8 Ways Your Business Can Manage High Turnover

Every business, regardless of scale, has to deal with employee turnover. Even the most successful businesses face employee turnover at some point, as staff come and go regularly. Because finding and training a replacement requires time and money, it is to your company’s benefit if you try to limit employee turnover.

Employee turnover has a huge impact on any company’s trajectory, and you’re not alone if you’re having difficulties with it. Staff turnover is a problem that even the most experienced businesses face. The majority of business owners and corporate leaders do not pay attention to employee turnover until it becomes a costly issue. This is, of course, a counterproductive strategy.

As the economy continues to slowly recover from the pandemic, a greater proportion of employees may look for better opportunities in other companies moving forward.

Why are employees leaving?

As per the Bureau of Labor Statistics, three out of five persons who leave their job are actually quitting as opposed to getting fired or laid off. More often than not, people leave their jobs not because they found a  new or better opportunity in another company but because they are unhappy in their current position.

Employees will struggle to be effective, productive workers who take pride in their jobs if they are not constantly provided the attention and resources they require to prosper in their profession. As such, they may grow dissatisfied and frustrated, which leads to giving up and departing.

The average annual turnover rate, according to a LinkedIn survey, is around 11%. Add in employees who would have changed jobs during the pandemic but didn’t because they were afraid of losing their jobs, as well as employees who seek more flexibility than their current employers can offer. All of this sums up quite a lot.

How much is the cost of high employee turnover?

Employee turnover is costly. Some costs, such as the expenses related to finding and onboarding a replacement, can be quantified in money. These costs are estimated in a variety of ways.

According to research; replacing a paid employee costs six to nine months of that person’s yearly salary. Other studies suggest those figures could be substantially higher, especially for high-wage jobs.

Other economic costs associated with turnover may include missed clients and revenue, as well as overtime expenditures for other employees who do extra work until a replacement is found.

Here are numerous other indirect costs your organisation should prepare for when someone quits.

  • More workload
  • Reduced employee morale
  • Less engagement
  • Rise in absenteeism
  • Risk for burnout
  • Decreased productivity
  • Possible loss of institutional knowledge

That said, effectively managing turnover and enhancing staff retention may save you a significant amount of money.

8 Efficient Ways Your Business Can Manage High Turnover

Here are suggestions for slowing down your company’s revolving door. The goal is to motivate your finest staff to stay with you for the long haul.

1. Analyse the turnover

Changing something you can’t measure can be challenging — that’s why it’s crucial to collect data carefully, keeping in mind that not all turnover is created equal and that how you evaluate employee turnover matters. People leave their jobs for different reasons, so it’s not wise to generalise the reasons for employee turnover.

When employees leave, you must assess your knowledge of the reasons for their resignation. Keep in mind that you could also gather qualitative data through engagement surveys and other methods.

You can seek employees’ inputs openly or use tools that assist organisations in gathering feedback anonymously. You could even search Glassdoor for common sentiments of employees regarding workplace culture and see if they somehow mirror what goes on in your organisation.

2. Find and hire the right fit

Hiring the right staff is the first step in retaining employees. Employees with exceptional talents that fit your open position are likely to get hired.

But, how well do your staff fit into your company culture? While having the necessary work qualifications is important, that is only one aspect of what makes someone an asset to your company.

Matching a candidate’s values, objectives, and goals with that of your company is also vital. For instance, if you require someone who can take on more duties, a candidate seeking training and professional development could be ideal.

When an individual’s strengths and interests suit their job and the company’s overall needs, mutual success and satisfaction happen more naturally. Such employees are more likely to be engaged, productive, and less inclined to hunt for another job. Finding a good fit may take a little longer, but it’s one of the most important things you can do for your employees’ long-term happiness as well as your own.

Use smart onboarding

Getting your new hires off to a good start will help them stick around. A well-thought-out onboarding process ensures that a new employee has a positive first impression of your organisation. But it takes more than just making a strong first impression to help them succeed.

It requires a personalised onboarding approach tailored to the needs, job, and performance goals of the employee. In a nutshell, you should assist them to grow and flourish over their initial weeks and months at your organisation.

4. Employ recognition strategies

It’s our nature to want to do things for which we will be rewarded and recognised. Rewards and recognition demonstrate to your employees what your firm values in their behaviour and assist them in achieving success, resulting in increased job satisfaction and loyalty.

Employees who feel valued and appreciated are more likely to stay with you in the long run. As such, meaningful employee appreciation initiatives should be a top focus in your entire employee retention strategy.

