Organizations can know longer operate as they did years before. Employees have become savvy and are fully aware of the advantage that they have over their employers. Today, the perks of working for a company cannot be limited to a benefits package along with a few weeks vacation every year.
Even if employers throw in a company cell phone and a stellar paternity package, qualified employees are still demanding more.
The core of what employees are looking for today, is similar to what we have seen over the past few years.
- Better compensation or an opportunity to earn more money
- Advanced technology enabling them to efficiently do the jobs
But, one of the demands is a new comer to the list. Employees are wanting support from their executive leadership team.
In a study completed earlier this year by Morar Consulting the lack of vision for the organization, compounded by the company leaders not being visible, contributed to 27% of the reasons why retaining qualified employees is becoming an ever growing challenge.
To turn this around the first step is to acknowledge there is a problem. Next, company leaders can use the three step method designed by our team at The VOS Group to identify the gaps within an organization, along with a plan to fix it.
Too many times leaders use an Ostrich approach of looking the other way or burying heads in the ‘to-do’ list of the day for weeks on end without engaging with their teams. It is understandable that the challenges executives face every day of running an organization is not an easy task. Along with the VP, SVP or EVP title is the silent agreement, in most companies, that this job will never be easy.
But, that doesn’t have to be the case. The key ingredients in leading a business to reach its goals is a blend of having the workforce available to execute the tasks. Along with seasoned employees that are knowledgeable enough to get the job done, right the first time.
In order to know if there is a problem ask yourself these three questions:
# 1 -Employee Retention
Has the rate of new employees increased over the past 18 months? If so, have sales increased or dropped during this time? Why is this number important? A business justification can be made for hiring new employees to support a consistent uptick in sales. More sales equals more clients that need the support.
If sales have dropped, or stayed average, during the past 18 months while new employee numbers have risen this is an indicator that the department was either understaffed previously or the new headcount is replacing someone who has jumped ship.
#2 - Customer Experience
Are the customer facing representatives 12 months or under in tenure?
Outside of your sales team and accountant the employees that interact with your customer everyday to provide support, are one of the most crucial partners on the team. When working with clients to improve their operations one of the common gaps we find are Customer Service Representatives that are not knowledgeable about the company. There is also evidence to show a lack of the proper training given to employees to become successful in their role.
#3- Executive turnover
Burnout happens not only at the entry & mid levels within a company but also in the senior levels as well. This is not a topic that should be approached gently. The executive team within a company are the compass and anchor to guide the ship. How many members of the executive team have been in that role for under 2 years? How frequently do they, or don’t they, take a break away from the office?
Starting with foundational questions like this will shine the light on the potential fact that even those in senior positions have faced burnout.
When an executive reaches this point, without a clear path of communication and vision of where the company is moving towards, they will look for opportunities to use their skills elsewhere.
After completing this exercise did you identify one or more of this potential risk factors for your company? Contact our office today for a consultation to learn how our services can help to fill the gaps to get the company back on track.
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