Why Do People Leave Their Jobs?

The cost of losing good workers is high. A study from UK estimated that the price of replacing an employee is around $40,000 - this includes advertising, recruitment fees, lost productivity and time taken to train the staff so that he/she will be up to speed with the work.

The most important question is: Why do people leave their jobs?

Possible reasons include:

  • They are unhappy with their boss / company’s management.
  • They feel unchallenged by their work, or see no progression in the company.
  • They are feeling burnt out and want to look for a change in environment.
  • There is a lack of appreciation and recognition for their performance.
  • They are worried about the company’s financial stability.
  • They cannot see the meaning of their work.
  • They have poor relationship with their co-workers.
  • They dislike the company’s culture.
  • They hope to enjoy autonomy and independence.
  • They are looking for flexible work options.

Giving the employee a pay raise may be an option to reduce turnover. However, it may not effectively solve the issue. 

There may be other underlying causes that affect the staff retention. Do you pay enough attention and stay in touch with what your employees are thinking? 

Speak to Wise Hour on how you can retain the employees that you have painfully recruited and hired.

Building a Good Sales Team

“A good education is a foundation for a better future.” - Elizabeth Warren

It is essential to instil the right fundamentals to your newly minted sales team. Fundamentals such as product knowledge, sales approach, ethics or soft skills, will stick to them as they grow in their role.

As these sales professionals are front line in customer service, they are representatives of your company. They are responsible to present the products and services as accurately as possible. Unorthodox means, such as inaccurate information and undercutting of prices, should not be condoned as it will hurt your company’s reputation in the long run.

Don’t be penny wise, pound foolish - Don’t hit the sales target using ways that will earn yourself a bad name. Trust and respect takes time to be built, compromising your reputation to make a quick buck will result in losing both trust and respect in an instant.

Do you have experience creating a duplicable system to groom these sales professionals? How can you maintain the standards of your sales team and ensure a sustainable growth? Reach out to Wise Hour for a discussion.

Rich vs Poor Mindset

What is the great divide between the rich mindset and the poor mindset?

It is not about the amount of wealth you possess, but how you view the world and how you manage your resources. Rich people can have poor mindset and eventually lose their wealth, and poor people can have a rich mindset but are financially disadvantaged due to their circumstances.

People with a rich mindset do not rush into spending money - instead, they are frugal because they want to use their resources to gain more wealth. Every dollar is a “seed” that is planted to grow into a hundred and thousand more dollars. On the other hand, people with poor mindset view extra money as an opportunity for consumption.

Rich mindset zooms into creating systems so that these systems can autopilot and generate value on their own. Even if there is seemingly no reward right away, they are okay with it. Poor mindset works hard with time and effort - they believe that they should invest their resources on immediate gains and short-term returns.

With regards to facing problems, people with a rich mindset do not let their problems consume them. Being solution-oriented, they take a step back, strategize and deal with the issues in an objective manner. They also want to ensure that the problem does not occur again. However, people with poor mindset often magnify their problems and spend much time and energy harping on their issues. 

Your mindset determines your perception, which in turn determines your actions and your success. Which type of mindset do you have?

How can you strive to be a better version of yourself each day? Let our Chief Owl guide you. Speak to him.

Training Budget

Training is vital for your staff development and retention. Do you agree?

As an employer, you are able to reap the following benefits:

  • Learning helps to empower your employees and foster positive employee engagement.
  • Upskilling enables your workforce to become more productive.
  • Your employees may be able to undertake a greater variety of work and respond to changes more efficiently.
  • It makes your company become more attractive to potential candidates who seek personal development and skills development.
  • Your employees will feel that your company is committed to their growth. This may increase their loyalty to your company.

While sending your staff for training requires funds and logistical coordination (e.g. ensuring that there is sufficient manpower when staff goes on training leave), it is essential for your company’s long term growth and staff retention. 

Life-long learning, both formal and informal learning, improves the employees’ competitiveness and exposure. A good human resource development strategy involves systematic training so that your employees, as well as your company, can meet both personal and corporate goals through up-skilling.

Need advice on how you can improve your human resource development strategy? Connect with Wise Hour to find out more.