Council Post: The Great Resignation: Why Employee Turnover Is Killing Businesses

The Great Resignation: Why Employee Turnover Is Killing Businesses

Great Resignation: Why Employee Turnover, Americans

12/7/2021 3:50:00 PM

The Great Resignation: Why Employee Turnover Is Killing Businesses

Businesses need to become a lot more adept and competent when operating in this extraordinary economic environment.

The Intangible Costs Of Employee TurnoverOf course, other indirect costs of employee turnover can be qualitatively described. For example, morale, sentiment, employee feelings, managerial desires and building talent from within are aspects that aren't always initially captured when firms think about decisions from a profit and loss mindset.

Trust is another intangible cost of employee turnover. As many leaders intimately know, trust is a vital currency for businesses. It can be near impossible to effectively operate without trust or win clients, much less execute on a corporate mission. Each of these is a factor impacting the overall organizational health. Organizations that promote cultures of trust consistently outperform their peers. According to the

positive teams are the most productive and satisfied employees who display greater resiliency and effectiveness when dealing with difficulties, like high-pressure deadlines or other challenges.Hypothetical Case: Bartenders And BossesConsider, for example, the service industry. As someone who owns several wine bars, I am responsible for many people across many positions in many locations. These roles range from bartenders and baristas to marketing creatives and financial accountants. After observing those across my team, the majority of these team members truly enjoy what they do, take pride in their work and are hard-working.

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Many of the frontline workers in my business build relationships with regular guests. Take the bartenders and the Tuesday night crowd as an illustration. Over time these bartenders build customer loyalty because they consistently deliver high-quality service, are friendly and relatable. 

If one of these integral team members were to leave, it would be detrimental to our team but also to our guests. Here's why. Over time, the customers who had developed relationships may leave and follow that bartender to another wine bar. Further, the hypothetical bartender in this example also has friends that would come to visit during their shifts. Those friends would also likely follow the bartender to their new role. Essentially, one problem compounds to another, and a better preemptive solution would have been to create a hospitable work environment that prevented the bartender from ever leaving.

Actionable Steps for Mitigating Employee TurnoverSimply put, businesses need to hire and retain high-quality employees. Not only are the direct costs egregious, but the indirect costs can also severely undercut the organization's underlying purpose. Although qualitative measurements are important and businesses must be profitable to stay alive, the math will not elucidate employers. That said, employers do need to understand the financial costs fully. However, by expanding their thinking to indirect costs, they will have a correct analysis for any employee-employer relationship.

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