As a business, you’re no better than your workforce. What’s more, it’s never fun to deal with employee turnover costs.
A better strategy? Keep the good employees that you have.
Happily, doing so might not be nearly as difficult as you think. Here are five common myths about what it takes to prevent employee turnover.
Myth #1: Money Matters the Most
According to one Gallup poll of 44 organizations, only 22.4 percent of people who quit their jobs mentioned money as a contributing factor. Meanwhile, 30.5 percent of people left to advance their career and have more opportunities for promotion. The take home? No one wants to feel they’re at a dead-end job.
Myth #2: Everyone’s in It for Themselves
It’s easy, especially after years in business, to be cynical and assume that employees are only interested in what they can get out of a job in terms of benefits, flexibility, etc.
The truth is that the same Gallup poll found that one of the top reasons employees leave is a feeling that their co-workers are not committed to quality. In other words, people want to be on a team that’s moving in the same direction—towards success.
Building a good team isn’t just a cliché. It’s necessary for preventing employee turnover.
Myth #3: It’s Important to Keep a Bit of Distance at Work
One of the things employees value the most is the feeling that they are connected to senior management. That means you’re willing to hear their ideas—and their concerns.
But should you really develop close friendships at work? The Gallup poll found that employees were much less likely to leave their jobs if they felt like they had real and strong friendships there.
Myth #4: It’s Critical to Find Someone with the Right Set of Skills for the Job
Sure, you don’t want to hire a chef to maintain your website. But experts say that it’s more important to find the raw materials for success—intelligence, drive, vision—than it is to find someone who has the exact set of skills you need.
You can teach someone to work an Excel spreadsheet, for example. But you may not be able to teach an employee how to come up with a plan to grow a department.
Myth #5: If Something Worked Before, It Will Always Work
We all know that there are generational differences. What might have attracted an employee who grew up in the ’70s, for example, might not hold the same appeal to a millennial, who is far more likely to value tuition assistance, flexibility, and a sense of purpose.
Keep an eye on workplace trends—and keep up with them. Things like fitness challenges and incentive programs can go a long way in making work fun, and by extension, reducing your employee turnover costs.
Staff Retention and Success
If your business is retaining its employees, thriving, and growing, you may find a need for more storage space. There are times when self storage for businesses
can be the ideal solution. At StorageMart, we offer affordable self-storage units that can be rented on a month-by-month basis and are clean, well-lit, and easy to rent. Check out our storage unit size guide
or rent a unit online