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How to Squeeze More Interviews Into Your Schedule

By | Scheduling | No Comments
Why You Should Always Verify Appointments (And 5 Ways to Do So)

“There aren’t enough hours in the day,” is a phrase everyone in business has thought, if not said aloud.

Whether you’re an entrepreneur, recruiter, sales leader, or another role entirely, interviews likely make up a good portion of your day. If you’re looking to make more time in your schedule, why not start with one of your biggest time commitments?

Here are some helpful hacks for fitting more interviews into your busy schedule:

1. Dig deeply into your goals.

As with any new personal or professional project, it’s important to first identify your objectives. If you’re an entrepreneur trying to find the right candidate for an open role, how long are you willing to wait to fill it? How many candidates do you want to meet before you make a decision?

Take your time with this. Hiring is not something to rush. The more narrowly defined your criteria and assumptions, the more satisfied you’ll be with the end result. Ask yourself:

  • How many rounds of interviews are required throughout the entire interview process (depending on the job position)?
  • What is the maximum number of candidates that can move forward to next-round interviews?
  • How long should interviews run to properly evaluate candidates for the position?
  • Do other executives need to be present? If so, can they fit these interviews into their schedules?

2. Determine availability digitally.

One of the most time-consuming aspects of interviewing is all the back-and-forth communication required to coordinate and confirm an available time slot for two or more parties. For internal meetings and interviews, be sure you’re using a consolidated digital calendar so you can see one another’s availability?

What about interviews with people outside the organization? Tools like Calendar simplify this by letting users embed their availability into their email messages. Calendar automatically prevents double-booking, just in case the interviewee selects a time that’s been taken. 

3. Account for interstitial time. 

Although it’s tempting to stack interviews one on top of another in order to maximize your time, avoid doing so. Allow for at least 5 minutes, and ideally 15, between each interview.

Interviews are unpredictable. You never know who will show up late or which interviews will go long. You don’t know what else might come up during the workday. Those buffer zones are a great time to catch up on email, take a break, or prepare for the next meeting. 

4. Learn to say “no.”

If you’re trying to fit more interviews into your schedule, you have to get better at refusing unnecessary meetings. Even a few meeting-happy clients can eat up hours of a workday that you may need to spend speaking with employees, candidates, or investors.

Just because you’re saying “no,” though, doesn’t mean you need to be rude about it. Do your best to help the person whose meeting you can’t take over email. Could you introduce them to someone else on the team who can handle the situation? If the client is insistent, could you suggest a shorter time slot or a different meeting time?

5. Automate what you can.

Sometimes, to have more time, you need to make more time. Besides refining your scheduling processes, it’s still a good idea to audit other tasks to see what can be handled via a digital automation tool.

Even if it’s something as simple as sending an automatic payment reminder, every little increment of saved time adds up. Email marketing, social media posting, sales follow ups, and even first-round interviews can be automated.

Interviewing takes time, but that doesn’t mean you can’t streamline the process. Use these tips to get more done, hire faster, and have more conversations. 

How Time Management Software Can Help Your Company’s Productivity

By | Time Management | No Comments

I’m sure we can all agree that time is money when it comes to running your business and it’s daily operations. Unfortunately, in a busy office setting, it’s all too easy for time to be mismanaged or miscalculated. If you’re trying to create a better work environment where everyone can be more productive, using time-management tools and software can be the key.

Keep reading to learn how office time management software can help your company to be more productive.

Manage Paychecks with Less Hassle

Keeping track of employee paychecks is a huge undertaking for most businesses. Taking time to keep track of and record the work of every employee manually can be a tedious task. Regardless of whether you’ve got a couple of workers or a big team, office time management software will allow you to automatically track their attendance, making sure they get an accurate paycheck every time, including deducted time for missed hours or bonus pay for overtime.

Programs like Hubstaff and Gusto are perfect for automatically tracking your team member’s time and distributing timely payments. I like how users can ‘clock in’ with Hubstaff and specify which task they’re working on.

