Breaking the Cycle of Turnover: The Key Skill You Need to Learn

Entrepreneurs are facing a major challenge when it comes to attracting and retaining employees, according to a recent report from SCORE. The report revealed that 60.7% of small business owners struggle with hiring the right talent, while 45.8% find it difficult to retain existing staff. Additionally, 33% of small business owners are concerned about retaining and motivating employees.

The cost of replacing an employee is high, with estimates ranging from nearly $4,700 to three to four times the position’s salary. This makes retaining current employees a cost-effective strategy for businesses.

One way to combat high turnover rates is through active listening. According to experts, active listening involves conveying interest, engagement, and caring to the person you are speaking with. This type of listening is especially important in hybrid and virtual workplaces, where most communication happens over the phone or via video conference.

Learning to be an active listener can have a significant impact on employee retention and engagement. By repeating people’s last few words back to them, asking more questions, and avoiding formulating responses while the other person is speaking, business owners can create a more cohesive and productive team.

Overall, active listening can help improve morale, loyalty, and productivity within a small business. By making employees feel heard and understood, business owners can create a more positive and engaging work environment, ultimately leading to long-term success.