Connect with us

Featured

9 Tips On How To Manage Startup Employee Turnover

Published

on

Co-working space (Source: Marker – Medium)

There’s a common saying in the business world: “A business is only as good as its people.” This is why a high employee turnover rate, especially for good employees, can be detrimental to a business.

So what happens when one of your key employees wants to quit? This is not a piece of news any business owner wants to hear but it’s an inevitable part of doing business. I’ve learned that exits are always challenging for teams, their leaders, and for the company as a whole– and costly.

According to a study published by the Society for Human Resource Management, when an employee leaves, it costs an average of 6-9 months of your former employee’s salary to identify and onboard their replacement.CLICK TO TWEET

Employee turnover can quickly run up costs ranging into the hundreds of thousands– or more. Talk about a big financial hit.

According to a study published by the Society for Human Resource Management, when an employee leaves, it costs an average of 6-9 months of your former employee’s salary to identify and onboard their replacement.

Here’s how you can handle exit/team member’s resigning in the start-up environment:

Study the employee turnover pattern

To understand how to stop a wave of departures from happening, you first need to understand why these waves happen in the first place. Are they leaving as a result of wages, minimal growth opportunities, or culture?

In startups, most times whatever is bugging one person is usually bugging the others; they just haven’t told anyone yet (or you missed the signs). Over time, issues build on one another enough to lead people to consider leaving.

Create a habit of regular pulse check

Make a continuous habit of checking in with team members. Conduct anonymous surveys using tools that allow for this and regular coffee check-ins to discuss a variety of topics about how you are doing as a leader, things going on in the company, and so on.

You will be shocked at what people have to say. When you address the issues, you find that you are fixing something that everyone will appreciate.

Change your Mindset

Assume everyone is leaving and interviewing. Don’t set the standard that the only way to get attention is if you fear they’re interviewing. Realize as well that even those that stick around may only be doing it out of necessity.

Employees could also be staying due to any of the following reasons:

  1. Visa or immigration restrictions
  2. Big life event approaching–wedding, baby, buying a house, etc
  3. The promotion they are hoping for before leaving so they can get a better title and salary elsewhere.

Accept change 

When multiple team members are leaving, it’s a sign that change is needed. Accept that this change must start with you and embrace that mindset. If your employees are leaving, it’s a huge signal fire that there are problems to be dealt with.

Be open to their feedback and the issues they bring up (especially if they’re about things you do) It may be difficult to hear, and the solutions may be difficult to implement, but realise that the situation is dire.

Follow-through & take action

The best way to build trust with employees that might leave or as a whole is to swing into action on the feedback they give you. You may not be able to fix all the problems, but even small, incremental progress can improve morale and decrease employee turnover.

Make a counteroffer when necessary

If the employee is extremely valuable to your business, you may consider making a counter-offer depending on the situation (it could be that they have opted for a career change that you cannot accommodate).

When making a counteroffer, you must consider your budget, do the right market research and compare this with the cost of hiring fresh talent. The good news is that counter-offers are not only about money as they might be leaving for different reasons. So you can get creative and think of ways to solve that person’s problem in a way that helps them to stay with you.

Fix your processes

An example of a process could be your onboarding methods. Research shows that new employees are 58% more likely to stay longer at their employer if they had an effective onboarding experience. Make them feel welcomed and accepted as a new team member. Give them everything they need to get off to a fast start.

Set clear objectives and expectations 

Clear objectives and key results (OKRs) on a company-wide level will enable aligned clarity and prioritization throughout the organization. Share long-term product roadmaps, to enable greater visibility (and excitement) about growth trajectory and development plans. This encourages team members to feel like a part of the business development and success story.

Reform your Human Capital Initiatives

This involves taking a closer look at the people you are working with. Proactively weeding out low performers and people whose skills/goals were misaligned with the company’s needs/goals plays an important role in reducing future turnover rates.

In summary, If you’re working on a huge employee turnover problem, you’re probably under a lot of stress and have a lot on your plate.  The best thing you can do to help yourself and reduce your employee turnover rate is to be attentive to issues within, intentional, and diligent in your communication methods.