The system will take several screenshots while someone works and you can even connect your business account or debit card to pay team members automatically on designated days.

Generate Reliable Data

In addition to simplifying paychecks, conflicts concerning overtime hours or missed attendance are almost eliminated with office time management software, since there are reliable hard data to analyze against any claims.

This system safeguards both staff and employers’ interests. Having access to accurate, real-time data helps to remove the possibility of personal bias or fraudulent payroll tampering.

Time Tracking Tools For Accountability

The best way to figure out if you’re being productive or not is to track your time. Time-tracking tools and programs like Clockify make this super easy to do and provide you with extra accountability.

Sometimes, I set productivity goals or time-block my schedule and I use Clockify to help me stay on track so I’m not wasting too much time on one thing.

Tracking your time is also a good thing to do when you are just starting a project and not sure how long it will take. The more you know about how long it takes you to complete certain tasks, the better you’ll get at creating an efficient schedule.

Fill Your Team’s Calendar More Efficiently

It’s no secret that most employees aren’t 100% productive during their entire shift. This means if someone works 40 hours a week, they spend less than 40 hours actually doing productive work.

While you should encourage some breaks and downtime to ensure a better balance, time tracking and time management software can help you will everyone’s calendar more efficiently.

After a while, you can use the data you collect to how long certain tasks take and which ones are quicker to complete. When you outsource work to your team members you can fill their calendar with reasonable tasks and responsibilities.

For example, say you have an assistant who works for your business 15 hours per week. You may want to use the data you get from time management software programs overtime to help fill the assistant’s schedule with enough productive work to help you get the most for the compensation that you’re paying.

Doing this will also help ensure that team members are being challenged well enough and aren’t just sitting around bored throughout the day.

Flexibility to Use It Wherever You Are

Office time management software lets you view employee attendance, absence, productivity, and pay records, no matter where you are. Just boot up your laptop, phone, or tablet, and you’re good to go. If you’re a busy business owner who’s always on the move, this can be a real advantage over having to spend your time digging through records and sending emails back and forth.

It also ensures greater employee confidence, since they’re not wondering if you’re being left out of the loop, or if their paychecks will be late when you’re away from the office.

Boost Your Bottom Line

Wasted employee time can significantly affect your bottom line. In-house use of office time management software has been shown to increase employee productivity dramatically. Ensuring that your team gets started with work on time and has a productive day can help you get that additional little bit of efficiency every day.

A couple of minutes every now and then may not seem like a big deal. However, with time, those wasted minutes really add up to less productivity, which will have an impact on your company.

Don’t waste any of your company’s precious time. Implement it for yourself, and see how much more productive office time management software will make your business.

Do you use any time management software or time-tracking tools for your team? Why or why not?

Wake Up, Listen Up: 7 Podcasts to Kickstart Your Day

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Wake Up, Listen Up: 7 Podcasts to Kickstart Your Day

In the car, on the train, or while you walk to work: Your morning commute is an ideal time to kickstart the day with a podcast. 

Unlike articles and videos, podcasts let you keep your eyes on the road and your mind on your bigger things. Multitasking may not work in many contexts, but audio content lets you learn new things while you go through your morning routine.

What show should you choose? You probably aren’t looking for a dense, data-heavy podcast. But when you’re gearing up for work, you probably don’t want a fluff-filled talk show, either. These podcasts offer the perfect balance of educational and easy:

1. The Daily

This one’s for the news junkies out there who don’t have time to sift through multiple sources. Published each weekday by The New York Times, The Daily is a quick, 20-minute recap of the day’s biggest stories.

Think of The Daily like a first cup of coffee. Host Michael Barbaro brings New York Times reporters in to share a bite-sized version of a larger story they’re reporting. It’s sharp, thought-provoking, and over before you know it. 

2. HBR IdeaCast

If you like to start the business day thinking about business, give HBR IdeaCast a listen. Harvard Business Review’s weekly podcast features cutting-edge thinkers in business and management on subjects ranging from digital transformation to combating subconscious biases. The shows, which run between 20 and 30 minutes, invariably offer actionable ideas to help entrepreneurs grow personally or professionally. 

