4 tips to help survive the Turnover Tsunami
When you lose a great employee, you’re suffering strategic setbacks, wrecking team morale, and watching your productivity and profits flounder. Right now, more companies than ever are drowning in an unprecedented Turnover Tsunami.
You see it everywhere now. From a recent edition of the Society for Human Resource Management magazine to any business blog out there, the Turnover Tsunami is upon us. If you haven’t been affected by it, good for you. You’re either one of the lucky few or it simply hasn’t hit your sector just yet. For those already hit, the losses are adding up fast.
The true cost isn’t something as simple as it taking X percent of an employee’s salary to replace them. It’s exponentially more than that. You’ll be out not just the time and money for recruitment and training, but also the loss of customer’s trust in your brand when they can’t get their product or service with the same speed they’ve come to expect.
What is driving this phenomenon? While most sources agree that a bad boss will drive your good employees off faster than anything,
that’s not the only factor right now. If it was, it would be as simple as replacing that one sub-par manager.
These days, we’re seeing record numbers of people from the bottom to the top of any organization that are just walking away. Simply leaving after they ask themselves “Is this what I want to do with the rest of my life?” “I did it. I did my duty. But do I want to do it again?” “Is this all there is?” That existential crisis is almost infectious. Worse yet, it’s happening en masse.
Beyond the ones that are saying “I’m done with this” and moving on, your best and brightest are being courted. “It’s gone beyond just being a candidate driven market. Good talent across the board, whether they’re looking for jobs or not, they’re being actively pursued by companies and recruiters. Not just in their markets, but nationally and