When researching how to sell a franchise, one of the first items you will stumble across is the importance of being able to offer a highly skilled team to your successor. However, this can be difficult to realize if your business is nothing more than a pit stop for your employees.
Unfortunately, retaining employees is more difficult than ever, with some 38 million workers quitting their jobs in 2021. The “Great Resignation” has been felt particularly acutely in franchises, many of whom have a poor track record of treating their employees well.
Therefore, if you are a franchise owner looking to buck this troubling trend, the following are 5 ways to incentivize your employees to help attract and retain top talent.
Employee turnover can cost your business a lot of money. According to Honeybee, the cost of losing and replacing an employee can cost around 40% of their salary! This cost includes lost business revenue due to the disruption, unused vacation payout, as well as the cost of recruiting and training a new employee. On top of this, employee turnover can hurt workplace morale, create extra work for your other employees, and could mean losing talented workers to your direct competitors.
A Caregiver Tool Kit To Help Your Employees Deal with Aging Family Members with David Moyer It’s hard to find and retain great talent these days. This makes it more important as employers to do what is within our power to hang on to the best of the best. With… Read more »
Group Health Insurance Alternative With Jennifer Quintard Jennifer works as an independent, licensed agent with USHealth in several states . She loves helping the self-employed and those that have families, or own a small business. USHealth products are extraordinarily unique. In that plans are actually full benefit packages with built-in… Read more »
In episode 4 I talk with Marty Ramseck about using the Predictive Index Assessment to make better hiring decisions and enhance communication among teams. Marty has cultivated 30 years of experience in hands-on sales management and double-digit growth in every one of his ventures. He has worked for companies such… Read more »
Leadership development is a crucial factor in employee retention. I was fortunate enough to speak with Jeffrey Davidson with Great Team LTD on the subject. Jeffrey Davidson has been exploring the boundaries of world-class teams for over 20 years. As a recognized expert in strengthening leaders and building teams,… Read more »