3. How I Built This

Have you ever wondered how big-name brands and movements came to be? In NPR’s How I Built This, host Guy Raz interviews innovators, entrepreneurs, and next-generation thinkers about how they developed their signature achievements.

Who are those entrepreneurs? The founders of Patagonia, Zappos, and Lyft have made appearances, as have the owners of “Main Street” companies like Tate’s Bake Shop and Chicken Salad Chick. If you’re looking for a place to start and like the NBC show “Shark Tank,” check out Raz’s interview with Daymond John. 

4. The Pitch

Speaking of “Shark Tank,” The Pitch takes the investing show’s approach to the airwaves. The Pitch’s tagline says it all: “Where real entrepreneurs pitch to real investors—for real money.” New episodes air only once a week, but they’re anything but predictable. As with “Shark Tank,” investors sometimes bite on unexpected products and pass on ones that, to the listener, seem promising. Some listeners might find it a little high-stakes for the morning, but it’s certainly a good way to wake up. 

5. TED Radio Hour

If you’re a fan of TED Talks, try the TED Radio Hour, which companies multiple Talks around a single theme. The podcast hits on everything from how to be more creative, the power of positivity, and why kindness is so important.

One thing to beware of: TED Radio Hour episodes last, as the name implies, a full hour. Be prepared to hit pause when you pull into the parking lot at work. 

6. StartUp

Think of StartUp like How I Built This but for the startup ecosystem. Gimlet Media’s Alex Blumberg hosts an eclectic lineup of leaders who fall outside the lines of traditional business. With his signature offbeat humor, Blumberg interviews personalities from cycling whistleblowers to gay country music stars. With episodes running roughly half an hour, StartUp is a great way to laugh while you explore the nooks and crannies of entrepreneurship. 

7. Planet Money

Planet Money might be best described as a podcast about money for people who hate money. Although each episode has some sort of tie to the finance world, they’re often looser than expected. The tale of the FCC taking on robocalls, the cost of free doughnuts, and the business side of choosing the color of the year are some of the more noteworthy topics the show has recently covered. Short, 15-25 minute episodes make Planet Money a great choice for commuters.

Whatever your business background and listening tastes, there’s a podcast for you. Put one on, sit back, and start your day with a good story.

6 Tips for Working Through the Winter Blues

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How to Kick Yourself Out of a Slump

Winter is a tough time of year. Leaving the house is hard enough; running a business can feel downright impossible.

For some people, the winter blues get so bad that they’re diagnosed with seasonal affective disorder. But even if your energy levels are only a bit lower in the winter, your company could suffer. As the leader, you set the tone for your entire team.

Don’t let that happen. Take these tips to stay productive and keep your spirits up during the long, cold days:

1. Keep it warm and bright.

Studies have shown that cold, dark environments have negative effects on cognition and mood. Work is already demanding, and a chilly or dim office will make it that much more difficult. 

Don’t wait until you’re shivering to throw on those additional layers. Keep the overhead lights on, and get a lamp for your desk if you’re still struggling to make out text or other small details. Grab a cup of hot coffee or hot cocoa to sip on while you work.

2. Prioritize friends and family.

One of the most important lessons entrepreneurs can learn from holiday traditions is to stay in touch with loved ones throughout the year. They can provide motivation, someone to vent to, and a much-needed break from work. Even if you think you can tough it out, you’ll have an easier time if you stay connected.

Schedule at least one social event each week. Invite your siblings over for dinner. Go to happy hour with your former co-workers. Catch up over coffee with a friend from college.

3. Take care of yourself.

As tempting as it is to indulge in comfort foods, it’s crucial to pay attention to your health during winter. Minimize processed foods, and eat plenty of protein and healthy fats. Take a vitamin D supplement, which can ward off depression, if you do not spend much time in the sun. 

