In order to run a profitable business, you need to be backed by a skilled set of employees. While your leadership might be the driving force behind your company’s success, without your team, you will be hard pressed to succeed.
Perhaps you have no trouble finding talent, but the problem for your business is keeping talent. If you struggle with a high rate of employee turnover, the issue will be far more than an inconvenience. Hiring and training new employees is a costly venture, which is why it is vital for your company’s future that you determine what is causing your high rate of turnover. Here at IonTuition, we partner with companies who want to attract and retain the top talent through a benefit that helps pay student loans. Providing assistance with student loans is just one of many ways you can cut down on your employee turnover rate.
When employee turnover is an issue in your company, it is time to ask yourself the following questions about how your business runs.
What Is Your Culture?
Your employees spend the bulk of their life at work. They want to show up to a place that inspires them, rather than drains them. One of the biggest factors to employees’ happiness is found in the culture of your company. Take the time to consider what kind of culture exists at your workplace. Have you set out with intentionality to build a specific culture? If so, have you succeeded? If you haven’t decided what you want your company culture to be, you need to figure that out right away. When you don’t set the tone for culture and lead your team in the direction you want the culture to go, you can quickly find yourself with a culture you never wanted.
When it comes to building a quality company culture, keep in mind that it takes a lot of hard work on the part of leadership. Simply investing in cool decor and installing a pool table in the breakroom won’t transform a broken culture. You need to be investing in your employees and figuring out how to strengthen the bond of your team. If you aren’t sure what makes for a good company culture, take some time listening to your current employees. You might be blind to your company’s own weak spots that are glaringly obvious to those who work in your office every day.
How Are You Rated As A Leader?
It might not be a pleasant thought, but take the time to ask yourself if you are the driving force behind employee turnover. Sometimes it is difficult to see the ways you are forcing employees out the door, which is why self-reflection and the aid of a mentor can go a long way in helping you get to the root of the issue. Take time to think about how you treat your employees. Do you struggle with clear communication? Do you get frustrated easily? How many times do you implement suggestions from your staff?
If you begin to see a pattern in your own leadership and realize that you might be the issue, don’t despair. You can improve as a leader by reaching out to mentors, attending leadership seminars, and focusing on the areas you are weakest. It is also helpful to understand when it is time to step back and let someone else be the face of your company’s leadership. For example, if you are the founder of a startup and you are excellent at creating the ideas behind each project but lacking in person-to-person interactions, it might be worth hiring a CEO who can handle the daily grind while you continue to innovate.
Do You Have Toxic People In Your Company?
Perhaps you are an excellent leader and as people walk out your door they have nothing but glowing things to say about you. However, just because your leadership skills are outstanding, doesn’t mean there isn’t someone else who is infecting your business. When employees leave in droves, it is often due to someone toxic who is creating a hostile or impossible work environment.
Start by looking at your current managers and leaders. Are any of them driving people away? Is there someone in your business who is constantly negative or difficult for people to work with? While it isn’t easy to let go a long-time employee, if they are toxic and driving away your talent, they need to either improve or exit the scene. If you don’t spend enough time in the day-to-day grind to know who might be the toxic break in the chain, take time to speak with managers and line level employees. When someone is toxic, it usually isn’t hard to find out from fellow coworkers pretty quickly.
Can Your Employees Afford The Cost Of Living?
Maybe your work environment is excellent. Your employees get along with each other smashingly well and they love the culture you have created. If your environment is outstanding but people are still leaving at a rapid rate, it might be due to the cost of living. What may seem like a great salary to you, could simply be too little for your employees to make ends meet.
Start by looking at the rent prices in your area. Then factor in the average costs for groceries and other bills in the area. Then tack on the cost of student loan debt, as most of your employees probably carry this burden, and take a realistic look at how far the salaries you pay will go. Top talent will not remain underpaid, no matter how great your balcony view is.
Are Your Benefits Competitive?
Beyond just the salaries you offer, think about the benefits you provide. Are they competitive in the current market? Do they stand out in any way? For example, over 44 million Americans have student loan debt. Do you offer a student loan repayment program through your company? Adding a benefit that is unique like help with paying student loans can go a long way in attracting and retaining the best talent.
Be sure that you also offer the basic benefits employees are looking for, such as health care and paid time off. If you only offer the bare minimum, look at ways you can improve your benefits package. Everything from paying for child care to allowing dogs in the office can go a long way in retaining happy employees.
Have You Ever Asked Why?
Finally, if you have a high rate of employee turnover, there is one simple thing you can do to figure out the cause — ask why. Make it a point to conduct exit interviews and be open to criticism and honest feedback. If your culture is one in which you have stifled people’s ability to share the negative sides of working for your company, you will never see the problems until it is too late. By allowing for open feedback, both the good and the bad, you can constantly improve your workplace.
Talk To Us Today About Student Loan Repayment Benefits
If you are working on improving your company’s culture and benefits, we invite you to reach out to our team at IonTuition today. We can help you implement a benefits package geared towards helping with student loan repayment. This unique benefit will ensure you stand out from other businesses in the area and will help you attract and retain the best talent in your industry. Contact us today.