Business

How to Fight Back Against High Employee Turnover

Published

4 years ago

October 30, 2020

When building and growing an organization, few things are more frustrating or costly than high employee turnover. But with the right approach, you should be able to fight back, improve loyalty, and put your business back on the right path.

Common Causes of High Employee Turnover

Every business is unique, but high employee turnover can almost always be boiled down to a combination of the following factors:

Overworked. Employees are fine working hard, but there’s a fine line between high expectations and unrealistic expectations. As employees become overworked, they become much more prone to burnout. This creates friction and produces challenges with engaging employees and keeping them on board with the company’s mission and goals.

Toxic culture. The marks of a toxic culture include hostile interactions, lack of equality (in opportunity and/or pay), high stress levels, poor motivation, and poor morals. As the toxicity increases, so does the turnover rate.

Boredom. Employees want to feel energized in their work. Too much boredom can result in disengagement and (eventually) turnover.

Lack of opportunity. Employees want to know that they have the opportunity to get promotions and pay raises. If they don’t see other employees moving up the corporate ladder, they’ll become discouraged and look for better opportunities elsewhere.

Bad boss. There’s a saying that says, “People don’t leave their jobs, they leave their managers.” If you have a bad boss who is incomptenent, rude, overbearing, or insensitive, it’s going to hurt your cause. Employees might put up with it for a few months, but it’ll eventually push them out.

Strategic Ways to Reduce Turnover

There are plenty of legitimate reasons why employees leave – including a better offer, starting their own business, or pivoting careers. And there really isn’t much you can do about these factors. But then there are controllable elements. You’re in control over the factors above. Now’s the time to strategically change the way you approach your business. Here are some helpful tips:

Develop a Better Employee Experience

Whether you’ve documented it or not, your company has an employee experience. It’s essentially everything a worker learns, does, feels, or sees at each stage of their employment lifecycle. This includes five key phases: recruitment, onboarding, development, retention, and exit.

If you want to boost retention by reducing turnover, you have to take employee experience seriously. And by focusing on each of the five stages, you’re able to tailor the experience without compromising on the big picture. In other words, you can keep a consistent culture while still providing a unique experience to employees who are just now being onboarded and those who have been on the payroll for years.

Hire the Right People

You can do yourself a massive favor by hiring people who are a good cultural fit for your organization. (Otherwise you’ll face an uphill battle from the very start.) This is accomplished by clearly defining the role – both to the candidate and to your hiring team – and to implement a detailed due diligence process.

Terminate Toxic People

Don’t let toxic people stick around. The longer a toxic employee is in your business, the more likely it is that their behavior becomes contagious. Terminate people who don’t fit as quickly as possible. Not only does this eliminate the toxic source, but it also shows your remaining employees that you don’t put up with that kind of behavior.

Go Beyond Money

Contrary to popular belief, money is not the best motivator. While a pay raise or bonus can work, its effects are usually short-lived. Within a few weeks or months, the employee will begin looking for the next raise.

To motivate employees and make them loyal to the organization, you have to go beyond money. Find out what it is your employees really want. Good motivators include status, autonomy, flexibility, and verbal affirmation.

Create a Clear Sense of Identity

This tip goes hand in hand with the idea of developing a better employee experience. The goal is to establish a clear company identity so that employees have something tangible to hold onto.

In other words, if asked the question, Why do you like working for our company?, every employee should be able to articulate what it is that keeps them loyal to the business. The exact phraseology might vary, but most of the answers should land near the same target.

Build a Sustainable Business

There’s a lot that goes into building successful and sustainable businesses. But it’s nearly impossible to scale if you don’t have a stable team of people who are committed to your cause. Having said that, now’s the time to reevaluate where you stand and build a business that puts people first. In doing so, you’ll establish the foundational cornerstones needed to grow over the next few years and decades.

Business

Transform Your Expertise into a Profitable Online Coaching Business with Jon Penberthy

Published

2 weeks ago

November 3, 2024

Matthew Wiles

Transforming your expertise into a successful coaching business requires a strategic approach to monetizing your knowledge, with a strong emphasis on client satisfaction and adaptability to their evolving needs. By prioritizing these factors, you can build a coaching practice that flourishes, provides long-term value to your clients, and supports sustained growth for your business.

The potential for this growth is underscored by the global online coaching market, which was valued at $3.2 billion in 2022 and is projected to reach $11.7 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14% from 2023 to 2032.

