Why Good People Quit Their Retail Company (And What Compels Them To Stay)
The workplace has all different ways of measuring and assessing “human capital” facts to plan for a variety of expected business changes and to forecast future changes. For example, according to this story from HBR, At Best Buy the value of a 0.1% increase in employee engagement at a particular store is $100,000! Additionally, the article states: Employee attrition can be less of a problem when managers see it coming. Sprint has identified the factors that best foretell which employees will leave after a relatively short time. (Hint: Don’t expect a long tenure from someone who hasn’t signed up for the retirement program.) Interesting, right?
I have written several posts about Workplace Happiness and Employee Engagement in #Retail. These things are truly important in today’s workplace. People want to be challenged, they want information, they seek a workplace with transparency, they want a career path, they want to believe in their executive team, and they want to build lasting and valuable relationships at work. All of this information available at our fingertips that tells us what keeps employees happy and engaged at work. Strangely, not all companies place an emphasis on how their business practices drive wellness, happiness, and engagement.
One of the easiest things to manage is turnover. If you have a workplace that is conducive to a respectful, honest, innovative, and inclusive culture you are working to minimize turnover. To take the guess work out of retention the amazing folks at TINYpulse created this whitepaper. To summarize the top motivators people leave and what, conversely, compels them to stay:
(1) The Supervisor
(2) Workplace Relationships
(3) Positive Work Culture
(5) Opportunities for Growth
These are things that, as employers, we should just be focusing on naturally, for our team members. We need to commit to delivering a best place to work culture in order to grow our business and evolve with the ever changing landscape in retail. In addition to the reasons employees want to leave, here is a HUGE reason why retail organizations should want to retain their best employees…Here is a CBS News article that talks about how much it costs companies to lose their employees. Nevermind the 70% of the knowledge that the departing employee takes with them when they leave. Finally here is an amazingly useful whitepaper from the brains at Globoforce about Workplace Retention and the impact of turn.
In today’s connected world there is no reason why retail companies aren’t doing what they can to attract and retain the best talent in the industry. For example, here is a great article about The 5 Leadership Behaviors You Need To Boost Employee Engagement from Entrepreneur and one that I recently wrote about Contributing To The #Retail Zietgiest which will give leaders a starting point to positively impact change in your culture. Even if your company hasn’t yet embraced the focus on workplace culture – make it a focus and priority for your area of responsibility. Make a difference where you can and make your department, district, or region a best place to work for your employees and a place where they want to stay and grow.
Added December 4th, 2015