What defines business success? Is it innovation or revenue, or perhaps the satisfaction of an organization’s customers or people? No matter how you define it, many would agree the world’s most successful companies are built upon the foundation of strong leaders and effective teams.
In recent years, along with a rapidly evolving workforce, organizations have been prompted to invest more than ever in developing their people, particularly those in leadership roles. Businesses are operating with fewer employees and a new generation is occupying an increasing number of jobs across a variety of functions. In many cases, those in leadership roles may not be equipped with the skill sets needed to cultivate a healthy work environment for their teams. However, contrary to the popular phrase “great leaders are born, not made,” most individuals are capable of becoming an effective leader through continuing education and development.
Apply these 3 practices to reduce worker turnover, saving time and money
In business, turnover is a four-letter word—and for good reason. High employee turnover wastes time and money.
A study from Employee Benefit News found it costs 30-50 percent of a worker’s salary to hire a replacement —and this percentage can rise as high as 400 percent depending upon the level of the position.
But there’s good news. After analyzing 240,000 exit and employee interviews, the Work Institute found that 75 percent of the reasons employees left could have been prevented by the employer. The three most prevalent reasons for leaving are also some of the easier and less costly issues to tackle: career development, work-life balance and management behavior.