And before I even start on the question of – “Are you looking after your team?” . . .
. . . it raises another question – “Do you treat your people like STAFF or like a TEAM?”
It’s a totally different outlook, for so many different reasons, but . . .
In other words, the business runs differently.
Putting that whole subject aside for the moment, people retention is important to business.
Replacing people who leave, whether “team members” or “staff members”, is a costly process for the business in so many ways.
One website estimates the cost of replacing an employee as high as 65% of their annual salary. There is not only the time and cost of finding a replacement. Also consider the losses to the business of not having that person there.
- Lost business relationships with customers
- Interruption to business processes and flow
There are many factors in retaining people.
And you might be surprised to know that Salary is not always top of the list when it comes to people staying in a job or position.
The following all rank very highly on the list:
- Job satisfaction
- Happy work environment
- Communication – knowing what is going on
- Feeling appreciated and valued
There are many websites and many companies engaged in this subject.
I have heard anecdotes where people have left a business even though they loved the work that they did, because they:
- did not know what was going on in the business
- did not feel included in the business direction
- did not feel in control of the role that they were filling
If you think of a sporting analogy, then it is like taking a team onto the playing field without discussing strategies, maybe not even knowing what game is being played and then sending them home at the end of the game with a cheque but no appreciation, no team hugs and no team song.
So, if you are a business owner then stop and think about how to address these points.
e.g. Some small appreciation that you can offer your people.
It might not even cost you very much. As they say . . . “it’s the thought that counts!”
It might just be a chocolate or a coffee card.
Well, that is quite simple really! And it does take some effort and focus to implement.
What should you do now?
- Evaluate your business for people retention and job satisfaction.
- Speak to a specialist in this field for some advice.
- Want some help or ideas? Just contact us at Hotpink Websites now.
The way a team plays as a whole determines its success.
You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.
~ Babe Ruth
Remember – Are you looking after your team?