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What is Employee turnover?

Employee turnover is referred to the percentage or number of employees leaving the employer and refilling the gap.

High turnover translates to a loss for the company. If the case is losing poor-performing employees, it’s an advantage for the institution, but high turnover is comparatively negative.

Understanding the turnover’s impact on the organization and working according to it is crucial for the team’s human resource management.

Impact on the Employer

As it is hard for the Human Resource Management and team to estimate the impact, there can be great threats of employee turnover on the organization. More or less, the common effects are as follows:

Less Profit

The productivity of the entity gets low, thus leading to less profit.

As the business takes months to years to achieve profitability, unexpected things like employee turnover become much more time-consuming for a new venture to make profits.

Low Performance

Due to employee turnover, the number of employees becomes low, thus decreasing the performance of employees, as it would be added burden to the existing employees to replace the exiting employees.

Low Morale

Typically morale is weak in high turnover organizations. Due to the lack of an active and trained workforce, the responsibilities and workload on the current employees increase, resulting in low moral values.

If it continues further, the organization takes much more time to get back to a suitable place.

Distractions

To make things normal, some business entities seek the help of consultants to come out of the rust. It requires great effort and focuses on fixing this issue.

As you invest money, time, and resources in correcting the generated turnover, it diversifies the business and marketing to new customers and thus decreasing the performance.

An organization must do everything in its power to tackle employee turnover and retain its labor pool.

Bridging the gap between strategy and execution can often be troublesome. Conflicting ideas, unclear communication, and misunderstanding all hamper the team execution and the organization.

After studying effective teams and their strategy, we noted the top 3 factors that make these teams operate so effectively and successfully.

1) Identify critical goals

Everyone in an organization has their share of tasks and priorities. However, while working in a team, it is essential to prioritize all these tasks keeping in mind the bigger picture and organization goals.

Increasing customer and supplier loyalty and enhancing revenue are essential goals, and all tasks associated with these must be prioritized. Everyone should understand the importance of focusing on crucial goals.

2) Measuring progress

A system should be developed that measures and monitors the progress of each team member and gives them direct feedback on how their tasks affect the team and organization. Inputs from team members should be taken into consideration as well.

This measure of progress should be done every week instead of quarterly or monthly. This will provide scope for immediate adjustments and improvements, which will take everyone closer to the goals set by the organization.

3) Holding each other accountable

All team members should be aware of their responsibilities. It is the duty of the leader to create a positive atmosphere and make everyone understand that they are accountable not only to themselves but to every member of the team.

Reviewing progress assessing the team and individual performance is necessary for effective team execution. It is what makes or breaks the business.

Effective execution is what helps you build your business bigger. And team execution is very essential.

Recruiting employees is generally a great deal to the employer. It will be a big loss if the employees leave the organization shortly after joining. Regularly 1/3 of the newly joined employees quit their job within 6 months.

To prevent employee turnover, you can rely on these tips:

1. Hire the Right Candidates

Make sure to choose the right people when recruiting to prevent turnover later. Give a clear idea of the role to the candidate.

Interview the candidates who can fit the organization well and adapt to the work culture. Look at every possible aspect of the employee before letting them into the entity.

2. Retain Current Employees

Invest in your current staff by providing training, mentoring them, and making them advanced. Let them balance their work and home times.

Please provide them with a favorable, balanced environment to make them productive, loyal, and successful. Offer them unusual and unexpected benefits from time to time.

3. Provide Performance Reviews

Provide them with feedback to make their work much better. Performance reviews encourage them to work more, increase trust in the institution, and fortify the relationship between employee and employer.

This will grow the trust in the employer and naturally help in productivity.

4. Fire Bad Employees

Feel free to fire non-generous employees. To save a hand, sometimes you have to lose fingers. Poor performers have a negative attitude and can hold the institution back.

They are more harm than good by poisoning the fame of your entity.

5. Instill Innovation Culture

Any organization with leading innovations can lead the scenario. Encourage employees to get involved in new technology.

Finally, don’t forget to cultivate the respect of the employees to create a magnetic culture.

Show that you care about your employees, and they will prove their worth to you.

These tips will surely help you to reduce employee turnover.

Successful entrepreneurs have some characteristics which contribute to their outstanding performance. Each entrepreneur has different strategies based on their business, but the characteristics remain the same.

Today we will be revealing those unique characteristics to you to work upon them if you are an aspiring entrepreneur.

1. Versatility

At the initial stage of the business, you cannot afford many employees. So you will end up doing all things single-handedly on your own from bookkeeping, being a secretary and a lot more.

Successful entrepreneurs choose different paths and don’t follow the herd.

2. Taking Risk

Taking a risk every time may not be successful. But if it succeeds, the impact will be far more than expected. You have to base your decisions on the positive and negative impacts of the risk, and each and everything related to the risk has to be evaluated.

All you have to do is evaluate the risk factors and the position afterward.

Constant Learning

Successful entrepreneurs are constant learners. They adapt to the technology and changing factors around them to lead to growth. As there is growth in technology, one cannot be fruitful with outdated methods.

Vision

Being an entrepreneur, you should possess the great quality of seeing your business at great heights, which needs a perfect vision.