In reality, all startups are built on change, and change is good. To create something where nothing existed before, growing companies need to experiment, to give new ideas a chance to fuel exponential growth. What this means is that the focus of the business might change often.

As much as hiring new talent at a startup can bring a new level of skill and expertise, if you aren’t making the most of the talent you have at each stage, it can leave a negative impact on your business.

Download BAO E-MAGAZINE

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

2021 Workplace Superpowers – The Must-haves

Published

on

If I was asked what my special skills were a year ago, it would definitely differ from now. You will agree with me that 2020 came with a twist and remote work forced each and every one of us to learn how to Do It Yourself (I don’t just mean cooking). In this article, I will be sharing with you some of the must-have skills for 2021 that would make you more sellable to recruiters.

I have divided these skills into hard and soft skills and you can find the complete lists of these most in-demand skills globally below:

Hard Skills

1. Data Analytics: The workplace today requires us to think in data. This requires us to do a bit more research, crunch those numbers, understand raw data and drive business growth based on concrete analysis.

2. Content Creation: Your ability to produce entertaining or educational material that not only caters to the interests and challenges of a target audience but increases engagement and conversions definitely sets you aside from others in your field. The content you produce can take many forms, including blog posts, videos, graphic designs and newsletters.

3. Marketing: Businesses worldwide need analytical people who understand what sort of tools are available in the growing digital toolbox, and know-how to dig in’ through trusted channels.

4. Sales: This can pass for both a hard skill and a soft skill as sales involves persuasion, but for a specific commercial end in mind. Your ability to convert leads to revenue would give you a spot in any business.

5. Video production: The average person watches 25 hours of video each day. Video content is quickly becoming the dominant form of all communication and companies are fighting to create effective digital video assets.

6. Product Development: This involves managing the process of developing a product or enhancing existing products in order to meet customer expectations effectively. If you haven’t noticed, times are changing and the direction of products being developed is too.

Soft Skills

1. Creativity: Developing new ideas, applying new solutions to address existing problems.  Some people are naturally creative on their own, but a lot of us need to bounce ideas off others to get the creative juices flowing. An ability to learn continuously and a willingness to adapt to change.

2. Communication skills: Interpreting information through speaking, listening and observing. Organizing thoughts and data points into a comprehensive and holistic narrative.

3. Collaboration: Collaboration suffers when roles and goals are not defined. The next time you take on a group project, strike up a conversation about what success looks like, and who’s doing what. Just this simple act can get everyone rowing together faster and more effectively.

4. Adaptability: Manage your mindset. The ability to adapt to changing circumstances starts with a mindset that’s willing to adapt to changing circumstances. If you tend to balk at change, reflect on the reasons why — and then see if there are any reframings you haven’t explored.

5. Emotional intelligence: Practicing control, knowing when to push, expressing yourself and observation of interpersonal relationships among people in a workplace is very important when working with people.

6. Leadership: Leadership in the 21st century is much more about influence than authority, learning to appreciate and adapt to people with different perspectives, priorities, and personalities is a key skill to develop.

Having a difficult time figuring out your superpowers? 

Here are three questions you can answer to guide you:

  • What unique contribution do you bring to projects, conversations, and meetings you attend?
  • Why do team members come to you for help?
  • What would be missing if you were to leave your current place of work?

If you are unable to answer these questions yourself, ask a colleague or friend. If your answers do not reflect the skills listed above, don’t relent or give up. The internet is packed with so much information, take some short courses, seek guidance from a work buddy, mentor or your boss. 

A superpower isn’t just a skill but a perspective, a mindset and a way of working that enhances everything you touch. 

Download BAO E-MAGAZINE

sterlingreach

Continue Reading

Education

The Education System is Broken. Covid-19 may be the cure (Pt. 1)

Published

on

Studying From Home (SFH) due to Covid may transform the entire education system (image: 123RF.com)

Institutional procrastination has kept the education sector globally from making long overdue changes to keep up with the ways of our evolving world. However, just like the first minor heart attach that doesn’t kill a person but forces them to finally take their cholesterol level and exercise seriously, Covid-19 might just be the disrupting force to permanently reshape formal education as we know it.

