#704 The Great Retention

In the age of the great resignation, business owners of all size companies are struggling with employee turnover. The pandemic had accelerated the resignations, but if you have employees, sooner or later you will need to address employee turnover. It is a natural part of owning a business. People will come and go for a variety of reasons. In some cases, there are things you can’t control (a spouse is transferred out of state or the employee is recruited by a firm that will pay 1-1/2 times what they make with your firm). The trick in reducing employee turnover is to focus on things you can control. Improve company culture One of the best ways to reduced employee turnover is to create an environment where people want to work.   Be selective about who you hire Take your time, even if it feels like forever, to find people who have the right skill and the right attitude. And if you make a bad hire, address toxic individuals head on.    Take responsibility for your team’s satisfaction Talk about the long term, even if it isn't with you.  Always be recruiting Take your time, find the right people, train them correctly and you will be well on your way to reducing employee turnover.