Employee turnover has always been a challenge that organisations are keen to correct. There are many reasons for this. Losing a high calibre of talent is detrimental to the business and this can impact the bottom line.
According to research, an oft-cited reason for high turnover figures is due to poor line managers. Gallup research found that 75% of employees had voluntarily left a company because of their manager. If employees feel like they aren’t valued or respected, and really given the opportunity to flourish at work then employees may feel leave for a more stimulating role at a competitor brand.
So, what can managers do to prevent high employee turnover?
Coaching
Managers should never undermine the power of coaching. An important deciding factor for employees wanting to walk is whether they believe that their company offers development opportunities.
What this means for managers is that they can develop an approach that involves continuous feedback so that employees can work on their weakness and play to their strengths. Setting goals will help encourage employees to get better rather than giving them a spiel of negative criticism.
Involving employees in decision
While the traditional, autocratic style of management has effectively got the world to the place that it is today, the nature of working is changing and employees are continually demanding for their voices to be heard at work.
Therefore, involving employees in the decision-making process will help with engagement and encourage people to stay at a firm for longer.
Striking up meaningful conversations
Having frequent discussions with the team will help create an engaging company culture. According to John Kanoski, CEO of Legal Files: “Regular conversations help keep our team members aligned with organisation-wide goals. Our managers seek to connect personal aspirations with the bigger overall vision of Legal Files.” Therefore, conversations that bring the team together and help them connect not only helps with moral but it positively influences the bottom line too.
(Credit to Executive Grapevine Daily)