I believe there will be two distinct changes to the system, one that is bound to happen, and one that needs to happen.

In this first article of my two part series on education reform, I’ll discuss the first big change, and the one that we need to get started on right away: a complete revision of the educational curricula writ large.

Consider my daughter Maya. She is 13 years old and in 7th grade, and has 5 more years of school left. Let’s assume that she goes to a 4 year undergrad (ed:she better!) and then maybe takes a gap year before starting her first job. I know from my own experience, that most of us are pretty useless in our first 2–3 years in the workforce. At that time we are just learning the ropes, building the habits of showing up, navigating office politics and developing some sort of competence in our chosen career path. So, even excluding a master’s degree, etc. we’re talking about 12–15 years before she is really contributing to society.

For just a moment, now look back 15 years ago. In 2006: the very first iPhone had not been released. Netflix was still mailing out DVD’s in red envelopes. In that year. Twitter was founded and Facebook was still only for students on college campuses. The EV-1 electric cars had just been destroyed, and the space shuttle Columbia had just blown up upon re-entry. The world was a very different place 15 years ago, and the pace of innovation is still accelerating. That means that look forward to 15 years from now, will be like going 25 years back.

The cost of solar energy has dropped by 97% in the last 25 years. Between abundant solar, and massive projects in geothermal, our kids are going to live in a world biased towards renewable resources for the first time ever. Autonomous cars and trucks will wipe out a huge portion of driving careers, which are currently the no.1 job category 29 of the 50 States in the USA. Even software engineering is significantly changing as the world moves from bottom-of-the-stack system coding, to no-code applications through assembly of existing open-source modules and libraries.

Today’s schools are preparing our kids for a world which will not exist by the time they get there.

Forrester and Mckinsey estimate that almost 40 million clerical and location based jobs will be wiped out in the USA by 2030 due to automation. That is 25% of the total workforce. The Bureau of Labor statistics estimates that 43% of the total workforce in the USA in 2020 are what we now call “gig workers”, self-employed doing short-term task based jobs (like driving an Uber, tutoring online or freelancing).

Of course, new jobs will be created, just as today there are over eight hundred thousand technology jobs in Silicon Valley which did not exist before the digital revolution. However, these new jobs will be in new areas that we can’t currently foresee. As a (depressing) example, there are over 15,000 content moderators whose job it is to just review potentially awful & inappropriate posts on Facebook everyday, a dystopian career choice that was unimaginable 25 years ago.

What is certain though, is that this next generation of today’s students have zero chance of holding a single “cradle to grave” career. They will inevitably exist in a world of uncertainty and change.

Resilience, adaptability, and lifelong learning are the three most important traits we need to be teaching them.

There is little point in teaching “facts”, in a post-Google world. We have externalized knowledge such that any fact, or skill can instantly be learned by watching a few YouTube videos, or reading a collection of articles on Google. What needs to be taught are: curiosity, a passion for learning, and a dedication to cognitive reflection – the practice of thinking beyond an intuitive answer/media message, and considering a potentially less comfortable/intuitive correct answer.

Homeschooling interest peaked with Covid-19 (source: Google Trends)

At the start of the Covid-19 pandemic, Google searches for the term “homeschooling” shot up 400% compared to the previous 5 years. Inquiries to the National Homeschool Association jumped from 5 calls a day before Covid, to 3,400 per day in August. My own family formed a “microschool” taking the choices of teachers and curriculum into our own hands. While health and safety are undoubtedly the primary motivation for this trend, the genie is out of the bottle. Covid has shown us that the same Internet platforms that connect us with a global talent pool of employees, can also connect us with a global pool of amazing educators. My daughter’s Spanish teacher is in Puebla, Mexico. She’s taking a music technology course from the University of Adelaide. My son’s physics teacher is a NASA engineer working on the Mars rover. Thanks to Covid, “School” has transformed from a place where they go, to a thing that they do.

Given the slow bureaucratic nature of most ministries of education, making sweeping changes to the national curricula in “traditional schools” is going to be a 5 to 10 year process. If we are to adapt our systems of learning in time to not waste a generation of students with the wrong lessons, then these changes need to start now.

