A company experiencing high turnover has a serious financial problem. It costs anywhere from $4,000-$15,000 to recruit, hire and train a new employee. One Atlanta company lost 420 of the 431 employees they hired this year. If it costs them $4,000 per employee, that equates to a $1.7 million loss. Unfortunately, most employers do not know how much turnover is costing them.
Here are a few examples of fun workplaces:
Give employees one corner of a break room or other area to post cartoons, illustrations and other items designed to relieve stress. At the end of each week, the staff can award a prize for the best submission.
First Tennessee Bank believes that if you treat employees well, they, in return, treat your customers well. The use of flextime and flexshare programs has resulted in double the loan volume handled since 1992 with no increase in staff or major changes in systems or technology. An additional bonus: a giant leap in customer service ratings.
The Talking Stick
Try introducing the “talking stick” into your office. This idea originated from a Native American tradition. Each month a different person in the office receives the talking stick
which provides that person certain rights and privileges for the month. For example, the “owner” could provide fellow employees one hour a month administrative leave.
At Phoenix Solutions Inc. employees award an “employee dollar” to fellow employees who do something special or exceed company expectations. Each month the employee with the most dollars gets movie tickets, dinner, and a plaque with their name as “Employee of the Month.
Often it’s the unexpected and informal that employees enjoy as much as formal awards. Conduct frequent, unannounced recognition and award celebrations, such as having a pizza party. If you don’t know of a reason to have a get-together for the work force, invent one.