Are you focusing on your turnover rate?
Your turnover rate is the percentage of people who came to your organization to work, then leave in a certain timeframe.
Some people use the turnover rate as an annual metric.
How many people did you hire this year?
Who quit before the year was up?
If an employee doesn’t stay in your organization for more than a year, that’s a problem.
If you have people you hired that quit within two or three years, that is also a problem.
It’s a problem because turnovers are costly.
Think about how much time it took you to hire someone.
To go through the interview process and find the right person.
You hire them, you get them into orientation, you put them in a position to do their jobs, they quit and you have to do it all over again.
Any organization that is rated low as a best place to work has a high turnover rate.
You don’t want that to be your organization.
So you’ve got to do a better job of focusing on your turnover rate.
Here is how you can lower your turnover rate.
You’ve got to be slow to hire and quick to fire.
Take your time to find the right person who has the right skills and can add value to your organization.
When you hire them, train them.
One of the reasons employees get frustrated and quit is because they aren’t equipped with the tools they need to be successful.
They have to figure it out on their own.
Or they’re being trained by a coworker who just started two weeks before them.
Invest in your training and development process to make sure you onboard employees into the organization’s culture the right way.
When you’re hiring, make sure they’re a good fit for your culture.
Culture is not about the type of clothes they wear.
This person should be adding something that you don’t currently have in your organization.
Their experience and perspective should diversify your organization.
This way you can make a bigger difference in the people that you serve.
Focusing on your culture is an important part of lowering your turnover rate.
If you don’t have a low turnover rate, you’re going to have problems.
Those problems are going cause you to no longer be the leader.