Savvy employers know how to profit from their human capital and they know how to prevent employee turnover. In six ways, they closely monitor their employees’ attitudes.
If you need help in retaining valued talent, it’s possible to anticipate which employees are likely to quit.
As you probably know already, employees are likely to quit, if they’re frustrated in one or more five ways:
- Feeling disrespected
- Wages
- Lack of career advancement opportunities
- Not enough flexibility
- Childcare issues
Red flag about competitiveness
Employee turnover raises a red flag about your ability to succeed in the marketplace.
If you’ve laid off people, consider closely monitoring workers who you’ve assigned added responsibilities. Those employees are more inclined to feel taken for granted.
This leads to morale issues. Worse, it also means they’ll look for work with your with your competitors.
While it’s true there are companies that are aware that good morale among employees propels profits, many businesses are missing opportunities for growth. It’s not because of poor marketing.
It has to do with internal issues. There’s a trust gap between managers and workers. Many managers simply don’t know how to drive engagement.
Savvy employers know how to profit from their human capital. As a result, their employees offer profitable ideas. Such knowledge is a powerful weapon for high performance in a competitive marketplace.
It brings us back to the problem of knowing which employees are likely to quit.
Six solutions
For solutions, here are six key questions for you:
1. Have you gauged the attitudes of your employees?
2. Have you conducted a wage and compensation study?
3. What does your employee-recognition program look like?
4. Do you make education and training programs available?
5. What training do you provide to upgrade the skills of your managers?
6. What have you accomplished to increase sales for better cash flow to reward deserving workers?
Conclusion
Once you have positive answers to these questions, you’ll lessen the likelihood of having to suffer from employee turnover.
Notice that most of the challenges to retaining workers is solved by skilled management.
It’s important to have great relationships with your workers and to be empathetic with them. Within reason, they need to know that you care about them.
Who wants to lose valuable employees? Especially, losing valuable employees to competitors is not only a human-capital loss, it means a loss in profit. Plus, it results in a marketplace stigma. You want to be known as one of the best places to work.
From the Coach’s Corner, this portal has dozens of HR-coaching topics, which include:
If a Valued Employee Wants a Raise, and Money’s Tight — In this economy, whether you operate a large or small company, trepidation of higher payroll expenses can turn your hands cold with perspiration. That’s especially true when talented employees suddenly ask for a raise. Talented workers are an asset – your human capital. Many companies don’t have a compensation policy.
15 HR Strategies to Improve Your Business Performance — Studies show many employees are dissatisfied in their workplaces. Employee dissatisfaction, of course, will adversely affect a company’s performance. The dissatisfaction is global and the trend is likely to continue unless businesses improve their approach.
Human Resources: 12 Errors to Avoid in Evaluations — Now that it appears the recession has ended, questions may arise about human resources. What to do now? Here are the answers.
Before You Fire Employees, Ask Yourself 3 Important Questions — Keep in mind that if you’re forced to terminate workers, there are normally three questions to ask yourself.
“There are so many things you can learn about. But you’ll miss the best things if you keep your eyes shut.”
–Dr. Suess
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