Employee separation is inevitable, and the trades industry is no exception. 

With the currently labor shortage in the industry, retaining employees is more critical than ever. Sure, sometimes an employee may not be the right fit—but a high and frequent turnover rate could indicate a bigger problem within your company. 

If companies want to survive and thrive in the midst of the storm, they must learn to manage and improve their turnover rates.

In this episode of The Skillwork Forum, Tim Raglin (COO of Skillwork) and Brett Elliott (CEO and President of Skillwork) discuss the meaning of the term “turnover”, how to track it, and how to minimize it so your skilled trades business can grow.

To learn more about how your company can mitigate turnover risk, checkout our latest podcast.

Main Takeaways: An inability to keep your employees will cause your company to lose mass amounts of money.  Your company should be tracking turnover quarterly. A great onboarding process can reduce your retention rate and save you money.  Being adequately staffed creates balance and prevents burnout in the workplace. 

Timecodes: 00:00-05:00 | The turnover rate formula and the national average  05:00-10:18 | A story about the costly effects of poor retention  10:18-18:31 | Healthy retention rates and ways to keep your employees 18:31-22:18 | Why retaining employees is more critical than ever 

Quotes: Turnover, unlike retention, is a percentage of your employees that leave your company during a certain period of time that’s calculated quarterly and annually.” Turnover rate formula = Number of separations/Average number of employees x 100 “The current national turnover average post-pandemic across all business sectors is 47.2%.” “First impressions are lasting impressions.” - Tim Raglin, COO of Skillwork 

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