5. Offer competitive compensation and benefits

Everyone seeks to be compensated fairly. Most of us pay for necessities such as housing, utilities, and food. Most people also desire enough money to spend on frills. If you don’t pay your staff well, they’ll go work for someone who does.

It’s a good idea to conduct wage market research when determining compensation packages for your personnel. Find out how much your competitors are paying their employees and implement a salary range that is at par with those holding similar jobs.

6. Showcase the career path

Employees who remain stagnant at work may look for another position if there is very limited opportunity for them to improve their skills and knowledge. Presenting a projected career path to employees provides them with a sense of direction and purpose.

By outlining a clear career path for your staff, they’ll know how they can advance from their current position. It could be an upward or lateral movement. Alternatively, your staff can gain additional responsibility in their present role. Whatever it is, make it clear to your employees how you can help them achieve professional development.

7. Allow flexible working hours

Nowadays, employees want a flexible work setup where there is harmony in their personal and professional lives. Work-life balance has a direct impact on retention. As more and more businesses are becoming aware of this, failing to provide employees with flexibility in terms of work hours and location may compel them to quickly search for work elsewhere.

Allow for flexible work schedules if at all possible — let your staff pursue interests outside of work, attend appointments, and care for their families. If you need them to be at your business at specific times, you can still offer other forms of flexibility, such as offsetting schedules.

8. Cultivate camaraderie

Building good rapport and strong relationships with the people who work for you can serve as an incredible employee retention factor. Begin by developing a culture of mutual respect and an environment that fosters friendships.

Additionally, you must ensure that each team member feels a sense of psychological safety, knowing that their ideas will be acknowledged, thoughtfully examined, and never ridiculed.


Final Thoughts

High turnover is a problem in so many businesses, but it doesn’t have to be in yours. Any of these strategies have the potential to boost employee retention and keep you ahead of the game.

One of the most effective methods to improve your team’s work experience is to reinforce the value that their contributions provide to your organisation. Spread cheer and happiness regularly. Implementing peer-to-peer recognition is also effective.

It’s one thing to claim you’re committed to developing a solid corporate culture or that your staff are your most valuable asset, but do you really mean it? You don’t have to succeed in every endeavour, but you do have to show your efforts. Aim for constant progress in making your company a great place to work.

Ralph Wintle - Profile

Posted by: Ralph Wintle

Ralph is the Head of Product for Earlypay, an invoice finance platform. Having been in the industry for many years now, he writes content that aims to help small businesses grow.

 

It’s good to share

The Best CRM Software for Every Business In 2021

Whether it’s the increase in digitalisation overtime or the COVID-19 pandemic, these recent changes in how the world once operated have made it difficult for businesses to communicate with their customers.

How your sales and customer service teams reach out to your customers and how your customers reach out to them for queries and complaints have probably changed forever. These communication problems can also result in loss of leads and, thus, revenues.

However, all’s not lost. Thanks to the rapid increase in digitalisation, all businesses now need is to get efficient Customer Relationship Management (CRM) software. A good CRM software can help make the process of customer communication easier, faster and also keep your team productive.

What is Customer Relationship Management (CRM) software?

A CRM is an online database that combines practices, strategies, and technologies that help businesses analyse and manage customer data and communication. CRM software aims to assist in improving customer communication and services and drive revenue growth.

How CRM Benefits Businesses

  • Combines customer data such as past purchases and interactions to help provide better customer service
  • Can help automate certain tasks such as emails and save your employees’ time
  • Helps segment customers into categories for marketing and other purposes
  • Better protection of data privacy
  • Speeds up customer communications

Now that we know about the functions and benefits of CRM, the next step for you would be to decide which CRM software you should choose for your business activities. There are many CRMs out there with different functions that may or may not suit your business needs.

Therefore, we decided to make the task of choosing a CRM easier by listing the best CRM for every business in 2021 below. So, if you’re interested, keep on scrolling!

The Best CRM Software For Every Business In 2021:

1. Salesforce Sales Cloud (Web, Android, IOS)

Salesforce, with its many great features like third-party AppExchange, customisation options, and internal ecosystem, is at the top of our list. As mentioned, its unique number of features make it an efficient CRM for many businesses around the world.

Firstly, like any other good CRM in the market, Salesforce works just as efficiently on mobile devices, enabling you to log calls, respond to leads, check dashboards, and much more. No matter which company you’re running, it’s essential for your CRM software to work on mobile devices to ensure full efficiency by your teams.

