Cascading Leadership - The Show

Instead of Beer and Ping Pong, Maybe You Should Do These 5 Things to Solve Your Employee Turnover Issues

December 23, 2022 Jim Season 2 Episode 48
Cascading Leadership - The Show
Instead of Beer and Ping Pong, Maybe You Should Do These 5 Things to Solve Your Employee Turnover Issues
Show Notes Transcript

If you are dealing with an employee turnover issue, this quick episode gives you 5 actionable steps you can take to shift that dynamic. 

Music Credit: Maarten Schellekens - Riviera 

Follow us at:

 5 Step Framework for Improving Employee Retention 

5 Step Framework for Improving Employee Retention 

[00:00:00] Dr. Jim: welcome to today's episode of Cascading Leadership.

[00:00:03] Dr. Jim: I am your friendly neighborhood talent strategy nerd, Dr. Jim. And today we're gonna be talking about five steps that you can take to improve your employee retention. This is a critically important topic for many talent leaders because whether you are aware of it or not, retention is one of the biggest costs that an organization faces.

[00:00:23] Dr. Jim: For every person that leaves an organization, you can run. To 200% of their first year salary in replacement costs. So it's critically important for you to solve for retention as much as possible. Let's get into the five things that you can do to solve retention challenges that you might be facing First and foremost.

[00:00:42] Dr. Jim: And this might be a little bit obvious, you need to make sure that you're offering competitive benefits and compensation packages. And we're talking about a total compensation perspective. So you should have a fairly strong finger on the pulse on what your what, your competitive landscape looks like.

[00:00:59] Dr. Jim: What are other [00:01:00] companies in the marketplace doing from both the salary perspective and from a benefits perspective as well. Yeah, don't be afraid to look at P t O as part of that total package that you are offering your candidates and potential candidates, because that's gonna have a tremendous impact in terms of their decisions to join or leave your organiz.

[00:01:20] Dr. Jim: Step two, is to fo foster a culture rooted in respect and its values oriented. Here's what I mean by that. You should be living your mission, vision, values of the organization in terms of how you are. Interacting across the enterprise you need to make sure that you have open lines of communication.

[00:01:39] Dr. Jim: You're providing opportunities for development and growth, and you're creating a supportive and inclusive environment. Those are just scratching the surface of some of the things that you can do from a values and employee respect perspective. But that should be high on the list of things that you're doing as an organization to mitigate any persistent [00:02:00] retention issue. The third thing that you can do is really focus on work-life balance. And that can take shape in any number of ways, but I think one of the big things to keep in mind is that when you look at the largest demographics of the workforce, and that's millennials and Generation Z, they prioritize flexibility in work arrangements highly.

[00:02:23] Dr. Jim: When evaluating their joint or leave decisions. So you need to build that in to your normal work cadence. If there's anything that the pandemic proved out is that. We can actually get a lot of stuff done, and it doesn't require us to be in a physical office. So lean into that and make sure that you're offering that flexibility, but also keeping an eye on on making sure that employees aren't getting burnt out.

[00:02:49] Dr. Jim: The fourth thing that you can do, and this is where a lot of organizations miss the boat, is that you need to be intentional about offering training and development opportunities. Providing ongoing training and [00:03:00] development opportunities can help employees feel more engaged and invested in their work.

[00:03:05] Dr. Jim: And when you think about employee engagement that has tremendous impact when it comes to organizational commitment and reducing turnover intention, which are two signals of a potential danger of of turnover. So when you're thinking about what can you do to solve or better retain your employees training and training and development opportunities has to be part of that formula.

[00:03:28] Dr. Jim: Number five the thing that you need to focus on is rewards and recognition. So you should be celebrating the wins in whatever capacity that you can celebrate over the course of the year. Obviously there's big and small milestones, so take every opportunity that you have to celebrate and recognize your team members.

[00:03:47] Dr. Jim: And that can be just. Verbal recognition. It could be awards, it could be promotions it could be advancement opportunities, it could be stretch opportunities, it could be anything, any of those things. But make sure you're [00:04:00] deliberate about recognizing those employees recognizing your employees as a hedge against a turnover issue.

[00:04:08] Dr. Jim: So recapping the five steps that you should take to improve employee retention. , make sure you're competitive from a compensation and benefits perspective. Make sure you're driving a culture that is rooted in values and mutual respect. Make sure you're operating and providing opportunities for work-life balance.

[00:04:27] Dr. Jim: Make sure you're providing ongoing training and development opportunities. And last but certainly not least, make sure you're offering employees recognition for a job well done. Thanks for joining us on this episode of Cascading Leadership, 

[00:04:42] Dr. Jim: hope you like the like the quick hitter episode. If you like the show or if you like this episode, leave us a review, tell a friend but looking forward to. Talking more about how we can solve some of your talent strategy challenges, as well as helping you move your careers further faster on a future episode of cascading [00:05:00] leadership.

[00:05:00] Dr. Jim: Thanks, and until next time,