Why Your Successful Business Has A High Turnover Rate

So having developed a practical knowledge of entrepreneurship, you’ve discovered how to be taken seriously as a young entrepreneur while you were still in college. Maybe, you even decided to take a gamble and drop out of college to start your first company? Whether you’ve tasted entrepreneurship before or after your graduation, it doesn’t change the fact that the road to success is a long and challenging one. You could buy a franchise to take your first business step in a managed environment. Or you could also start your own business from scratch, like many talented young entrepreneurs have done, such as Mark Zuckerberg or Evan Spiegel. Ultimately, if you’re nervous about starting from scratch, a franchise can limit risks. But in the end, when it comes to measuring success, you need to look at a variety of factors, starting from your profit and market shares to your employee satisfaction. Regardless of what you’ve learned in college, a successful business that fails to keep its staff is missing out. Don’t let your business dream cast a shadow over your most important asset: In-house talent.

You don’t support a healthy work/life balance

Your employees are people who are trying to maintain a social and family life outside of work. Consequently, according to Lack of Parental Leave Drives Employee Turnover | CIO, companies that reject family-friendly policies to save costs, such as paid parental leave, struggle with turnover and replacement costs. But family is not the only thing that comes between your company and your employees. Long working hours and stressful environment can also affect your team’s morale and performance. In the long term, your productive sinks and your team quit.It’s important to keep a sane approach and accept that productive time is not the same as long working hours.

You’re in a poor location

The location of your business affects the day-to-day work directly. For instance, if employees can’t get to work using public transport, it’s likely that you’ll be missing out on skilled talent, as not everyone can drive to work. Additionally, the lack of facilities such as restaurants, grocery and stationary shops, and coffee shops around your office can discourage your best employees. Ultimately, you might want to organize your business relocation with Moving Company | myBekins. Remember that an office that is easily accessible, served by public transports, and among essential commodities can fulfil most of the needs of your team.

Your leadership skills could still be improved

You might be a great entrepreneur, but that doesn’t mean you are a good leader. Leaders are expected to provide clear goals and to communicate effectively with the team to motivate, encourage and guide. But in some cases, lack of leadership training might be the reason for your high turnover. If you don’t take your staff opinions into account or refuse to share business information with them, your communication weaknesses might be pushing them away, for instance. Additionally, micromanaging your team is easily done, especially when you want to ensure that everything runs smoothly. However, most employees respond negatively to this approach.

In short, a great entrepreneur is not the same thing as a great people manager. However, for the long-term growth of your business, it’s time to consider employee-friendlier strategies. Without employees, there can be no business.