5 Ways to Reduce Turnover And Solve Big Problems
Executive leaders across all industries are feeling the stress and strain of employee retention and turnover. Recently, the U.S. Census Bureau tallied the number of employees who quit their jobs in 2021 – a total of 69 million, almost half of which were voluntary quits. We know and accept that employees don’t quit bad jobs, they quit bad bosses. Fear not, there are simple steps that leaders can take to set themselves apart and build a stronger connection with their teams.
ILEC’s coaching philosophy involves four “game-changing” transformative outcomes that leaders can leverage in business and life: altruism, affiliation, achievement, and abundance (The 4 A’s). The 4 A’s are the seeds to achieving sustained greatness, driving breakthrough results for themselves and their team and creating a legacy that lasts. Let’s focus on the four A’s and one special fifth point of advice.
Below, we review a meaningful strategy by looking at five ways to reduce turnover and get an outside perspective to solve employee retention problems along the way.
Altruism
Today’s workers are looking for more from the investment of their time. Altruism speaks to behavior and demeanor – a belief, put into practice, that a company’s leadership is indeed selfless in nature, interested and invested in the well-being of those in their workforce. Do team members feel seen, heard, and valued? As we trust our employees to take care of customers, we must first begin by taking care of our employees.
Affiliation
For CEOs and Sr Leadership, affiliation implies a close association between leadership and employees that expresses a relatability to their workforce. How many current leaders would describe the relationship with their employees as close and mutually beneficial? Are your employees engaged? Business is constantly changing and paradigms shifting; as leaders we should be consistently checking in on the mindset of team members. Employees who feel valued are confident employees, which bolsters activity and drives productivity.
Achievement
In high functioning organizations, achievement is both a stated goal and occasion to celebrate – especially together. Do team members feel safe collaborating, and come to you with new ideas or suggestions to remove barriers to success? Do you provide a platform to recognize small wins and share in best practices or brainstorm on how to remove barriers to success? As a leader, if you can’t define achievement, or celebrate it when it occurs, your employees won’t feel connected to the organization as a whole and morale will undoubtedly suffer.
Abundance
Nothing breeds success like success. As an executive leader, is there enough of your leadership to go around? Does your staff feel empowered, to make required decisions and take action knowing they have your support? Through increased engagement comes a deeper understanding of the common goals the team is working toward and the confidence to execute on that mission. And those who feel recognized, fulfilled, and abundant are less inclined to look elsewhere for professional advancement and are harder for competitors to lure away.
Hire an Experienced Executive Coach
The battle to retain the most talented staff members is real, and employee turnover can result in incalculable losses for companies and organizations. For those looking to retain – as well as attract – the best talent, you could benefit from outside assistance. The right coach for the job will be well-skilled at assessing company culture and putting actionable steps in place to address the factors leading to an inordinate amount of employee turnover.
Investing in an executive leadership coach can pay many dividends to the leader as well as the team. A commitment to professional development illustrates the value an organization places on its human capital. At its heart, it’s a small-sized solution that can save you from experiencing big-time problems.
Intelligent Leadership Executive Coaching (ILEC) is the world’s No. 1 executive coaching platform dedicated to growing tomorrow’s leaders through organizational transformation. Our master certified ILEC coaches utilize a proven blueprint and philosophy designed to help you become an effective executive leader. If you’re ready to take the all-important first step, let’s discuss your personal mission, vision, and purpose.