Lesson 2: Topic 5 of 21
Today’s workforce is mobile, adaptive and, as mentioned at the outset, the number who are seriously considering quitting their jobs is extremely high. Nationwide, the average employee stays with his/her employer only four years. Aside from the expense of replacing them, have you thought through what elements crucial to your company could be lost by any given employee’s departure? What do they do or know that no one else knows or is capable of doing?
The PricewaterhouseCoopers survey referenced at the beginning of this course also noted that 88% of executives believe abnormally high turnover is going on now. Turnover can be a headache, and it’s definitely expensive, but that doesn’t mean it’s always bad. What matters is who is leaving, and why.
Exit interviews may be helpful, but not all departing staff are willing to participate. Ideally, you’d know your team members well enough that you already know why they’re leaving. If it’s due to offers of better pay or greater job flexibility, a shorter commute, disagreement with your business model, or personal/family issues and other causes beyond your control, the best you can do is mitigate the damage from the departure of good staff. Wish them well both privately and publicly. Celebrate the contributions of someone who invested well, who acted as a positive influencer, and give them a good sendoff.
But if their reasons for leaving are due to something wrong with the work environment, you need to deal with that immediately, because those kinds of departures will only continue and will damage your brand. It’s your responsibility to make consistent efforts to keep the culture positive and productive, meaning you have to be on the lookout for toxic elements that can creep in.