To reduce or eliminate employee turnover, businesses must create a culture where employees love coming to work. In Tom’s experience, when employees are happy and engaged, they generate positive energy, which in turn helps motivate them and everyone around them. People have an internal desire to succeed and they thrive off their personal success.
Employees want more from their jobs than a paycheck. They want to contribute and make a difference. Tom has learned that fostering an environment in which people have a mission to fulfill and in which people take ownership is vitally important for creating an atmosphere in which people are enthusiastic and enjoy their work.
One secret to fostering a better work culture is good communication. Good communication is essential as it allows people to feel comfortable opening up and voicing their opinions. Employees need to be able to feel they can be honest, speak freely, and express their concerns without fear of retribution. To achieve this, the business’s managers and directors need to be open, candid, and willing to engage in dialogue. In addition, no one should be micromanaging employees, since scrutinizing every action leads to feelings of insecurity and of being unable to succeed. Also, going to work in a place where there is a breakdown in communication and in which employees are afraid of being reprimanded will cause professionals to become unhappy and apathetic towards their work and seek a new environment.
In Tom’s companies, part of the company code of honor is that everyone owns their mistakes and accepts responsibility. There is a rule in his franchise that employees should only share experiences and never give advice. Many times, giving advice can be interpreted as telling someone what to do, which many people resist. However, sharing an experience with them allows them to relate, empowering people to be accountable and take ownership as they develop their own ideas based on your experience. Once workers are motivated and in control of their own work and decision making, they own their job, which creates a culture of taking personal responsibility.
By acting on these ideas, you can reduce or eliminate employee turnover and enjoy greater stability and profitability in your business.
Want to learn more about how you can make way more money and pay way less in tax? Book a call with the team at TFW Advisors® today!