“Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.” –Lee Iacocca
If you have been paying attention to the news regarding employment lately, you will notice that our unemployment range in the Tampa Bay area has hovered in the neighborhood of 4% for a while. How does this relate to Lee Iacocca’s statement on employees? Simple, from a management perspective, we have to begin to change our thought process. Changing people in today’s market is time-consuming, expensive, and labor intensive. We need to get better at the management of current employees and allow them the freedom and ability to grow within their roles and your company.
While running a staffing agency in the Tampa Bay area, my team and I are able to work with, visit, and hear about many of the businesses in our local community. From those discussions, we have gathered feedback from employees on many different companies regarding how they are treated by management.
There are three common themes we hear that fit with Lee’s message:
- If you want to find good people, compensate them appropriately. It is not realistic in this market to think you can hire on cheap and expect the employee to give you 110% in loyalty and stick around for a long period of time. There are too many other opportunities in Tampa Bay for that strategy to be successful today.
- Value your employee contributions. Consistently we hear from employees that they want to work for an employer that values their contributions to the business. Getting to know the people on your team is not enough. Look for opportunities to personalize your approach with your staff so they feel appreciated.
- Communicate, communicate, communicate. How is the business going? Are we, as a company, hitting our goals? Where are we falling short? You will be surprised at just how passionate some employees can be about your business. They want you to be successful. Sometimes you have to do a better job of telling them where the company needs help.
All in all, if you have a high turnover rate in your company, there is a reason for it. I am willing to bet some combination of the 3 reasons above is playing a large role in it. You won’t be able to make everyone happy, but if you work to improve in these 3 areas I am willing to bet you will see your turnover rate decrease and retention increase.