Also consider joining a gym, especially if you do not have exercise equipment at home. Exercising outside is tough in the cold and snow, and cardiovascular exercise has massive benefits for mental health. If motivation is an issue, hire a trainer to push you through your workouts. 

4. Take your time.

Although there’s nothing wrong with wanting to achieve your New Year’s resolutions, remember to pace yourself. If you’re feeling stressed, slow down. Take a 15-minute break to go on a walk, meditate, or eat a snack.

What if you can’t seem to shake the stress? Give yourself some more time away. Vacation season is over until summer for most people, meaning you’ll be able to find deals on everything from airfare to hotels. Your wellbeing is worth it. 

5. Look forward.

Setting goals is incredibly motivating, and right after the new year is a perfect time to do so. Think about what you want to achieve in 2020, and share those goals with your team.

Use the SMART goal system:

  • Specific: Don’t say you just want to grow your revenue. By how much? Over what time frame? Through what means?
  • Measurable: Be sure that you have a system for checking progress on your goals. If you can’t put a number to it, then what outcome would indicate that you’ve met your objective?
  • Achievable: Is your goal realistic? You may want to make a million dollars tomorrow, but that probably isn’t going to happen.
  • Relevant: If you’re a startup founder looking to grow your company, don’t worry about whether you can hire fifty people in a month. Focus on hiring a single great employee instead.
  • Time-bounded: Goals are just dreams if they don’t have a timeline attached to them. Remember to be realistic about the amount of time that the associated tasks take.

6. Practice gratefulness.

Do not underestimate the power of gratefulness. Research suggests that gratitude has health benefits ranging from greater life satisfaction to a stronger immune system to reduced anxiety. Keep in mind the only difference in the tested individuals was their mindset.

Be grateful for what you have and the position that you’re in. Meditate on your gifts, and share them with others. Take time each morning to journal on the positive parts of your life. 

Start the new year off with a mindset of self-care and abundance. When you surround yourself with the right people and practice healthy habits, winter doesn’t stand a chance.

6 Tips for Instilling Wellness in Your Company Culture

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Motivation Secrets of Productive People

Wellness is more than a corporate buzzword: It’s the work of keeping employees happy, healthy, and productive.

Many leaders realize that wellness is a worthwhile investment. But what they don’t know is how to do it: The reason many programs don’t move the needle on health metrics is that companies preach wellness without building it into their culture.

To make wellness a cornerstone of your company culture:

 1. Promote breaks.

A company that does not understand the value of breaks is sure to struggle. Workers can only handle so much stress before it starts to sabotage their productivity. Letting them take 15-minute breaks periodically will help them sharpen the saw of their productivity.

Don’t dictate what workers do on their breaks. There are plenty of ways to use a spare 15 minutes well. Some people enjoy walking around. Others would rather sit, read, or do a crossword puzzle.

2. Create a calm environment.

Clutter isn’t just unsightly. According to Psychology Today, cluttered environments reduce wellbeing, cloud thinking, and impede mental health. Chaotic spaces tend to be more stressful and less productive places to work.

Think beyond the physical environment. Poor time management creates mental clutter. The result is procrastination, overextension, unpunctuality, and over time, burnout.

3. Offer healthy foods and snacks.

Food is fuel. Stocking healthy foods for the team ensures that they don’t have to reach for a candy bar or drive to a local fast-food restaurant when they get hungry.

Place bowls around the workplace with snacks like bananas, apples, and protein bars. Fill the fridge with hydrating drinks like sparkling water and Gatorade. Be sure to ask team members about allergies before introducing new foods.

4. Set up group activities.

Learn what you team members like to do outside of work, and create hobby groups for them. Go on walks together, try group yoga, or simply set up a recreational basketball league. Socializing is good for mental and physical health, and it reminds workers that they are part of a team.

If workers aren’t interested in physical activities, set up discussion groups. Current events clubs, company improvement task forces, and foreign language groups give team members a voice.

