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Dos & Don'ts
"If a key employee quits, should I extend a counter offer in hopes he/she will stay?"
(Answer provided at the end of the newsletter.)
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5 Ways to Stop Turnover
Two million American's quit every month. 7 out of 10 employees are not engaged at work and are open-minded to new opportunities. Yet, engaged employees put 57% more effort into their job and are 87% less likely to resign. These statistics might motivate employers to develop a plan that increases retention. Use the following recommendations to kick-start your retention plan.
- Know your employees: Spend time with employees and ask what's on their minds.
- Empower your people: Create a sense of ownership with a smaller degree of intervention and oversight.
- Eliminate negative politics: Establish a culture with a zero tolerance for disruptive politics.
- Be trustworthy: Managers should be dependable, reliable, honest, forthright, truthful and ethical.
- Recognize: Provide positive feedback when employees have done something that you value and appreciate.
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Positive Side of Turnover
As difficult as it is, turnover is not always bad. It can be an opportunity to revise an outdated position or to hire someone new with fresh ideas. To decrease the panic and pain associated with the resignation of a key
employee, follow these advance planning tips:
- Transfer the knowledge
- Cross-train employees
- Document important procedures
- Hire a support person to learn key aspects of the role
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Safari Interview Tip
To make sure a candidate is not jockeying for a raise at his present employer, ask, "If offered this job, what type of counter offer from your present employer might change your mind about leaving?
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Answer to Today's Dos & Don'ts
"If a key employee quits, should I extend a counter offer in hopes he/she will stay?"
Answer:
An untimely departure may have you begging your employee to stay. However, the statistics are not in your favor. The National Business Employment Weekly reports that 4 out of 5 people who accept counter-offers quit within the year. If you make a counter offer and they accept, make sure you know the real reason why they considered leaving. Resolve the root cause to develop a lasting working relationship.
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