Bankrate conducted its “jobseeker” survey this past August and the responses received are of concern for manufacturing leaders. When questioning 2,452 adults, 55% of people currently employed in the workforce, meaning that they’re currently working or actively looking for employment, said they are likely to look for a new job in the next 12 months.
Could that 55% number be made up of people currently working for your company? It’s possible, and wise manufacturing leaders are doing everything they can to mitigate that possibility. Keep reading to discover the things you can implement at your company that will enable you to retain employees when everyone else is losing them.
First, let’s consider the impact of losing employees
The only good reason for losing a team member is if the individual is a morale or financial drain on the culture or productivity of the company. Aside from that, losing a team member can be a huge cost that impacts a number of areas. Consider these possible areas of loss...
You’ll be required to find ways to do the same volume of work with fewer people should you lose an employee. This is never easy and sometimes impossible. The cost is incalculable in many ways.
When people leave, it impacts the way the rest of the team feels about how things are going at the company. And whether you know it or not, those individuals who do leave have made it known to their co-workers why they are leaving. The hit to team morale is not something you want to deal with.
Naturally, if you find it harder to get the same volume of work done with fewer people, the workflow is going to become kinked at some point. That’s going to impact your bottom line, no doubt.
When things like this begin to happen, the process bogs down and you won’t be able to keep up with the orders coming in.
As you can see, losing team members has a ripple effect across the board.
Do you know why team members leave your company?
There are a number of reasons team members leave any organization, and your company will have its own set of reasons. But here are some of the common reasons people leave organizations, generally speaking….
Opportunities for Promotion — Everyone wants to climb the career ladder
Pay increase — Naturally, everyone would like to make more money
Cultural fit — If they deal with a bad leader, negative culture, or unhealthy team dynamic at your company, they are bound to leave
Flexibility — COVID has demonstrated that people love the opportunity to work from home, go on trips while they work, etc.
Autonomy — Many people don’t appreciate or need over-the-shoulder supervision
Naturally, if you can address these areas of concern your company will be in a less vulnerable position. Let’s do that next...
Practical areas to address to keep team members on your team
Be sure you have a healthy company culture
Of course, people enjoy working at companies where they enjoy being part of the team. Don’t underestimate that. When they feel appreciated, understood, and valued they will think twice before leaving.
Great owners, leaders, and managers
You’ve heard it before… your organization will rise and fall on the quality of your leadership. That’s you, your C-suite, and your managers. If you are great to work for, employees will find it hard to leave.
Friends with their co-workers
This piece is related to the company culture, but it deserves a comment or two in its own right. Your team will enjoy being part of your team MORE when they are building relationships with each other. Can you provide events, activities, social opportunities, or other things that will make the opportunity for your team members to meet each other and build friendships?
Make being part of your team a valuable thing
When the overall experience and environment of your team is one that members enjoy, they will find it hard to leave. Nobody wants to take a step down, so ensure that your company offers so many enticements to stay, that they don’t give the thought of leaving a second, third, and fourth thought.
Create stability for team members
Everyone considering a career move is stepping into the unknown. It’s possible that the situation they step into is worse than the one they stepped out of. It’s your job as a manufacturing leader to ensure your team members are so secure and stable in their role at your company that they are averse to taking that step into the unknown.
These should serve as food for thought, as mental prompts to get you thinking about the ways you can build a culture of stability and health into your manufacturing company. Take this seriously, there are more and more people these days who are moving from one company to another. Don’t let your company be a casualty of that trend.
You can learn more about how the “Great Resignation” is impacting the U.S. economy and job markets, and how it could impact your manufacturing company, on episode 295 of MakingChips.
What's keeping you up at night?
Keep in touch
Subscribe to our Podcast and Newsletter to stay in the loop!
Connect with MakingChips
Want to reach out to our team? Fill out the form below.