Viewing by month: June 2013

Keeping the best: tips for minimising staff turnover

While some principals may find it difficult to identify and secure employees that suit the needs of their business, the biggest staffing challenges often occur later down the track in the context of retaining employees. In a competitive industry like real estate, there will usually be a multiplicity of job opportunities on the market – especially for star agents and staff. 

In the blink of an eye, your best employees could potentially leave or be poached from you and, as such, it is important to have strategies in place to minimise staff turnover. To this end, here are three key tips for boosting employee loyalty: 

(1) Implement ongoing training: ongoing staff training and education is beneficial for both employers and employees. Why? Because employees that receive regular training are more likely to feel that their careers are being invested in. On the flipside, businesses will often reap productivity benefits on the back of having better skilled staff. 

By training and educating your employees on an ongoing basis, you are not only projecting a message that you care about their career development, you are also upskilling them to be able to move into higher positions within your business. And if there is a feasible prospect of promotion within your organisation, employees will be much more likely to stay put. 

Exposing employees to new information and skills may also work to stimulate and challenge them intellectually – something that again is conducive to staff motivation and low turnover. 

(2) Encourage employee recognition: it is important to foster a culture of employee recognition within your business. Whether it’s a first listing, a record sale or a personal milestone, recognising achievements – even without reward – usually works to make employees feel more valued.

Several studies have shown that when workers feel valued by their employer, they experience greater levels of happiness, productivity and loyalty – leading to a higher chance of them remaining at their job. 

(3) Open communication channels: opening channels of communication within your office may lead to a host of benefits in terms of reducing staff turnover. Employees often feel more empowered when they are able to communicate suggestions and feedback to management, as well as being more inclined to remain with a business that values their input. 

0 comments | Posted by George Tarbey on 20/06/2013 at 12:00 AM | Categories:

The value of a mid-year wrap-up

It is hard to ignore the fact that we’re almost halfway through the year. We’ll soon be counting down to 2014 and, as such, now may be an opportune time to reflect, refocus and plan for the six months ahead. To this end, here are three simple tips to help you maximise your business’ success over the remainder of 2013.

1) Take stock: the fiscal year is drawing to a close and, as such, many business owners are likely in the process of collating relevant paperwork and metrics for submission to the tax office. In preparing for tax time, there also lies an opportunity for you to examine your business’ financial patterns and practices over the past year. Are all of your expenses necessary? Could you spend money in more efficient ways? Could you potentially consolidate areas of your business to increase cash-flow? Questions such as these may lead you to identify strategies for moving business forward in more efficient and profitable ways. 

2) Reflect on issues: it may be beneficial to examine client/employee complaints and queries over the past six months as this may enable you to implement proactive issues-management strategies. Tackling these issues and implementing solutions before they become recurring problems could prove to be very effective in encouraging staff and clients to remain engaged with your business.

3) Move forward:  the idea of reflecting and re-booting is to ultimately move your business forward in an enhanced manner – from both a staffing and client service perspective. While it is important to reflect in order to foster progress, it is equally important to let issues go once they’ve been addressed. If you get too hung up on problems, you risk prolonging a solution. 

0 comments | Posted by George Tarbey on 11/06/2013 at 12:00 AM | Categories: