Solutions for Your Employee Turnover Crisis

Solutions for Your Employee Turnover Crisis

By Jonathan Malan

We are living through one of the most interesting times in the history of modern civilization.

Strong statement, I know. But think about it. Mobile devices have put any information you need at your fingertips. We are coming out of a pandemic that has made the world smaller than ever before. Remote workforces are more feasible and accepted than ever. The internet and the creation of cloud-based software means work can be accomplished any time, from anywhere. And for a lot of business owners, this “Great Resignation” is just compounding the staffing crisis we already had on our hands. None of this even brings into account global current events, inflation, financial markets, or other geopolitical events.

So what does all of this mean and how does it affect your business? To attract and retain the best talent possible in St. George, it is time to adapt.

Kevin Harrington, CEO of Joblist, recently noted, “The pandemic was the catalyst for the Great Resignation phenomenon, but it’s likely here to stay. Job openings are close to record levels, and with the rise of remote work and interviewing, it’s never been easier for employees to switch jobs in search of greener pastures.” Additionally, a recent Forbes article stated, “Seventy-nine percent of employed job seekers believe that they can make more money by switching jobs than staying put in the current market.”

The average lifecycle of an employee (from hire date to termination date) is 3.9 years and dropping. In the tech industry, it is now below three years. I am sure in many industries, it is even less than that. I think I can speak for a lot of people when I say that it has never been harder to attract, engage, and retain the right talent.

So what can you do to solve your employee turnover crisis? Although there are no easy solutions, you may want to consider the following: 1. People want to feel wanted. 2. People want to be heard. 3. People want to be challenged.

People Want to Feel Wanted

When you take an honest look at your employees, are there some that you think you can’t do without? What are you doing to make them feel wanted? Employee recognition, stock options or ownership, creative forms of compensation, or the “golden handcuffs” have never been more important.

One of the things that brought the most bang for the buck in my career was engaging an employee’s spouse and family with the workplace. As is almost always the case, the employee leaves his family daily and lives a completely different life at work—different friend groups, different tasks, different motivations. What can be done to bridge that gap?

One of the most impactful things we did at Vasion (outside of building a building with a huge basketball/pickleball court for families to use) was invite families to join us for experiences at work. Jazz game coming up? Hold a viewing party. Halloween? Blow out the budget (the kids will love it). Have a reason to recognize some of your employees? Invite their spouses without them knowing. It’s always awesome to watch family members celebrate work wins with your employee.

Find a way to bridge the gap between work and family. It will pay off.

People Want to Be Heard

How often are you listening to your employees? Do you have multiple methods to receive feedback? Every employee is different. You will always have those that are forthcoming— even abrupt—with feedback. That’s great, but not everyone feels comfortable sharing information. Sometimes anonymous feedback is necessary.

Are you having informal conversations with your employees or direct reports? Do you have the pulse of your people? So often, an employee will turn in a notice and the response from the owner or manager is “I had no idea you weren’t happy.” What can you do to head off that conversation? How can you build enough trust in your organization that when someone is ready to leave, it is a celebration for which everyone is ready?

These are hard questions to answer. You may have to work to find the right solutions for your business, but these problems are solvable.

People Want to Be Challenged

Why do we work every day? I could be paid all the money in the world and still not be happy if I wasn’t being given opportunities to grow. I believe we are all that way. So how are you creating the set of job duties for each employee? Are you sure the person you are recruiting has a growth runway that matches the type of employee for which you are looking?

Identifying the right person to hire and not settling for anything less is perhaps the biggest indicator of success I have seen in my career. The old adage “hire slow, fire fast” isn’t pleasant, but it is usually right. Identify who you need in the role, and start looking. Search far and wide. Talk to friends and family, ask for referrals, engage external recruiters, do everything you can to find the right person. Once you find them, move quickly, and start the process. Show them how much you want them to work for you, listen to them, and challenge them.

Finally, take a look at the employees who have stuck with you the last few years and find a way to thank them (and I mean really thank them). 2019 and 2020 were rough for everyone, and if you have people who have stuck with you, they deserve recognition. Find a way to sincerely thank those who continually partner with you to achieve your shared vision.

Jonathan Malan has spent more than fifteen years growing HR organizations in scaling companies. His focus has been helping an organization become compliant, setting the HR foundation to scale, building the right culture, and helping recruit the right talent to scale. Jonathan has found his desire to help people grow and improve their current economic situation the right fit for his career in HR. Recently Jonathan co-founded a Global PEO to help companies expand their talent pool outside of the United States. He loves having the ability to communicate the opportunity of identifying the right talent and helping companies overcome the logistical and compliance challenges that come with global employment.