For a small business, profits hide in a vast, endless sea of line-items on your balance sheet. One key area is staff or team members. Replacing employees, for instance, has a double negative effect on your company’s profit margin. For one, any employee that negatively affects your team will need to be removed right away. If not, they can be directly responsible for your team’s free-falling productivity. And if you have a slow learner, you can spend a tremendous amount of time and money training them, often adding to frustrating over-budget training dollars.
To reduce turnover of your staff and other members of your team, there are different avenues available to remedy this issue. The most important one is buffing up your hiring techniques. Avoiding problems in the first place is the best solution.
Start to remedy your turnover by looking at employees or team members you have recently released – spend a little time analyzing their hiring path. Were the employees’ applications complete and neat? What can you determine from the applicants’ references? What was your first impression? During an interview, don’t just ask the typical questions – be sure to ask the applicant to speak eloquently about their business experience and tell you what they will be contributing to your team and your long-term goals.
When hiring an employee always look closely at their employment history. This can be a clue for the applicant’s emotional DNA and ability to work well with others. Ask open-ended questions for the applicant to elaborate on in their answer. Check and rate their maturity. Would this person be able to handle the everyday stress of the position? You know better than anyone the pressures that they will face.
Now is the time to go deeper and have an educated opinion on the applicant’s ability to be a performer – a “go getter” – someone who will add to your team’s productivity and your bottom line. Look for your applicant to be self-motivated.
You can spot the self-motivators even at the interview. For instance, has your applicant taken their time and thoroughly reviewed your company online? Did they come prepared with questions?
Understand that while you will have a limited time to evaluate the interviewee, you will need to go deeper, discover their many assets, and hire the right person for the right position – at the right time! Your goal for them? To help them to write a strong success story that will benefit all parties involved and end the revolving door of new hires and endless training expenses.
Your team is the biggest contributor to your productivity and your profits.
Remember – Just Say No to the Status Quo TM