6 Mistakes That You Maybe Making That Are Losing You Money and Talent
Your staff will be the lifeblood of the organization, contributing to its productivity, output and long-term success. One of the biggest mistakes that you can make in your small business is creating a toxic culture that leads to high turnover. If you want to improve your workplace and ultimately improve your business, here are six mistakes that you may be making that contribute to your best talent leaving.
You Overwork Your Team
The concept that you should always give work to the busiest staff member is flawed. While it may be true that they will get something done, this is an easy way to overwork your best talent. When you stretch your top performers too thin, they will eventually grow tired of this stressful situation and likely leave for a healthier, more balanced work environment.
You Let Your Staff Get Bored and Lack Mental Stimulation
Your hardworking and driven employees will want to have challenges that stretch their abilities, allow them to grow and provide mental stimulation. If you want to keep your best talent, give them something to strive for and establish stretch goals without overwhelming them.
You Don’t Provide Professional Development
You steal opportunities from your staff when you don’t provide them with professional development opportunities. Give them the chance to stay motivated and engaged by offering opportunities to learn new skills, cross-train and engage with their peers and this can vastly improve employee retention.
You Stifle Their Passion and Pursuits
When you have a special staff person who truly stands out, they likely are passionate and enthusiastic about their work. The easiest way that you can diminish their light and energy. Instead, harness that energy and let them take on new projects, explore new initiatives and embrace challenges.
You Don’t Recognize and Appreciate Hard Work
A common reason why employees leave is due to underappreciation. If you have a team member who puts in a lot of work, it goes a long way to recognize and appreciate their efforts. To improve your employee retention issues, public and private recognition are key.
You Need to Reevaluate Compensation
One of the biggest but most common mistakes that you can make as an employer is with compensation. Compensation needs to be fair and equitable and it also needs to be used to reward high-achieving, driven employees. If you want to keep your staff from looking elsewhere, evaluate your compensation.
People leave jobs for a wide array of reasons; however, these six factors are common contributors. If you want to fix your employee retention issues, start here and do what you can to create the best work environment that you can.