5. Invest in perks.

Gym memberships and massage therapist visits cannot create culture alone, but they do get the message across that the company cares about the health of its team members. You can even include concierge services for when workers need groceries or office supplies.

If you aren’t sure where to start, look at the tech giants. Take Google: The Alphabet subsidiary offers its employees a host of unique perks, such as decompression capsules, a full on-site medical staff, and even free cooking classes.

You may not be able to afford all of the benefits that Google offers, but you can use them for inspiration. Create a list of perks that might fit in the budget, and ask team members for feedback on which ones are most important to them.

6. Ask for feedback over and over.

In order to be happy, positive, and productive at work, employees need to feel like they have a say. Sit down with team members monthly to get their thoughts on the company’s culture and how it’s affecting their personal habits.

Reward workers for suggestions on how to improve workplace conditions. Don’t penalize people who see flaws: Providing honest feedback is not the same as complaining. If employees’ suggestions conflict, get the group together to talk about how best to proceed.

Focus particularly on areas where multiple employees may need help. If two or more members of the team want to quit smoking, set up a cessation program that includes private counseling. If weight management is an issue across the team, perhaps activity trackers might make a good quarterly gift.

Workplace wellness programs are well and good, but a culture of wellness is what actually makes a difference. Leave no stone unturned: Physical, mental, and social health all matter in the context of overall wellbeing. Give employees the tools they need to improve in all of those areas, and you’ll be surprised at just how much stronger your company’s culture becomes.

5 New Year’s Resolutions to Take Your Business to New Heights in 2020

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Regain Your Time by Learning the Art of Saying No

New Year’s resolutions are good for more than personal growth. If you want to grow your business in 2020, now is the time to set goals for the new year. Simply putting your goals on paper makes you 42% more likely to achieve them.

Growth comes in many flavors. Whether you want to give your culture, marketing, sales, or something else entirely a facelift in 2020, consider making one or more of these New Year’s resolutions for your business:

Resolution No. 1: Extend the holiday cheer.

The holiday season makes people happy. Unfortunately, the boost to workers’ mood and motivation doesn’t always last. If leaders don’t make an effort to maintain that environment, team members quickly reacclimate. Soon, stress seeps back in.

Leaders need to promote workplace harmony to keep tensions low and spirits high. Set out a box so colleagues can make cultural suggestions without worry. Review them at an all-staff meeting, and decide together which to implement. Give gifts and encourage gratefulness year ‘round, not just around the holidays.

Resolution No. 2: Be more transparent.

If there’s one resolution every company should make, this is it. Transparency plays an underappreciated role in productivity. Workers who feel included and understand company goals are more willing and able to achieve those goals. 

Make revenue and expenses an open conversation. Map out the business strategy for everyone to see. Encourage top-down, bottom-up, and peer-to-peer feedback. Use tools like Slack and processes like weekly updates to keep people in the loop.

Resolution No. 3: Manage time methodically. 

Another great way to boost productivity is to improve your time management skills. It’s easy to get caught up in daily distractions and busy work. Ask yourself each day, week, month, and quarter: What needs to get done, and where will it fit?

Start by implementing a zero-based calendar. Fill every 15-minute block with something, even if it’s merely meditating or responding to emails. Encourage your team members to do the same, and be sure to share calendars so everyone can see what others are working on.

Resolution No. 4: Set Sales Goals.

A business is nothing without sales. If you don’t have specific targets set for 2020, take a moment to do so. Think in percentages: You might want to increase revenue by 10% compared to last year, for instance.

To get there, you need a plan. Ask salespeople about kinks in your pipeline. Interview current customers about high and low points in their sales experience. If you haven’t already, invest in sales tools to automate outreach.

Resolution No. 5: Get more attention online. 

Digital channels are how most companies get business these days. If you buy billboards or newspaper ads, shift that spend to more modern tactics. Research suggests that organic and paid search, as well as social media and email marketing, have the highest ROI of digital channels.

