The Number One Way to Reduce Turnover
The reason why most employees leave their job is the lack of consistent and sincere feedback. As the Leader; you control turnover.
The third level of the Maslow Hierarchy of Needs may explain why feedback is critical to reducing turnover in your organization. Human needs to have a feeling of belongingness. A human must feel that they are part of a team, they want to fit in and have their contribution account for something within the organization. The lack of feedback leads directly to employees leaving for greener pastures, seeking to obtain a place that will leave them to fill their value.
The number one way to keep your current staff is to keep them informed about how they are benefiting the entire organization.
Unfortunately, most leaders only speak to their employee and share with them when something has gone wrong, and they are not helping the organization as the whole.
To reduce turn over a Leader should apply the 70/30 rule. 70% if their feedback should be positive. The negative conversations should be less than 30% of the time.
Take 10 seconds to share a positive result with an employee to reduce turnover.
For example, “You know, John that report you turned in yesterday was well written, covered the significant points about the budget very expertly. Thank you.”
Don’t simply say “good job.”
Break the habit of only offering feedback when something is not good. Let your employee know that their work is essential and valued within your organizations.
Offering effected feedback is your number one way of retaining your employees and thus reducing the cost of turnover.
And takes very little time.