Every business owner knows that turnover is inevitable, but it’s important to notice how high your turnover rate is. A high turnover rate costs will cost a business more than money – it also costs time and productivity. From finding a new skilled employee to training them, if you find yourself in this constant cycle, it’s time to reevaluate your business.
Employee retention and employee job satisfaction should be a top priority of every business. This is what separates successful businesses with everyone else. Every successful business owner knows that creating employee retention strategies has to be embedded in the company’s mission, not simply an afterthought.
To keep employees engaged, Tony developed a principle called The Success Cycle, which tackles how to retain employees and keep your best team members working efficiently. Succeeding in your employee retention strategies requires a business owner to approach things from an employee mindset. Once you understand what keeps an employee motivated, you can align your business strategy to guarantee you are meeting your employee’s needs.
There are four steps to The Success Cycle.
The first is to celebrate success, which impacts an employee’s beliefs and attitude. Do you recognize and reward your employees for their hard work? When you create a positive environment, one that truly appreciates every team member, you’ll fuel upward movement. Reward your employees and they will continue to strive for the best results.
The second step is to believe in your employees’ potential. Everyone has unlimited potential, but it’s common for a company to forget to seize this. Do you encourage your team to think outside of the box? Try a new strategy? Do you praise them for their curiosity or do you require they follow a strict, proven method? Give your employees a chance to succeed. When you believe in and encourage your employees to use their potential, you’re creating a massive amount of momentum in your team.
With this momentum, comes inevitable plateaus, as described in The Training Effect. How do you help your employees keep up their momentum and break through any plateaus? A large factor in employee retention is creating a company that allows for unlimited room for growth. Invest in opportunities for learning and growth when these plateaus happen. Whether this is individual training or seminars, show your employees that you are dedicated to helping them reach their next level.
The final step in The Success Cycle depends on results. Success feeds on success and generates even more success. The more success your employees experience, the more they’ll create the belief and momentum to succeed on an even higher scale. When something goes wrong and an employee messes up, how do you react? Do you punish them and crush their spirit? Or do you evaluate the problem and determine an effective solution? Mistakes happen. No employee wants to work for a company they’re scared of, they want to work for a company they believe in, who also believes in them.
Hiring employees is just a start to creating a strong team – keeping them is everything. Implementing The Success Cycle in your business will help you master employee retention and create a winning team that launches your business forward.
Are you ready to get started? The Peak Performance Workshop is a complimentary training designed to massively improve the areas every business struggles with. Expertly trained to ignite that inner fire and create a winning team for your business, Peak Performance Strategists are the catalyst your business needs to grow.