You may recall that in 2021, we had one of the most significant job market exodus ever—47 million workers across the U.S. left their jobs and a gaping hole in the job market.
Undoubtedly, you've experienced the ripple effects of this exodus in your daily interactions with businesses. Longer wait times and a slight decline in customer service quality have become more common.
If you owned a business during this time, you know the frustration of hiring competent staff, but you also know how much labor costs increased due to these shortages.
A new survey by Resume Builder found that nearly 30% of those surveyed planned to quit their jobs by the end of 2024. They cite low pay, desire for better benefits, and search for less stressful work for the shift.
I'd like to make you aware of a few monikers so you can keep an eye out in your business for such things. Two specific ones are the most important.
Moniker 1: Quiet Quitting. Quitting is only doing the bare minimum at work, gradually winding down until the employee eventually leaves.
Why is this a problem? If your employees do the bare minimum at work and are not motivated to engage in business activities and contribute to the team, your business WILL not grow. I will take this a step further. If you observe someone is engaged in quiet quitting, you should immediately remove them from your team. You do not want that attitude permeating your team or culture.
Moniker 2: Bare minimum Mondays. Bare minimum Mondays are the act of doing the least amount of work required to be productive on the first day of the work week. The goal is to ease into the work week and avoid becoming overstressed too early.
Why is this a problem? The biggest issue with bare minimum Mondays is that they could lead to quiet quitting. While I don't have an issue with prioritizing tasks from easiest to hardest or the reverse, I do have a problem with purposely reducing effort to avoid work, no matter how low-level it is. Work can be stressful, but you need a team willing to get in the trenches with you.
FROM THE EMPLOYEE PERSPECTIVE
Now that we've addressed why underperforming employees quit, I need to discuss what underperforming business owners do as a Business Coach.
- They fail to recognize their employees when they contribute to the bottom line.
- Fail to incentivize their employees when they help increase revenue financially for the firm.
- Fail to roadmap a future with the company and how their employees can grow with the company.
- Finally, failure to help their employees understand the mission and vision of the company.
Ultimately, it's the employee's choice whether to leave or stay, but you should make it as hard for them to go as possible. You can improve this by implementing the four things I mentioned above.
If your business relies on white-glove customer service, your employees will be the center of attention, so you should create an employee plan immediately.
Quote of the week
"To be successful, you must accept all challenges that come your way. You can't just accept the ones you like." – Mike Gafka
Last Week's Podcast
FIX your business MISTAKES with this one method
See you next week!
