Owning and running a business can be a life sucking endeavor and it can be made even more difficult when you have to contend with the problem of employee turnover. Employee turnover is a massive issue with businesses due to several factors. First off, every time a company has to find a new worker they are losing money by the handful — up to 150% of an employee’s annual salary can be expended just by signing another employee to get trained. Status Labs CEO Darius Fisher took some time to analyze how businesses can keep their business environment positive so as to keep employees happy.
First off Fisher advocates that you create a culture of employee approval. He believes that you need to consistently give praise to employees who accomplish positive tasks that benefit the company. According to Huffington Post, publicly pointing out the success of an employee will motivate others while rewarding the successful worker themselves. Even if an employee isn’t making their desired salary they will still be made happy by receiving admiration from co-workers.
Next you need to create an incentive for employees to work toward. It’s not enough for an employee to work for “the good of the company”, not always, and individual goals and rewards can go a long way toward changing that. Apple rewards high succeeding individuals with vacation trips, watches, and many other rewards. While Apple has a higher budget than your company, you can scale some rewards down in order to make your employees happy. Consider rewarding employees with a monthly dinner at a nice restaurant in town or something else that makes them feel special.
Finally Fisher heavily advocates keeping your workforce informed. Keeping your workforce in the loop will allow them to always stay on top of company business. Keeping employees in the dark can lead to rumors starting and stuttered work habits.
Darius Fisher has run the online reputation management company Status Labs for years now. Over the past two summers the company has seen their workforce more than double to keep up with their rapidly expanding reach across 25 different countries in the world.
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