Social media, in particular, allows you to create virtual customer environments. Online groups and forums are nearly free to set up. Beyond their branding benefits, they allow you to provide support to customers who might not be willing to call in.

Resolutions are powerful because they help you hold yourself and your team accountable. Think about where your business needs that discipline the most, and set your 2020 goals to suit. 

How to Handle a Meeting-Happy Client

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What to Do if Appointments Keep Running Long

Saying “no” is tough for everyone, including entrepreneurs. You want to do right by your clients, but you can’t spend your whole day meeting with them.

Every moment you spend in a meeting is one you can’t spend working on your business. Don’t let meeting-happy clients pull you away from your other priorities.

Start by keeping a time log so you know exactly how you’re spending your time. If one or two accounts are responsible for a disproportionate amount of your meeting time:

1. Get to the root of the issue. 

Clients know their time is limited, too. If they keep asking to meet with you, look for common themes. Show that you’re working to solve their needs, and you should see those requests fall off.

Try this: When the client reaches out, respond by asking for more details about the reason for the meeting. In many cases, a meeting simply isn’t necessary. If it’s something that you can address yourself, do it. Report back, and ask if the client still wants to meet.

2. Delegate. 

If your client constantly asks to meet — especially if it’s for a legitimate reason — one solution might be to ask a team member to take the meetings. That way, the client feels supported, and your schedule stays open.

Be sure, though, that the client respects your employee’s time. Ask them to schedule meetings at least 48 hours in advance, and ensure meetings last no longer than an hour. 

3. Be direct and quick.

What if, despite you solving the client’s issue, he or she still wants to meet? Say no, but don’t beat around the bush.

Being decisive and clear benefits everyone. Think of it like tearing off a Band-Aid: It’s better to get through the pain quickly than let it fester. In fact, a great client will appreciate your straightforward, timely response.

4. Provide additional resources.

Just because you say “no” to a meeting doesn’t mean you can’t be a good partner. If you can’t solve the client’s issue yourself, share content about it or make a referral to someone who can.

If multiple clients have come to you about this issue, consider developing a whitepaper or similar asset around it. A robust content strategy can be a great way to bring in new business. 

5. Template your responses. 

No matter how well you handle meeting-happy clients, there will always be more. Prepare yourself for the next one by setting up templates. Make each response is decisive and inoffensive.

Start with two: For those that you see no reason to meet with, “My calendar is booked for the foreseeable future” is a good response. For the rest, say something like, “I would love to discuss this with you further, but let’s wait for our next scheduled meeting.”

Practice makes perfect: The only way you’re going to get better at saying “no” to your clients is by doing it over and over again. Own your schedule, and don’t be ashamed of it. 

5 Unique Follow-Ups for Preferred Customers

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Morning Routine Hacks

Closing a sale is just the start. If you don’t want to ruin a good relationship, following up and staying top of mind is essential.

Think about what’s at stake. Get the follow-up right, and the customer not only comes back but also spread the word to other potential customers. Do it poorly, and that customer will spread the bad news even further. 

Not all follow-ups are created equal. The secret to a great one? A personal touch. Here are six ways to provide it:

1. Write a thank-you note by hand.

In the digital age, a handwritten note goes a long way. More than eight in 10 American adults see handwritten messages as more meaningful than those sent by text or email.

What if you aren’t the best writer in the world? Don’t worry about it. Nobody is going to judge you for a misspelling or missed period when you’re writing to say “thank you.” Keep it conversational and concise. Be sure to add something personal you learned about the customer during the sales process.

This follow-up technique works even better if the note is written on a visually appealing postcard. Pick one that your customer will want to hang on his or her fridge to stay top of mind. If the customer spent an unusually large amount, toss in a gift card to your favorite restaurant. 

2. Check in over coffee. 

Your customers know you’re a busy person. When you reach out to schedule a conversation over coffee, you signal to them that they are a priority. 

People can be picky about coffee shops, so try to find out what your preferred customer likes. Is she a Starbucks person? Is that indie coffee shop on the corner more her style?

