Leadership Skills: How to Slash Labor Cost

According to many sources, a bad boss is one of the top ten reason why employees quit their job.  What if you could help reduce the cost of turnover by being a Leader. By gaining “Mastery of Leadership.”

The boss often spends more time with their direct reports than most of them spend with their family.   With One-on-One meetings, providing feedback, giving praise, providing a path to corporate success and connecting their direct reports to the values of the organization.

Here is a quick look at turnover in the Healthcare industry:
Hospitals that only measure “FULL/PART TIME” separations reported a 0.6% increase to 16.3%.

Hospital Report

Nsinursingsolutions.com. (2018). [online] Available at: http://www.nsinursingsolutions.com/Files/assets/library/retention-institute/NationalHealthcareRNRetentionReport2016.pdf.

Below is a breakdown of turnover rates by regions in the United States.

Region Turnover % Change from previous year
North East 15.3% (-1.9%)
North Central 15.5% (-1.3%)
South East 16.9% (+2.7%)
South Central 18.7% (-3.7%)
West 17.7% (-0.8%)

How much does this affect your Labor Cost?

Create better Leaders:

Part One

Leaders must be able to take and give feedback.

Every leader needs to create a safe and comfortable environment that allows feedback, whether given or received. Feedback from and to their employees without the ego becoming part of the mix.

As a fundamental leadership skill, most leaders tend to ignore the importance of it. Most Leaders are used to leading the way and, not asking their employees for their input. By asking your team for their feedback we are helping them take ownership of the process. When employees feel that they can share their thoughts they will take ownership of the process.

Your staff is less likely to walk out on a process they own.

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