In part 2 of this series, I’ll discuss the second major coming change: the explosion of the education bundle.

Author: Jay Shapiro, Co-founder & CEO of Usiku Games

Download BAO E-MAGAZINE

Continue Reading

Featured

How to Spot and Manage Employee Types

Published

on

Employees (Source: The Grossman Group)

We all say that we want to be leaders but many times we forget that to be a successful manager you must learn how to shift your leadership style to work effectively with different types of employees. Employees have a range of behaviors ranging from normal to extreme. When confronted with these different personalities, managers sometimes aren’t quite sure how to manage this. In this article, we look at seven types of employee personalities and how best to manage them. 

What Are These Employee Personalities

The Slackers

They can be found lingering in the break room, openly surfing the net, or parked in someone’s cubicle for a lengthy chat (which proves that slacking off can be contagious). They may find legitimate reasons to leave the office, then take time to run lengthy errands. This personality may be as a result of an under-developed work ethic and lack of good role models or they don’t just like their jobs so have trouble bringing any energy to it. 

The Space Cadets

Space Cadets frequently seem to be lost, thinking of something else except the subject matter. They make seemingly off-the-wall comments in meetings and may start discussions in the middle of a thought. They may come up with ideas that, at least on the surface, seem rather impractical. They are usually abstract thinkers who are more focused on the future than the present. 

The Power Takers

These employees tend to get into power struggles with their bosses.They often act like they’re managing you, instead of the other way around. They would naturally take over a meeting or quickly step into the lead role on a project, brag about their accomplishments, so titles, perks, and public recognition are important to them. A strong fear of failure often lies behind this bravado.

The Loners

They are quite easy to spot. Look out for who prefers to spend the day working on the computer and talking to no one in a little corner they carved out for themselves. They never want to attend conferences, meetings or workshops, because they look for any excuse to duck out. They don’t dislike people – they just don’t find social interaction to be a very enjoyable activity.

The Drama Queens (or Kings)

The dramatic ones thrive on excitement and attention, so spotting them is easy. A calm, peaceful workday is just not very rewarding, so they try to spice things up with dramatic pronouncements, juicy gossip, ominous rumors, personal traumas, or emotional breakdowns. When talking with others, they are expressive and animated. More subdued coworkers find the dramatic employees exhausting and try to avoid them. They thrive on emotional stimulation, regardless of whether the emotions are positive or negative.

The Challengers

Challengers are programmed to be oppositional. When presented with a proposal, suggestion, directive, or idea, they automatically point out flaws, obstacles, and potential problems. In fact, they enjoy challenging management, because they feel it establishes their independence. They resent authority and never show respect just because the person has a title. Their focus is on winning arguments, not resolving the problem. Challengers have a high need for control. 

The Clingers

The major quality of people with this personality is dependence. They like clear instructions, ongoing communication, and frequent positive reinforcement. Uncomfortable making independent decisions, because they are afraid of doing the wrong thing. Clingers are reluctant to express disagreement because they fear making others angry and losing their support. As a result, they sometimes withhold their opinions or harbor resentments that they never express. The Clinger’s main need is to feel safe.

Management Techniques

Management may differ for each personality but here’s a brief summary of tips that may aid in effectively managing employees that fall in these categories listed above:

  1. Clearly define expectations in terms of results that must be accomplished
  2. Help the employee break down large projects into smaller implementation steps
  3. Set regular times for feedback and follow-up to ensure that work is on track
  4. Explain why more mundane or tedious tasks are important
  5. Provide regular feedback to encourage more concise verbal and written communications. 
  6. Stress the importance of each team member to the overall organizational success
  7. Take time to understand individual ideas, as sometimes they often have benefits that are not immediately apparent.
  8. Provide opportunities to be creative.


Conclusion 

It is important to note that in any organization or sector, asides from identifying the multiple personalities within you must first define the culture and type of leadership as a step to effectively manage for success. To be categorized as a Great leader, you must actively listen, build rapport, ask questions and give constructive feedback. Communication and flexibility are key.

Download BAO E-MAGAZINE

Continue Reading

Ads

Most Viewed