Moreover, Salesforce also enables you to easily automate any business process with point-and-click simplicity. You can easily create workflows to guide sales agents through qualification conversations and recommend the next steps. You can also keep discounts and other deals moving forward in full swing with automated approvals!

Salesforce also enables your sales team to manage customer services to the best of their ability. You can combine customers’ activity history, key contacts, and internal account discussions. Other useful features of Salesforce include lead management, control of who has access to view and edit fields, pipeline and forecast management, and much more.

2. Pipedrive (Web, Android, IOS)

If you aim to find a CRM that is easy to operate, Pipedrive is the one for you! Although the CRM offers ample flexibility, it’s centred around helping salespeople sell. Firstly, Pipedrive offers sales-centred add-ons such as LeadBooster and Web Visitors. LeadBooster provides chatbot, forms, live chat, and prospecting capabilities.

All these features can help improve customer interactions and help your sales pipeline. Web Visitors, on the other hand, will provide real-time data on companies and other contacts, enabling you to search by size, keyword, industry, and other characteristics that fit your target audience by using a tracker code pasted into your website’s code.

Other features include the ability to automate repetitive administrative tasks and a Sales assistance that suggests the tasks your team should prioritise for the day by using Al. Moreover, Pipedrive offers customisable reports and interactive dashboards, privacy and security, and many other features that make it one of the best CRM software in the market, no matter what the nature of your business may be.

3. The Real Estate CRM

There is some CRM software that is centred around certain business types. One of such CRMs includes the Real Estate CRM. Although the CRM has been developed keeping the Real Estate industry and it’s needs in mind, it doesn’t mean it can’t be used by other businesses. At the end of the day, what matters are the features included in a CRM that make it the perfect fit for you.

This software – designed as a CRM for Real estate is one of the most flexible and easy-to-use CRMs in the CRM market. With this customisable platform, you can call your teams, may it be sales, marketing, or finance, a single database with all the needed powerful tools to attract more buyers for your business.

There are several features in the software that make it one of the most efficient CRMs. Firstly, you can get multi-dimensional reports instantly that combine information to forecast sales, get insight into valuable metrics such as marketing campaigns, sales trends, and team performance. Moreover, you can also monitor your Return on Investment (ROI) for every metric.

Other features include workflow automation, real-time analytics, 3rd APIs integration (enables you to integrate Gmail, Zoom, Twilio, Mailgun, Sendgrid with the Real Estate CRM), lead management, and customisation.

4. Nimble (Web, IOS, Android)

Nimble offers contact action lists, social tracking feature, and a Prospector engine that keeps your sales force at the top of their game. The UI is also designed in a manner that makes it easy and enjoyable to use.

Usually, employees need some training when getting starting with CRM software, but Nimble provides plenty of instructions throughout the UI. Particularly when you first sign up. So, you won’t have to coach every employee at all times for them to learn to operate this CRM.

Nimble also has everything you can ask for in a CRM – from activity tracking to data enrichment to contact management. It offers all the features you could ask for in a CRM. The dashboard in this CRM will show you a helpful summary of important daily reports such as social engagement and email tracking.

Moreover, it also helps you stay up to date with important customer data. For example, when you add a new contact, Nimble shows suggestions for LinkedIn and Twitter accounts so it can get you all the useful data such as work experience. This data will then be displayed in a Smart Summary.

Your contact’s social feeds will be displayed in the record, enabling you to interact with them at all times. This will enable your team to gather valuable information and can also help them in customer segmentation.

Other features include custom pipeline management, customer and lead management, assistance in marketing such as email tracking and templated emails.

Conclusion

There are several CRMs out there, each with its features and user flexibility. However, when choosing one for your business, always have a look at the feature a CRM has to offer. And choose one that best suits your companies’ and employees’ needs. We hope our list for the best 4 CRMs any business can use in 2021 helps find the right CRM software for your business needs!

Posted by: Shoaib

Shoaib provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing. He occasionally writes articles for The Real Estate CRM.

 

It’s good to share

The Ultimate Guide to WooCommerce Dropshipping

Dropshipping has become an extremely popular business model in recent times. Anyone who does not want to deal with eCommerce shenanigans like shipping, fulfilment, and inventory management will find it to be the perfect fit.

All one requires is an online store to get started. Dropshipping involves the use of a third-party supplier for shipping products to customers and not the seller himself/ herself. As a seller, you only have to pick out products that are likely to sell and market them to the right audience.

WooCommerce offers the perfect platform to take your dropshipping venture to the next level. This guide provides all the details to get you started in no time. Let’s get started.

