Sir Winston Churchill once said, “The nation will find it very hard to look up to the leaders who are keeping their ears to the ground.” The approach of ignoring the popular opinion of the masses during war may work for a prime minister, but it won’t work in business. Running a company isn’t like fighting a war. In war, you can’t pack up your desk and leave if you are unsatisfied, overworked, and under-appreciated. However, losing employees at a high rate is a boss’s worst nightmare. Ruling with an iron fist and no regard for what your employees need won’t give them any reason to trust you or to respect you. In fact, one study shows the number 2 complaint from employees about their boss is that they don’t listen (number 1 was micromanaging if you’re curious). There is great value in actively listening, here are some reasons why:

Employee NPS drives customer NPS and customer NPS drives company growth. So what is NPS? It stands for Net Promotor Score and it measures experience and loyalty. Basically, if you want to make money you have to keep your employees happy and loyal. Clear communication will outweigh any perks an office provides to its employees. If employees feel that management and leadership don’t effectively communicate with them and if they feel unfulfilled in their work, basketball tickets and raffles won’t stop them from seeking fulfillment somewhere else. This is why maintaining a feedback loop is crucial to running a good business. Here are some ideas to assure both leadership and employees are “in the loop”.

The 9-5 workday is old-fashioned. People, especially millennials in the workforce, simply expect more from their employer. They want flexibility and freedom, the feeling of not being tied down, and an escape from the traditional. So what’s so great about working remotely?

Creating and encouraging a diverse culture in a modern business organization is essential. There should be no room for judgements based on religion, skin color, sexual orientation, etc. Everyone has the legal right to work and make money with their skillset.

Being a diverse and inclusive company is not achieved by just hiring all kinds of people to work for you. You need to aim to create an environment where employees are truly accepted by management and each other.

 Lost Employees are Costing You

The Work Institute issued its findings into a one-of-a-kind report into employee retention last year, and the results are probably not that surprising to HR professionals across America. They estimate that almost one in four employees are leaving their jobs.

It is generally understood in business management that lower employee turnover rates yield more profit. There are situations, however, when a business may have an intentional high employee turnover rate.  

Low turnover rates fall in the category of good business practices. It is a reassurance that the employees hired value the company they are working for. And if KPIs are being met, the company knows they have a valuable employee and do not need to spend money on replacing and training a replacement.

Internal communication is the lifeblood of your business. It doesn’t matter how well you set up processes and procedures, if your employees do not feel secure enough to communicate to fellow colleagues and management, work will not be efficient. Problems will not be addressed properly, innovation will be stagnant, and your customers will not be served well.
 

High Employee Turnover:  Quality Employee Onboarding Reduces Quick Exits

Employee onboarding is one of the most important factors helping new recruits get adjusted to the way of working in an organization. It is also one of the first things an organization can do to ensure improvement in high employee turnover.

Organizations that develop their company culture through corporate citizenship programs, such as running a corporate volunteering program, experience a visible increase in employee alignment through engagement. Running these types of programs creates a connection between staff and the business that transcends paychecks and bottom lines. They can unite employees to the company’s mission and help them feel pride in where they work.  There is also an added element of being able to develop staff for leadership roles outside their normal job constraints.