Business Management Life

Q. My turnover rate is high, double digit. People say they are leaving for more money. Is this true?

A. People leave for a number of reasons. If your pay rates aren’t competitive then yes. This is usually typical of low-income workers. It’s a survival move. However, for the majority, it is the easiest answer to say when they leave. However, this isn’t the reason in the majority of instances. Besides, their will always be another company with more money

Q. My pay rates are competitive, so what could it be?

A. As I mentioned earlier, it could be a number of things. Let’s explore some of them:

1) Lack of opportunity - this doesn’t necessarily mean promotions. It could mean opportunities to meet with customers, provide different services or lead a product development team. They may want opportunities to learn new skills.

2) Lack of recognition - this one is tricky. Some people like public recognition, others private. Some people just want a “thanks, great job” while others want some type of reward that is special or tailored specifically to them. Trinkets and toys don’t do the trick.

3) Undervaluation - workers want to know that their contribution matters. They need to understand how it impacts the organization’s ability to grow and profit. When management listens to their ideas on improving products or services, or how processes can be improved. It makes a difference. The greatest impact is when one of their ideas or suggestions get implemented and then they get recognized for it and they are provided greater opportunities because now they are really valuable to your business.

4) Lack of leadership - leaders often receive very little if any training. This creates problems amongst the leadership structure, senior leaders, middle managers and front line leaders. At each level, they interact with employees and poor leadership drives poor morale. This is why it is so important for organizational leaders to live the businesses values with valor. It creates value all the way down and across the chain. All of the above are impacted by leadership or their strategies.

One Tip To Keep Them: The best thing you can do once you get a new employee on board is to ask them to provide you a list of their personal and professional goals. Then tell them it’s your job to help them achieve them. Now you know what you need to do and they know what to expect from you.

Wesley Ford is known as That Value Guy. He is a speaker and consultant. He helps businesses and organizations grow and develop leaders and retain employees of value using The Soldier’s Method; Values, Valor and Value. Come join one of his teleseminars by visiting http://www.thatvalueguy.com to learn more.

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This entry was posted on Tuesday, December 25th, 2007 at 9:01 am and is filed under Leadership, Management, Hiring, Ideas, Tips, Blog Carnival. You can subscribe via RSS 2.0 feed to this post's comments. Responses are currently closed, but you can trackback from your own site.