One of the biggest stories of the year has been a shift in employment that’s now called the Great Resignation. Millions of people around the world (and estimated 24 million in the States) have left the workforce, causing a massive labor shortage.
Commentary about this shift abounds—detailing everything from the growing stats to the causes. A recent article at Bloomberg Businessweek says that the “pandemic has taken a toll, with surveys showing an increase in feelings of burnout and a deterioration in mental health in many nations.” I’ve also heard that the pandemic’s disruption of business-as-usual led many people to reassess their careers and gain the confidence to make changes.
Whatever the causes, the Great Resignation is tough for small business owners like you who are already working hard to bridge the gaps in their operations. Now, more than ever, you need a team of people you can count on. A strong team provides stability, expertise, and energy, allowing you to confidently plan and strive toward your business goals.
Employee retention directly impacts your business’s bottom line. When turnover is high, you incur additional costs for recruiting new employees, onboarding and training the new hires, increased stress on your employees as they fill the gaps, lost sales when customer needs aren’t fulfilled, and more.
That’s why building a team of long-term employees is essential to your business’s financial health and for growing your business.
Developing a team of employees who are committed for the long term is a top priority—1 of the 12 areas of internal management that need your attention as the CEO. But being a business owner doesn’t automatically mean you know how to develop a winning team. I’ve had to learn a lot over the years, through lots of trial and plenty of error. Along the way, I’ve developed a positive approach to team building that has shaped my business for the better. And because there is simply not enough time in life to make every mistake firsthand, I want to share what I’ve learned so you can avoid some of the bumps on your road to success! In this new series, called A CEO’s Guide to Long-Term Employees, I’ll explain my approach to building a winning team and how each step contributes to your company’s financial strength.
Being a small business owner is as satisfying as it is challenging. This is why most of us are in it! But the more satisfaction, the better, which is why Officeheads loves working with small business owners. Our team can help you resolve challenges so you can go full-speed ahead the road toward your goals. Are you ready to grow in the year to come? Officeheads knows the way! We can help you apply the processes and resources you need to make 2022 your best year yet.