Without being visionary, it is like sailing on a deep ocean without having a compass and getting lost in the storm. Start looking at your business with a visionary vision and lead it towards success.

Motivation

Mainly self-motivation is required to reach great heights. Being motivated all the time can inspire your employees, thus increasing productivity.

You may at times face difficulties, lose motivation, and feel hopeless. But you must stay motivated to sail through the rough waters.

Most importantly, never give up and keep confidence in what you are doing.

The Millennials are the generation born between the years 1977 and 1998. They are given top-notch priority, attention, and validation by their parents. Millennials are the most talked and studied about generation to date. They are the future leaders and the following generation revenue generators.

The Millennials also differ greatly in workplace characteristics. Today we will discover the common characteristics of Millennial employees, which will give an idea about the present scenario.

List of Characteristics defining Millennial Employees

Technically Savvy

As they have grown up with advancing technology, they consider themselves technically savvies. They are adept at everything related to technology.

They want to access the cutting edge of technology even though their jobs may not be related to technical work.

Multi-Taskers

Millennials are considered multi-taskers. They juggle many responsibilities at a time. Due to this, they get distracted easily and may find themselves concentrating on many things at one moment.

Daily goals can keep them focused and give their best without being distracted.

Challenging Hierarchical structures

Millennials are not afraid of challenging their superiors or sharing their views and opinions. They can be full of ideas and express them even against their senior’s wishes for the organization’s benefit.

They don’t blindly follow the hierarchies; instead, they prefer transcended ways of working to the top of the pole.

Relation with Superiors

Though challenging in nature, Millennials like to mingle up with the boss and would like to maintain a healthy relationship with superiors and co-workers.

They think they can work better when there is a friendly atmosphere in the office environment.

Task-Oriented

Millennials are task-oriented rather than time-oriented. They believe in the productivity of the work than being on time to the office and having to face co-employees and the boss.

They take advantage of flexible work hours and will be best when given a chance that way.

These are the most prominent characteristics of Millennial employees. You should be aware of them if you hire the generation for your organization.

The 21st Century has brought out a lot of challenges in our day-to-day lives. There was a time when it was difficult to balance your professional and personal lives. However, now even your social life has stepped in and requires some, if not equal, attention.

You can “manage” if you are not that good at balancing work and life, but you will become a way better employee, employer, friend, parent if you follow some of the tips mentioned below.

1. Communicate More:

Communicating your problems helps eradicate misunderstandings and clear the air. If you need to leave your office at 5 pm or be late to work the next day, make sure you communicate this to your colleagues and managers as it makes you feel more balanced.

2. Working out should be a Priority:

Exercising aids in releasing endorphins that make you happy and make you better equipped to handle stressful situations.

So working out regularly gives you that much-needed boost, a positive outlook for the day, and a happy feeling that makes the whole balancing task easy and natural.

3. Respect your Schedule:

Set a time frame for yourself and stick to it. If you have decided not to work after 6 pm, make sure you stay away from professional emails and phone calls post that deadline.

You have created it, so the least you could do is respect your decision. Whatever the problem is, leave it behind and focus on your personal life once your working hours are over.

4. Use the Off Button:

If you’re on vacation, enjoy it and leave your tablets behind. You don’t want to be with your family physician and mentally somewhere else. That’s disrespecting both the spheres of your life.

Don’t carry your phone to the dining table, and for your life’s sake, turn off that laptop during your bedtime and talk to your loved ones.

5. Prioritize correctly:

Make sure you work on the most important things first. Generally, people spend time on trivial issues and then force themselves to work under highly stressful conditions on the important task making them cranky.

The consequences of this are borne by their family members. So prioritize correctly to ensure the right work-life balance.

Focus your time intelligently and concentrate on what you are doing while you are doing. “Living in the moment” is the mantra to follow!

Most of us strive to be good professionals due to the competition. Being professional not only increases our chances of a promotion or a raise, but it also makes us well-loved in the organization, which is a bit difficult to achieve these days.

The following tips remind you of those tiny details that you might overlook but play an important role in making you more professional.

1. Be Punctual:

Punctuality is a virtue. Being on time lets others know that you respect your time and theirs, making them perceive you as a thorough professional.

Arrive a few minutes before the scheduled time, and you will start feeling the difference yourself.

2. Personal grooming:

Ladies have to ensure that they don’t overdo their make-up as that doesn’t work either. Working with long, dirty nails, wrinkled clothes, and uncombed hair is akin to inviting a disaster. So make sure you always look your best when you head to work.

3. Follow the rules:

Following the organizational rules and staying up-to-date with the latest memos will soon make your colleagues realize how resourceful you are, and that will again work in your favor.

The bonus is that HR loves employees who stick to the rules and regulations.

4. Stay away from Gossip:

Unfortunately, dirty politics and gossip are a part of every organization. However, if you can keep your head high and steer clear of these unhealthy activities, you will be carving out a successful and healthy career for yourself in the long run.

5. Always be polite:

You must refrain from snapping at your colleagues if you’ve been having a bad day at work or if your personal life is off-track currently.

Even when you’re answering calls or sending email, it’s professional to greet politely and introduce yourself, followed by the reason for the call or the email.

It’s not very difficult to be professional at your work. Just follow our tips and be confident.