Tips For Avoiding The High Cost Of Attrition

BY: Jordon Geiger


In every conversation I have with a client, I ask, “What do you need help with?” Sometimes, perhaps not surprisingly, the answers have nothing to do business wealth management. In fact, one of the most common responses involves attracting and retaining quality employees, especially skilled or specialized workers. 

This has become particularly challenging in recent years, due to the incredibly low unemployment rate in this part of Wisconsin. Based on hundreds of conversations with countless business owners each year, I’ve noticed some commonalities in organizations that successfully recruit and retain top talent:

  • Strong emphasis on corporate values. Many people are looking for places they can believe in and feel proud to be a part of. They don’t care if the company makes this widget or that app. Instead, they want to work at a place that cares about their community, or that supports a cause that aligns with their own personal goals, or that fosters a culture of inclusivity – one where they can play on a company softball team or in a bowling league with the co-workers, for example. Who are you as a company, and can you articulate that to potential employees?
  • Great leadership. Beyond corporate values and culture, some people prefer to align with a leader they admire. That is certainly the case for many here at State Bank of Cross Plains. Bank President & CEO Jim Tubbs is someone of strong character who models generosity and emphasizes work-life balance. I have heard numerous employees cite the opportunity to work with and learn from Jim as the reason they either joined or have stayed.
  • Roadmap for growth. Sometimes potential employees mistakenly think there is no room for growth or advancement in a small-to-medium-sized business. On the contrary, a small business in growth mode may enable a loyal worker to advance by leaps and bounds as one-person departments blossom into divisions, and so on. Examine each role in your organization and try to map out potential opportunities, even if they are still on the distant horizon. Become adept at explaining your vision for the company and that position, so your employees can get on board with your growth mindset and set goals for themselves and their own career development.



How We Can Help

At State Bank of Cross Plains, we are not in the business of recruiting and hiring employees for our customers. However, we ARE in the business of building relationships with our clients. To put it simply, we know people.

We may be able to connect you with someone who can help.

As an example, I recently had a client tell me they were overwhelmed by their workload and had taken on responsibilities they weren’t trained for or equipped to handle because they were short-staffed. They shared that they were handling some bookkeeping and payroll duties, in addition to their human resources function. In response, I introduced them to a business owner I know who provides external accounting and bookkeeping support, allowing them to outsource those functions to a trained professional at a reasonable cost. It was a win-win.

In a separate conversation with a manufacturing client, I learned they were struggling to find an experienced welder, and was able to connect them with a trade association who has access to a database of welding professionals and could expand their recruiting pool.

Our mission is to help you succeed…whatever that means at the moment. By having holistic conversations outside the confines of a transactional relationship, we can pool our resources to get you what you need to grow and support your business goals.

If you’d like to have a great conversation with one of our Wealth Managers, call (608) 826-3570 to schedule an appointment.
Author:

Jordon Geiger

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