Keys to a Better Year: Reducing Turnover
To run a successful company, you need good people.
Just as importantly, you need good people who will actually stick around–after all, finding and hiring new people is a real expense, and all else being equal, the guy who’s already been with you for five years knows a lot more any new person you could hope to bring in.
Because of this, one of the keys to building a more successful company is figuring out how to retain the people who you want to retain.
There are a thousand articles out there about creating an engaging company culture (I’ve linked to one below, in case anybody is interested).
Ultimately, however, the real secret is to use common sense: Be type of employer you would want to have.
And, just as importantly, listen to your employees, and figure out what their needs are.
Get to know the people working for you. Pay attention when Mike talks about wanting to make it to his daughter’s dance recital, and when Bill mentions that he hasn’t been to the lake in two years. Congratulate Paul when he does a good job, and if Tim wants to move up to foreman, talk to him about the steps he’ll need to take in order for that to be possible.
Then, you know…make those things happen.
Figure out how to schedule things so that Mike can go to the dance recital. Plan a company outing to the lake. Give Tim the tools he needs to be good at his job.
For a long time, too many construction companies have focused solely on pay. Even as corporate offices were planning company parties and creating mentoring programs, construction remained focused on paying $.50 an hour higher than the crew across the street.
And, to be fair, the conversations you have with your drywall guys probably aren’t going to sound quite the same as the conversations happening over at the bank across town. Still, many of the same concepts can be tailored, even if Sheetrock Sam has slightly different concerns than Michael from accounting.
So, this year, resolve to figure out which employees you want to keep around. Then, start thinking about how to do that.
They’ll be happier. You’ll be happier. They’ll be more productive. You’ll be more productive. And, hopefully next year, your bank account will be a bit larger…a cause for happiness if ever there was one.