What Is WooCommerce Dropshipping?

Before we dive deep, it is important to know what WooCommerce dropshipping is. As you might already know, WooCommerce is an eCommerce platform that dropshippers can use for creating an online store and selling a wide range of products.

There are also other popular dropshipping platforms such as Instagram, Big Commerce, Magento, and Shopify. These platforms are used by every drop shipper besides digital marketing services providers.

No matter which platform you decide to use for dropshipping, you will come across three parties, as mentioned below.

  • Seller: That would be you. You get to run the online store, social media platform, and brand. Therefore, you have to market the products, list them, and respond to customer queries.
  • Customer: The customer will pay for the products and has to be marketed to learn about what you have to offer.
  • Supplier: The supplier would handle the order fulfilment after the customer has placed an order through you as they are the manufacturer. Thus, they would ship the product to the customer on your behalf.

Benefits of Dropshipping

Dropshipping offers a ton of benefits. Many eCommerce merchants find it to be the perfect option due to the following reasons.

  • Low Capital Requirements: One of the best things about dropshipping is that it requires minimal capital requirements. You do not have to spend a lot of money to get started. Besides, customers will make payments so that you can place an order with the supplier.
  • Zero Handling Costs: Merchants do not have to hold any inventory or deal with warehousing costs.
  • Shipping Handled by Suppliers: Since suppliers manage inventory, they also take care of the shipping.
  • Easy Scalability: Scaling your store is very easy as you do not have to create the products or warehouse them.
  • Ease of Entry: Since capital requirements and commitment are minimal, you can easily get started on your dropshipping venture. In fact, you can take on the venture from the comfort of your home.

Why Use WooCommerce for Dropshipping?

Now that you know more about the benefits of dropshipping, you must be wondering why you should use WooCommerce. The answer to your question is rather simple. It is very easy to get started with the platform.

WooCommerce is easily the most used eCommerce platform in the world. Its plugin is absolutely free and super easy to set up. However, you would require additional plugins to properly set up the dropshipping store.

Another great thing about the platform is that it boasts a simple and easy-to-use interface. It is quite similar to WordPress, which means that if you have used WordPress in the past, you should have no trouble with WooCommerce.

In addition to the above, WooCommerce has a huge community that you can reach out to for support and resources. As the WooCommerce plugin is open-source, you also benefit from complete control over the store.

What Do You Need To Start WooCommerce Dropshipping?

1. Create a WooCommerce Store

When starting a dropshipping business, you need to first create a WooCommerce store. It will allow you to use the dropshipping extensions. The following steps will help you create one in no time.

  • Head over to WordPress.org or WordPress.com. The latter will require you to create an account and download the WooCommerce plugin. The former will allow you to download WordPress and utilize its functionality any way you want. Thus, it is preferred by those wanting greater control.
  • Next, you need to select a hosting provider, theme, and domain name.
  • Now, you will just need to create the Home, Contact, and About pages.
  • Start adding products similar to how you would add posts on WordPress.
  • Finally, you have to select extensions. You can browse through the WooCommerce website to go through a variety of options based on your needs. To ensure that your dropshipping business is ready, you require plugins for payments, customer experience, taxes, security, marketing, and maintenance.

2. Select WooCommerce Dropshipping Extensions

To make drop shipping easier, you can add the following extensions to your WooCommerce store.

  • WooCommerce Dropshipping: This store management extension allows you to integrate other dropshipping extensions. It even helps you find suppliers and provide them with access to your backend for fulfilling orders.
  • Drop Ship Me: Next, you can also use this extension as it helps you find Ali Express suppliers. The chances are that you are familiar with Ali Express. The extension does all the research work so that you can easily identify the best suppliers.

3. Determine Which Products to Sell

Once you have installed the right extensions, you can proceed with identifying the products that you should sell. Determine a niche that will help you generate a profit. Market research will help go a long way. You can also use Google Trends to find a niche.

Before you jump the gun, you also have to learn more about consumer interest. Facebook Audience Insights will help go a long way. Besides this, you should conduct competitor research to learn about the major competitors.

Create Your WooCommerce Dropshipping Business

After you have gone over our guide, you will know all the basics about WooCommerce dropshipping. Make sure to focus on marketing as customers will not come to you if they do not know about your business.

Always remember that you will need to do more than just create a WooCommerce store to be successful. Create content to attract your target audience and establish trust through customer reviews. It will allow you to reach the top.

Posted by: Shoaib

Shoaib provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing. He occasionally writes articles for Dynamologic Solutions.

 

It’s good to share