In the age of the Great Resignation, also known as the Great Reshuffle or the War for Talent, everyone's focused on buzzwords like churn, turnover, and attrition rate. But what happens when you've run the numbers, and they're not so good? Where do you go from there?
If you've calculated your attrition rate and you don't like what you see, you're not alone. Workplaces are seeing turnover at an all-time high. Turnover is expensive, kills productivity, and can hurt your profit, not to mention your reputation. With customers and employees in the driver's seat, you may be scrambling to keep them happy and engaged. There are a few key ways to reduce churn, like being proactive, listening, having critical and sometimes difficult conversations, and using the data to help inform a plan you can successfully execute.
One of the most important ways to fix a high attrition rate or reduce turnover is to be proactive. You don't want to be hearing about issues for the first time in an exit conversation. Take the time to listen to the challenges and struggles your teams and customers are having. Then, try to create action plans for how you can relieve or mitigate stressors.
There are no two ways about it; stress is at an all-time high. That stress can lead to many issues, such as mental health problems, burnout, and a constant feeling of crisis. When these personal and professional stressors come to the forefront, they can hurt a company's people.
It's critical to be proactive about potential issues with customers and teams so you can alleviate problems before they begin. Being proactive in this case means having open lines of communication and regular conversations to determine where people are. Look for themes in language and behavior to help you predict what similar groups may need. You can also use data to spot minor issues before they become significant problems.
Make Data-Informed Decisions
When you see a high turnover or attrition rate, it's critical to look at the data. What kinds of numbers are you seeing? What do those numbers indicate? Is there a lack of engagement? If so, why? Are people having difficulty connecting to the product, are they overwhelmed with information, are they siloed in any way, left to work independently with little accountability or interaction?
However, the data is just a starting point. Since structures can sometimes make it seem like you're only dealing in transactions, it's easy to ignore the humanity of it all. Every customer is a human, and every company is a collection of humans that require connection to work together. And to connect to those humans, you need to have conversations.
Take the trends you see in the data back to the key stakeholders in those areas and departments and start to have conversations like, how can we add value here while removing roadblocks? How can we break down specific barriers to access, and how can we combat fatigue?
For instance, if your teams are overwhelmed with work and struggling with burnout, let them take Friday off. If customers are passionate about your product but struggling financially, consider offering them a break on their next month's bill. Realistic but straightforward fixes like these can go a long way in helping you retain both employees and customers for the long term.
Another aspect of proactivity means having these conversations as you notice trends in the data. Talking to your teams and customers can help you prevent small movements from developing into full-blown crisis.