Jon Penberthy, founder of AdClients and a leader in online coaching, highlights the significance of the knowledge economy in today’s marketplace. He notes, “The knowledge economy is now worth over half a trillion dollars a year. That means every year, people like you and me are paying others—not for physical products, but for the exchange of knowledge.” This shift presents a compelling opportunity for those willing to leverage their expertise in this evolving market.

Penberthy’s philosophy emphasizes the power of positive thinking and challenges traditional views on credentialism and rigid professional roles. He asserts, “Nowadays you only need to be one step ahead of someone else for them to be willing to hand back some money to learn from you.” His success as a how-to coach exemplifies this approach, showing that with the right mindset, anyone can turn their knowledge into a flourishing business.

Essential Steps to Starting Your Online Business

At the heart of any business plan is the decision about what type of product you will provide in the online marketplace. Jon Penberthy explores various possibilities, from relationship counseling to pet care, ultimately settling on a widely sought-after internet offering: personal health and fitness.

“Let’s say you do not have a personal trainer certificate, but you have figured out a specific nutrition and exercise regime that works,” he states. “There are people out there who want to look how you look and are willing to pay you for your knowledge … the opportunities are endless – you just have to ask yourself what you know that is a little bit more than those around you. That’s the starting point for your own training program.”

The next step involves packaging your training for an online audience, and Penberthy recommends creating a series of recorded videos as an effective approach. This leads to the question of how much to cover in the initial video and the order of presentation.

He suggests finding friends and family who are interested in your topic and willing to learn more. By selecting a few volunteers and teaching them over several weeks for free, while taking diligent notes on what works and what doesn’t, the teaching process will gradually reveal itself.

Build a Sales Funnel

Regardless of how your business attracts customers, potential buyers often follow a similar path, asking common questions and taking comparable steps when deciding whether to make a purchase. A sales funnel is an effective way to visualize this journey, offering valuable insights into the customer experience. It helps you see the sales process through their perspective while also serving as a practical training tool for your sales team.

Penberthy highlights the importance of this approach, “A sales funnel helps transition potential customers from being strangers to ready-to-buy clients,” he explains. By breaking the process into a series of steps, the sales funnel gradually informs and engages potential customers, guiding them toward a purchase decision without overwhelming them with information.

Attracting Attention—The ‘Eyeball’ Factor

Once you’ve understood the initial steps for setting up your online coaching or course, the next challenge is attracting people to your funnel, often referred to as the “eyeball” factor. “Bringing traffic to your site involves content creation and deciding between organic (unpaid) traffic through various social media channels or, if your budget allows, paid traffic,” Penberthy explains.

Penberthy explains that with organic traffic, individuals will be active on social media, creating content designed to build an audience interested in their topic. He adds that if one can invest some funds, paid advertising—especially on YouTube—can be an excellent starting point, as it delivers instant traffic compared to the uncertain outcomes of organic posts.

Once the advertising strategy is established, the next step is to continually refine and enhance the course, making it more concise, message-rich, and easier for potential customers to understand what is being offered.

He emphasizes that this process isn’t just about feeling good about one’s work; it’s about boosting conversions. The more effective the campaign, the more referrals satisfied customers will provide when recommending the program. A stronger program also allows for higher pricing for the services offered.

After refining your online advertising strategies and advancing your course or coaching development, the next step is to scale up. Penberthy suggests that this may initially involve what he refers to as “the pop-up offer” or one-on-one coaching, enabling you to start selling your course in 48 hours or less.

He notes that this phase requires a significant investment of time but is crucial for growing your business with clients who will not only pay for your expertise but also recommend your courses to a broader audience. However, he emphasizes the need to leverage your time effectively, as there are only so many hours in a day.

The key to success in online courses lies in combining “low-ticket” (mass appeal) content with “high-ticket” one-on-one training. “I take the stand-alone low-ticket coaching and wrap it around the one-on-ones to create the concept of “high-ticket” group coaching, which is a limited-subscriber webinar-based training pitched at high-end clients who are willing to pay a premium to overcome their seeming lack of success in the online marketplace,” Penberthy says.

By implementing this strategy, he adds, you can not only maximize your time in the business space and free up energy for friends and family but also potentially increase your monthly income to four or five figures, ultimately leading to an annual income of six to seven figures.

Jon Penberthy’s insights provide a clear roadmap, emphasizing the importance of understanding your audience, leveraging effective marketing strategies, and continually refining your offerings. By combining low-ticket and high-ticket training approaches, you can maximize your reach while delivering exceptional value to your clients.

As you embark on this path, remember that your knowledge and passion can not only lead to financial success but also empower others to achieve their goals. Embrace the opportunities ahead, and watch as you build a thriving coaching business that makes a lasting impact.