Employee Retention? A Death Trap.

Posted by Bernie Reifkind on March 21, 2014

Einstein’s definition of insanity is “doing the same thing over and over again and expecting different results.”

The business world just like your own world is changing exponentially faster than ever in the 21st century.

So how does this apply to the employment world?

Think about employee retention and why you feel the need to hold on to some of your employees.

Have you ever considered that employee retention just might be a death trap to the growth of your business?  Are you holding on to people that should have been terminated long ago? Business, just like life changes every day and hopefully your goal is to grow your business.  Things change.

If your business is doing the same thing over and over again and expecting different results, than this is business insanity.

When employers hold on to people too long, complacency becomes a dangerous and cruel nemesis.  Are you too being complacent?

Employees just like dairy products have a shelf life, they can become stale.  If your business feels stale, than employee retention might be a factor.

Why not shake things up a bit and start interviewing people who may have new ideas?

Just because an employee has a certain skill set that you need and has been with you for years, it is insane to believe that someone else might have an even better skill set along with fresh new ideas.  Wouldn’t you benefit from learning some fresh new ideas that might be transferrable to your business?

Come on. Everyone is dispensable.

This is not being callous, it is being real.  Even your key people take phone calls from recruiters and they go on job interviews.  Why shouldn’t they?  Maybe for them the grass is greener else-ware.

Well maybe the grass is greener with new employees that can inject some excitement and freshness to your business!

Many employers find that when a long term employee resigns, they discover just how incompetent that employee was and could “kick themselves” for holding on to that employee too long.  Can you relate to this?  It is sickening to find out the “opportunity cost” to your business for holding on to an employee for too long.

Do your business a favor.

Call a recruiting firm and ask questions about who else is out there.  This does not mean that you are going to act on making changes, but what does it hurt to have a dialogue?

In the 21st century people are not staying at jobs as long as they used to.  If an employee is not happy or feels that your business is stale, do you think they wait it out for 5 years? NO.

Why should you as an employer wait it out?  You shouldn’t.

Even if you do not make any changes or make any new hires, having a dialogue with prospective candidates can be a fascinating experience, a learning experience.  Maybe someone else is running their business in a way that you had not even imagined.  You can learn that by interviewing people.

Wouldn’t it be great to learn some fresh new ideas?

In summary think twice about employee retention and start thinking about employee renewal. The cliché that “the only thing constant in life is change” is most profound when you have employees.

Don’t get stuck in a death trap with stale employees or you just might risk becoming stale and your business will suffer.

Is loyalty holding you back?  Loyalty to your business comes first.  The same way that employees think, loyalty to themselves comes first. Just as it should.

Wake up and shake it up!

“To every season, turn, turn, turn.”

I am Bernie Reifkind, CEO and founder of Premier Search, Inc. I can be reached at 1(800) 801-1400 or email at ceo@psihealth.com.  I welcome your phone call.

 

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