When you think of the Chicago Bulls in the 1990s, who do you think of? What about the New England Patriots in the 2000s? The New York Yankees? Recent USA gymnastics?
What do these people have in common? Michael Jordan, Tom Brady, Alex Rodriguez and Michael Phelps were all key, top players in their respective profession. Without them, their team would not be the same. They led with passion, commitment and were part of an incredible group culture of winning. They also earned their teams, managers, themselves, etc. an incredible amount of money.
When it comes to your business, who are your key players? And what are you doing to retain them? Korn Ferry explains that it’s too easy to neglect the employees you already have — those who are shouldering the burden of added work and lower morale as co-workers leave for seemingly greener pastures. But if you ignore them for too long, your attrition rate will climb. It’s so critical for organizations to improve the employee experience for existing employees. By doing so, you’ll start building a culture and reputation that will attract new hires and keep them engaged.
According to the U.S. Bureau of Labor Statistics, 4.25 million people resigned from their jobs in 2022, up from 3.3 million in 2021. SHRM describes the key reasons a focus on reducing turnover makes sense:
Turnover is costly
Unwanted turnover affects the performance of an organization
As the availability of skilled employees continues to decrease, it may become increasingly difficult to retain sought-after employees
The job market is hot – it seems like everyone is hiring. How do you stop your MVP from becoming a free agent?
Harvard Business Review shares six strategies to boost retention: 1. Incentivize loyalty – pay employees a fair, competitive wage and use bonuses as a sign of gratitude 2. Provide opportunities to grow – teach new skills and promote from within 3. Elevate your purpose – share and demonstrate your values 4. Prioritize culture and connection – build meaningful relationships with your employees and demonstrate a positive team culture 5. Invest in taking care of your employees and their families – educate on mental health resources that your business provides and review your time off policy 6. Embrace flexibility – explore and implement hybrid and remote working options Are you ready for your team to sink the winning shot, throw the “Hail Mary” pass, win consistently and stick the landing? Axxum Consulting wants to help. Contact us at www.axxumconsulting.com or firstname.lastname@example.org.