The five hacks listed below offer practical solutions to the very common problem of workers who job hop. In addition to outsourcing the customer financing function to a third party to ease front office workload, owners can rotate workers to create opportunities for long-term career growth.
In other situations, businesses can minimize worker turnover by instituting micro-ownership programs to keep team members motivated and incentivized. They can leverage the power of radical candor sessions to bolster trust and encourage honest feedback and gain information from exit interviews to preserve actionable knowledge. Finally, many startups have discovered the rewards of re-onboarding after short cooling off periods so that former employees can return to their former positions. Not every company needs all five hacks, but most could gain substantial benefits by implementing one or two.
Indeed, retention is an issue that has plagued smaller organizations for decades. Unfortunately, it's gotten even worse in today's telework environment where job hopping is considered the norm, not the exception. Mid and entry-level workers often see their jobs as brief stops and are less loyal to employers than in the past, with no stigma for short tenures in multiple positions at several companies. Every owner and manager should measure, track, and plan for retention from day one. The details below provide pertinent facts and resources that can deliver solid, long-lasting results if applied correctly and monitored regularly.
Remember the 3 Vital Concepts: Rotation, Rotation, Rotation
One of the fastest ways to help employees develop excellent skill sets and a solid understanding of their company's mission is to introduce ongoing training and job rotation programs. When people rotate through various roles they gain valuable exposure to multiple functions. That boosts morale and offers clear paths to tackle greater responsibility, earn more money, and gain vital experience. When companies set up rotation systems, team members tend to feel as if the organization is investing in them instead of just paying them for their daily labor.
The result is enhanced loyalty and better engagement with every task. Likewise, the rotation approach keeps boredom to a bare minimum, widens talent pools, and speeds up cross-function collaboration. Software from companies like Lattice can streamline the entire process, assist managers with tracking, create simple rotation schedules, and align workers' development with their individual performance goals. It's a win-win situation, and with the right tools, leadership teams can reinforce an overall culture of mobility and growth that keeps retention levels high.
Outsource Customer Financing to a Third Party
Whether in service backed or retail businesses, owners can support retention by offering financing options for customers. How does this counter intuitive effort get the job done? For example, those who operate veterinary offices, dental clinics, and med spas can use outsourced programs like Cherry Financing to reduce the workload and stress level of their front office staff members. Account approval, billing, and collection tasks can take up a substantial amount of time for personnel who are not specially trained in those functions.
In an environment where consumers expect payment flexibility and convenience, front line teams can stay focused on patient service and care, not financial paperwork. Benefits of this kind of outsourcing include higher customer satisfaction, a competitive edge for practices, and improved sales conversion. Owners should begin by reading an online guide that will help them make decisions about the process. The guide explains all the options available to them, how each one works, and what to do before getting started. That way, implementation goes smoothly as it eases the workload on support staff slowly but surely.
Implement Micro Ownership Structures
One of the primary advantages of micro-ownership programs is their ability to align daily tasks with long-term outcomes. But they also give people a tangible thing in the companies they work for. Anyone who runs a small organization can eventually see how these programs improve accountability, motivation, and loyalty. Micro owners tend to stay with the company longer, miss fewer days of work, and feel invested in the business.
Additionally, teams collaborate better toward common goals and the overall level of alignment across functions tends to fall into place more naturally when everyone has a chance to hold an ownership stake. In fact, offering micro-ownership has become relatively common in some industries as several inexpensive software products can simplify the setup process. Tools like Cake Equity and others create clear cut rules, cap table updates, and vesting schedules that anyone can implement and understand.
Get Serious About Exit Interviews & Re-Onboarding
When used correctly, exit interviews and strategic re-onboarding can cut down on the turnover rate for organizations of any size. To get the most from exit interviews, it's best to use structured, uniform questions that get to the root causes of departures, like culture, workload, manager issues, etc. Solutions like Qualtrix streamline the setup of the entire structure.
Questions should use both qualitative insights and quantitative ratings and close the feedback loop by sharing the results with leadership teams who can address the issues. For re-onboarding, it's best to enforce a brief cooling off period before the person returns to make sure their intentions are genuine. What benefits should managers look for and expect? Besides better retention numbers, employee loyalty can improve significantly, as can manager accountability.
Institute Radical Candor Sessions
Radical candor is much more than a buzzword in modern management textbooks. In practice, it is a mindset that combines honest feedback with an attitude of genuine caring for people. In fact, just as in personal relationships among family members, trust can grow organically when leaders are able to speak openly but compassionately about the performance of team members.
The approach can speed up development, align expectations, and eliminate ambiguity about tasks and long-term responsibilities. Regular sessions serve as check-ins and goal setting periods during which participants can ask questions and get straight, clear answers. For those unfamiliar with the concept, the book Radical Candor is an excellent starting point. Consider instituting quarterly sessions for best results.
