Let’s face it, hiring and training is expensive. Studies show that, on average, cost-per-new hire ranges between $3,000 to $5,000. Taking in account time, training, and lack of production, recruiting and losing staff can be quiet the conundrum. So, while hiring has its own challenges, let’s put a focus on staff retention.
Keeping the right people, in the right jobs, is an ongoing challenge. Our staffs, new and tenured employees, are looking for good leadership. They want to know that we are leading them in the right direction and going to support and develop them during their career. Here are a few points to consider when working towards a healthy culture.
Have intentional conversations.
All staff, and even peers, need support. They need to have a consistent and open meeting to interact with direct managers. Consider having a scheduled appointment on the employee’s calendar to talk about work and non-work topics.
Quarterly Performance reviews.
Some organizations feel that an annual employee review is enough contact to evaluate direct reports. We have seen that more consistent, scheduled reviews allow better interactions and opportunities to celebrate successes and coach areas that need improvement.
It is easy to be hesitant to have those much-needed difficult talks with our employees. Employees can sometimes drift from being engaged in our companies to toxic and disruptive. It takes a good leader to not only see when that has happened but to also have the leadership courage to sit down with that employee and get them back on the right track. Delaying that talk is a disservice to the company and that member of our team.
Training and Development.
For people to grow and develop, they need leadership willing to invest time and resources into their future. Putting aside ever-changing technology, they also needs to feel like a team and know that their boss is willing to give them chances to step-up. Any good leader is always willing to cultivate future replacement. To do that, teams needs to learn and practice those skills. Be it one-on-one coaching, mentoring, shadowing, or situations to prove themselves with practical application, a forward-thinking leader is always considering how to lead their staff to the next level.
Managing employees, with a wide range of personalities and experiences, can be a challenge. Yet, we can't shy away from investing in our staff’s future because they can end up being the leaders of our future company.