Beating turnover means that an organization has to grow a team to satisfactory work levels faster than the rate of turnover.
We will define satisfactory work levels as an employee up and running to at least 80% productivity in the role (i.e. producing at levels that are 80% of best case scenario.) This must occur within a time that is shorter than the turnover rate for growth to occur.
For example, if it takes a manager two weeks to help an entry level representative to reach 80% effectiveness in the role, that may be satisfactory. Again— As long as the turnover, or rate at which one remains within the role, is longer than two weeks, retention is beginning and progress made.
However, this does not consider if a manager starts two or more persons in the role at the same time, while knowing one may quit, to reach at least one employee that will stay longer than two weeks. This process, otherwise known as cattle calling, is beyond the scope of this post.
In my gross approximation, beating turnover can be be done in three main ways.
Today’s post will cover number one.
This is in no particular order.
The first way is stewardship management. Trademarked by Stephen Covey, stewardship management is where a manager gets buy-in from an employee in a way that the employee feels to have ownership in the company.
Perhaps they don’t have legitimate shares and equity, but they are heart bought in: a deep seeded emotional buy-in where one wants to perform because they can, not because they have to.
This form of ownership allocates the human resource to its highest and most productive use. Managers should strive to create this sort of culture. This can occur by trusting others, instilling a sense of responsibility, and measuring based on results, not any form of micromanagement.
One may know they’ve reached this point if employees want to do their job well because they can, not because they have to. Positive side effects of stewardship management may include employees feeling a deep sense of pride in their work. They may thoroughly enjoy the autonomy that their manager provides them.
Stay tuned for tomorrow’s part 2.
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