The best part of this tactic? It’s a chance to open up new business opportunities. But don’t spend the whole time talking about work Ask about her as a person: What does she like to do in her free time? Does she have kids? What causes does she care about? 

3. Give a thoughtful gift.

Your best customers have been generous with your business. Return the favor: Give them something that you know they’ll find valuable.

Choosing the right gift is important. It could be something sold by your business, a book you know they’ve been dying to read, or a floral arrangement. Aim for the $50-$200 range, depending on how close your relationship with the customer is.

It’s also important to present your gift well. Wrap it appealing paper or put it in a bag with a bow on it. If it’s a gift card, package it in a colorful card. 

4. Highlight them on social media. 

Everyone appreciates a public shout-out. Especially if you have a strong social media presence, say “thank you” by featuring your top customers in a post or image. 

If you’re a B2B company, reach out in advance to ask how the customer would like to be positioned. Help them cultivate that image, and you might even earn them some new business.

Encourage members of your team to engage with social posts that mention customers, but make clear that authenticity is key. A salesperson who worked directly with the customer might be able to make a meaningful comment on the post, but someone in an HR role probably cannot.

5. Invite them to a company party. 

Your holiday party, after-work happy hours, and company game nights are great opportunities to make your best customers feel like part of the team. Invite them, ideally by phone or in person, for a night of fun.

Give customers a chance to interact with each other, too. Not only do your best customers probably have a lot in common, but bringing multiple of them to a company event can minimize awkwardness. That way, they aren’t the only “outsiders” at a team event.

High-value customers don’t come along every day. Make them feel special — because they are — by spending some extra time on the follow-up. Get it right, and they might just spend some more with you, too. 

Stumped By High Turnover? 4 Steps to Find Out Why It’s Happening

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Stumped By High Turnover? 4 Steps to Find Out Why It's Happening

In a strong economy, employees know they have options. Sooner or later, workers who aren’t satisfied with their jobs start searching for opportunities with other companies. 

Although this is good news for employees, it can be a problem for employers that are unaccustomed to an employee-driven market. 

Companies that do not understand (or are unwilling to make) the necessary adjustments inevitably pay the price in turnover. According to one study, employee turnover in 2018 cost US companies $615 billion. Of that, an estimated $469 billion was voluntary turnover that could’ve been avoided.

How Turnover Happens

Although inadequate salary or benefits are common reasons for leaving a company, they aren’t the only ones. Other reasons include:

  • Unclear or unreasonable job duties: Turnover is a two-way street. Employers who don’t provide accurate job descriptions, hire over- or under qualified candidates, or put too many obligations on their employees’ plates set themselves up to lose talent.
  • Unpleasant work environment: Bad management is a big reason behind turnover. Aside from poor leadership, companies with outdated equipment, poor morale, or office tensions set themselves up for retention issues. 
  • Inadequate career development: More than nine in 10 employees say they’d stay longer at a company if it invested in their careers. Workers need to feel like they’re advancing in their professional lives, or they’ll go somewhere that they do. 
  • Work-life imbalance: Nobody can work all the time. Employers who insist that workers put in more hours than they agreed to, provide little or no time off for family events, or give minimal vacation time won’t keep workers around for long.

Turnover happens for all sorts of reasons. Whatever the cause, there are a few steps you can take to reduce it.

Solving Steep Turnover

To boost your company’s retention rate:

1. Ask for (and listen to) feedback.

Talk to employees who are leaving your company as well as those who intend to stay. Keep an ear out for trends: Are the leavers all upset about your company’s vacation policy? Do the people who are staying love your office environment? Make clear that there are no wrong answers, and thank the respondents for their honesty. 

2. Get HR and management on the same page. 

Once you’ve learned what’s pushing people away from your company, take that information to your HR and management teams. Schedule a meeting with each group to chat through it: Chances are, they have questions about your findings. Suggest action steps as well as affordable ways to reward employees for their work. 

