Your business is nothing without the people that make up your team and it is important to know that. Many business owners give themselves way too much credit. The people you hire not only are the ones producing and managing daily operations but they are directly representing you. Their actions reflect on you whether you like it or not. Finding good people to fill the positions in your company can be very challenging so when you find that great person to add to your team hold on to them!
Turnover in a company is expensive on many levels. One is simply the time it takes to process the people coming and going. Your team loses great efficiency when someone has to be retrained and does not know how the business operates. Probably the most costly thing with high turnover is you are not retaining your best people which will really allow your business to thrive. When I say thrive I am not simply talking about the numbers. This is company moral, satisfaction of customers, and simply enjoying who you work with.
Keeping those all-stars is really what’s important. Those people that really stand out not only do great work themselves but also make everyone around them better. There is no magic bullet for how to keep people around except to treat people great. This may mean something different from industry to industry. At Moceri Construction our longest current team member has been with us for 26 years, we have another one at 25 years and our company is filled with 10 plus year people. We work hard to treat people well. This includes benefits, good, safe, working conditions, consistent work, and a culture that makes people want to come to work every day. Our hair salons needed different elements then our construction company to retain good people, but what was consistent between the two was a positive culture keeps people from testing the waters elsewhere because if someone is good, they have options. Our manager at Karibou for example was a super star who could have worked at any salon in town and we knew it from day one. We were able to keep her around and she ended up buying the salon from us.
You have to figure out what is going to set your business apart so that people stick around. Every company has its own personality. It won’t be one thing but the whole package that makes people stay. It might be great pay or getting to work on great projects. It might be drinks after work or getting the families together. The important thing is to treat people well and understand that you need them as much as they need you. When you find great people keep them around, they will not be easily replaced.