FBC – 254 – This is the biggest silent killer for most companies…And they do

This is the biggest silent killer for most companies. Today, I am going to reveal one of the biggest mistakes that MOST companies makes that's literally killing their business. When you are talking about silent killers, it doesn't get any better than this one.

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I think you guys should know this, because I went through that when I was working for someone and I had a team that depended on me, OK. If you have a team today, it’s still applicable. I'm going to tell you what I did back when I was working in corporate that everybody hates.

So the before I start this, I want you guys to understand something. I've seen a lot of companies where they don't actually take care of their employees. And when someone threatens to leave or they see that someone is on the brink of leaving the company, they don't do anything because they're like, hey, you know what?

We'll find someone else. OK? And this is a very, very big mistake. OK. So if that person is really not a good fit for your company and they're causing havoc and they're hurting productivity and stuff, of course you want that person gone and you're actually happy they want to leave. But if that was a key component of your team, then it’s very different.

The reason is that when that person leaves, it's maybe five years of experience that leaves with them. And a lot of companies are really not good at documenting stuff. Right. So that means that this person will leave with some stuff that has not been documented that they had in their head. So it's a big hit for the company. People don't actually assess the damage that it does.

So I heard a lot of people saying, you know, we'll just recruit someone else. They can go. And I'm like, yeah. Well, indeed, you can recruit some of us. But here's the thing. Before someone becomes operational, where they don't need backup or monitoring, might take like a year. OK.

For the first six months, that person will actually start becoming like functional. In most cases, they may actually still need some guidance and stuff. And then after a year, this is when you can say that, you know what? That person can actually do that on their own. Obviously depends on the job that person is doing, but it takes a lot longer than people think. It's not like you're going to hire someone on day one and it’s all good.

You need to find someone. You need to figure out if that person is the right fit for the company. But you also need to figure out if that company is the right fit for them. So there is a risk of having that person leave before they finish the probation period. And do you have to do it again?

But the amount of company knowledge that you lose when someone leaves is absolutely insane. And this is something that's hurting companies. They're trying to figure out, oh, where are we going wrong? And I'm like, dude, just look at the staff turnover on your company.

And just imagine the movie Groundhog Day, where, you know, every day you have to repeat the same thing and stuff is tiring. So why do you want to train people over and over and over again? Because you just you can't retain your staff. It's madness. Right. The companies are doing the best when they have a high retention of their employees. They're happy to be there. They know the system in and out.

So why am I telling you this? Because when I was managing teams, I realized this problem. So I reached out at that point. I knew we had to find a way to make sure that our staff weren’t going to leave. Okay.

This is the biggest silent killer for most companies.

And one of the biggest reasons that I heard from people leaving their jobs and stuff was dude. I mean, I didn't see where I could go from there. I couldn't go up because my manager didn't want me to take the job. And that's it. There was no evolution possibility for me in that company.

And for that reason, I lost all my motivation. I went somewhere else. This is one, if not the main reason that I heard from people saying that they wanted to change their job, you know, and they wanted to leave a company.

So what we did was to tackle this problem. OK. So I said, dude, I need to find a way to tackle this problem. I was talking to my boss at the time. He had no idea how to fix it because he wasn't the best. Like people hated the guy. I said, dude, give me some time. I'm going to try and figure out what to put in place so that we can minimize the, number of people would leave the company.

So what I came up with was and it's not really complicated to do, it takes a little bit of time. I started working with H.R. to understand each and every position in the company that could be applicable to my team. Something directly related, something indirectly related. And from there, what I built was a career path for someone in the department. This is where you are. OK.

And there are two things people complain about: a lack of evolution, you know, possibilities in the company and the money aspect. So I wanted something that would allow me to tackle both. And what I created was that career path. OK. And in the career path, it was very, very descriptive. And it tackled both problems.

And trust me, you can't even imagine the big change it actually made in the department. I thinks it’s vitally important to never be in the position where they're like. Now, you know what? There's no clarity in this company. That's it. I can't go anywhere. I've reached the ceiling. I quit. They had options and they knew exactly what they needed to do to get access to a new level.

It did wonders and nobody wanted to leave the company anymore.