3. Decide how aggressively to fight it. 

Your HR leaders and managers know turnover is an issue, and you’ve given them some ideas about how to handle it. The next step is to decide together how much disruption you’re willing to put up with.

Say you’ve heard a couple of names come up again and again in those exit interviews. You could fire the people who are bringing down the office culture, or you could put them on a performance improvement plan. Every situation is unique, so use your best judgment based on the gravity of the issue and the individuals involved. 

4. Keep it up. 

Turnover issues are not solved overnight. As an employer, you have to commit to the people you hire. Give team members ways to talk about issues before they boil over: Set up an anonymous comment box, and read submissions publicly.

Make retention a regular topic at leadership meetings. Measure month-by-month changes to your turnover rate, checking whether investments in retention result in dips or spikes.

Rarely does turnover happen for just one reason. The sooner you get to the root of those reasons — and the more seriously you take them — the better. 

7 Lessons Entrepreneurs Can Learn From Holiday Traditions

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7 Lessons Entrepreneurs Can Learn From Holiday Traditions

For entrepreneurs, the holidays mean more than an annual sales bump. They’re a season to reflect on what holiday traditions can teach us about business.

Everyone celebrates the holidays differently. Some people are happy to enjoy the season sitting in front of a Christmas tree or yule log. For others, all that matters is spending time with family. Still others spend the time attending bake-offs and holiday parties.

But however you celebrate the holidays, you can learn a few things from common traditions:

1. Enjoy others’ lights, but don’t be blinded by them.

As an entrepreneur, it’s important to take stock of what others are doing. But just as you shouldn’t drive around all day just to look at Christmas lights, you don’t want to focus so heavily on other companies that you neglect your own.

Take the time to hang your lights. Differentiate yourself, and keep in mind that every budget is different. It’s all well and good to be inspired by others, but it would be pretty lame to copy someone else’s lighting scheme.

2. Do something nice for your neighbors.

Reach out to other businesses in your metaphorical neighborhood. Seeing other companies in your industry strictly as competition can cause you to miss out on key mentorship and partnership opportunities. 

Start small: Reach out on LinkedIn, and share content that you think might be helpful. Offer to get lunch in order to discuss ways you might be able to lend a hand in the new year. 

3. Reconnect with family and friends.

There are two major holiday letter-writing traditions: Christmas cards and thank-you notes. Both are a means for staying connected with the people you care about.

Just as important as establishing good relationships is maintaining them. Check in with the people that care about your business and express appreciation for their support. This includes not only customers and clients but also colleagues and suppliers. Don’t be that person who only reaches out when you need something. 

4. Give yourself something to look forward to.

Advent calendars are used to count down the days until Christmas and meter out daily treats. Start each business day by checking your calendar and scheduling something fun for yourself, like a lunch out or leisure activity after work.

Be flexible, but set boundaries for when you will and won’t be working. Effective scheduling can save time and make the time you do spend working more productive. 

5. Throw a party. 

The centerpiece of most holiday traditions is a party or celebration. Family and friends gather for food, fun, and good company. Bring everyone together by hosting a similar year-end party at work.

Celebrations have business value: They build trust, deepen relationships, and release stress. Tension in the office can be culturally destructive, and periodic parties are a great way to alleviate it. 

6. Make yourself a wish list. 

Remember how, as a kid, you’d jot down everything you wanted from the new year? Pick that habit back up as an entrepreneur.

Creating a wish list helps you make your desires more concrete. Create two of them: one that’s aspirational, and another that is more practical. Know the differences between what you want, what you actually need, and what you can afford. 

7. Take time to rest. 

Both at work and at home, the holidays are busy. Although it’s good to celebrate, it’s just as important to give yourself a break. Taking a break is a great way to boost your productivity down the line.

Give yourself some grace: You’ve worked hard this year. Don’t beat yourself up for spending a few days away from work, taking a midday nap, or lounging around on a wintery day.

Enjoy the holidays, but remember what they stand for. When you get back to business in the new year, you’ll be that much more ready to reach for the next rung.

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