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Do you know what motivates your employees to do a good job? It’s the same thing that motivates them to stay with a business: personal growth.
Gone are the days where work is considered to be a means to an end.
Now, employees consider work to be a purpose. They don’t want to just go through the motions. They want to do something and feel like they’re making a difference.
What is the biggest influencer in your business? What has so much power that your employees can be persuaded to slack off (even if they’re normally awesome) or excel (even if they’re normally average)?
What is the number one reason why employees quit their jobs?
Is it low pay? Poor benefits? Or maybe it’s not enough vacation?
The answer: none of the above.
You’ve probably heard that job hopping, especially among younger employees, is becoming a new norm. If you haven’t heard of this trend, you may have experienced it with realizing it’s happening all around you.
Low employee retention rates are a major problem for businesses because they:
- Hurt your finances - it costs money to hire somebody and you’re losing money for every minute your business is short a worker.
- Drive down productivity - no matter what position is missing, some system within your business has been disrupted by the missing piece.
- Tarnish your business’s reputation - no one wants to work for a business with a high turnover rate; that’s a red flag for any prospective employee.