How to Lower the Churn Rate in Business

February 22, 2023

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How to Lower the Churn Rate in Business

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“I’m having trouble finding people who want to work.”

“I’m finding them, but then they leave in a short time.”

These are common laments in the typical business leaders’ circle. Recent years have changed the hiring and retention game considerably. They changed the fabric of society at its core.

But when it comes to people, some things haven’t changed. And getting back to the basics of people may be just the thing you need as a leader to turn the tide of the constant churn you may be experiencing.

Consider a Pew Research study on the top ten reasons people leave jobs.

Compensation would make sense as a top consideration, especially in the current economy. But what if you have raised compensation to a threshold you can’t exceed as a matter of budget?

Then there is actually good news for you.

Most of the remaining issues center on values and needs. These you can address.

1. People want to achieve.

They want to advance in their careers. Give them something to strive for that allows them to level up, and not only do they win; the company wins as well. If you’re looking for new leaders, consider building them purposefully from within.

2. People want to feel respected.

For this, you can create a culture of respect, where everyone’s strengths are given a chance to be valued. You can set your team up for success by knowing the strengths of each team member and then finding ways they can work in those areas at least 70% of the time.

On a personal level, you can set the example of respect in the way you treat each person. Think about it. If each person on your team feels valued and respected, it lessens the internal competition factor and creates respectful camaraderie among the team members.

Team members who have this sense of belonging and contributing are much more likely to stay for the long term.

3. People want a sense of balance.

It is often not that people don’t want to work. It is more a matter of how, when, and where they work. With millennials now a major factor in the workforce, there is a new generation of team members who are trying to juggle growing obligations with regard to home and family. For them, simply having flexibility in this juggling act of life would resolve a number of issues.

Consider one company, a dyed-in-the-wool, “This is how we’ve always done it” kind of company. Employees must work 8 am to 5 pm – in the office – with one hour for lunch and only certain days off. While almost all positions could easily operate from anywhere and at varying times, they are required to work in the office. Hybrid is also not a model they will consider. In addition, the leadership of the company discharges tasks instead of allowing team members to “own” a project and be creative and innovative with how it is carried out. In recent years, this company has seen a constant churn. They hire very talented people, only to lose them in these ways. These people have gone on to succeed to high levels in other companies. In this case, it was not a people problem. It was a leadership problem. And it continues to be.

Successful leaders recognize the need to build the people on their teams and not just build a business. There is a distinct difference.

Consider your team and review the values and needs above. Are you addressing these well? Are there ways you can add value to your team?

As the CEO of Strength Leader Development, Deb Ingino is a highly sought-after international executive mentor, coach, trainer, and speaker. Deb is well versed in global business operations and helps business leaders and their teams to discover and leverage their strengths, so they can create highly collaborative teams that deliver great results. With a refreshingly direct style, and using the Maxwell Method, Deb helps leaders and teams to deliver profitable results. Connect with Deb to learn more about her mentorship and coaching programs to equip you with advanced strategies to elevate your results.