27/05/2024
Dear Veronica Musa. Here is my response to your question based on my experience.
Employee turnover is a challenge for any business, but proactive strategies can mitigate its negative effects. I can assure you that there is little to nothing you can do to avoid it especially when businesses is hard and everyone is rightly so, trying to looke for greener pastures.
As a business owner, you are not a slave driver, so it would be unethical for you to stop your employees when they try to pursue what they assume are better opportunities. Infact, in my many years of business, I have actually supported some of my workers who wished to go on their own even within my industries as competitors. Others go to work for other companies and that's okay.
But even with that said, there are some core employees whom you must definitely incentivise to keep because they are critical to what you do. For example, I have been with some of my workers for over 40 years. Some I have built houses for, started separate business for, supported in terms of career development and so on and so forth.
Regardless, you should take some deliberate steps to ensure that your business should not be held at ransom by some unhappy employee, by making sure that you set up automations and easy to to transfer processes so that you can have seamless transition between employees. Know every department or your venture intimately. So that you can easily communicate what is needed to the next person.
Here are some approaches to ensure turnover doesn't harm your business:
1. Effective Onboarding and Training:
- Provide comprehensive onboarding to integrate new employees smoothly.
- Offer ongoing training to ensure employees feel competent and valued.
2. Create a Positive Work Environment:
- Foster a supportive and inclusive company culture.
- Encourage open communication and feedback.
3. Offer Competitive Compensation and Benefits:
- Ensure salaries are competitive within your industry.
- Provide benefits that address employees' needs, such as flexible working hours e.t.c.
4. Career Development Opportunities:
- Offer clear paths for advancement and professional growth. Sometimes you can show this by promoting employees within your organisation. Let them see that there is a path up.
5. Recognize and Reward Employees:
- Implement recognition programs to celebrate achievements and milestones.
- Offer incentives and rewards for exceptional performance.
6. Conduct Exit Interviews:
- Gather feedback from departing employees to identify and address any underlying issues.
- Use insights from exit interviews to improve retention strategies.
7. Build Strong Leadership:
- Train managers to be effective leaders who can inspire and retain their teams.
- Ensure that leadership practices are consistent with company values and supportive of employees' needs.
By focusing on these areas, businesses can reduce the impact of employee turnover, maintaining productivity and morale even when changes occur.