit, and scale. Visit MultiUnitMasterclass.com to review when our next session will be and to learn more about this program.
And don’t forget to follow us on our social media (Facebook, Instagram, LinkedIn) and subscribe to our YouTube Channel, where we share weekly tips to inspire you and help you grow.
Reflections:
- Have you calculated the turnover in each of your stores and how much it is costing you?
- How often do you revise your hiring process and systems? Are they updated?
- Do your employees have a career plan to help them grow within your organization?
- What can you do to improve your organization’s culture?
WATCH THIS VBLOG on YouTube HERE.
