This post was submitted by Molly McGrath, a coach and consultant who has directed presidents and founders of national organizations and over 4,000 law firms in executive-level leadership, continuous improvement, and team empowerment initiatives to infiltrate new markets, leveraging partner ecosystems and producing profitability. Molly has 25 years of specific skillset experience serving as a Fractional CEO, CMO marketing, factional CEO, conversation intelligence coaching, team development & leadership, employee empowerment, intrapreneur talent acquisition, Kaizen leadership, root cause analysis, revenue mapping, and action-based project management.
Employee RETENTION is at a troubling ALL-TIME LOW, and it’s never, ever going back to “normal.” Don’t believe it? Check out these staggering statistics shared by Branka Vuleta. Take a look at this…
Crucial Stats on Employee Retention
- 65% of employees think they can find a better position elsewhere.
- Employee retention rates hit a record low in March 2020.
- By 2030, low retention will, on average, cost the US $430 billion annually.
- Good retention can maximize company profits up to 4 times.
- 87% of HR experts consider employee retention among the highest priorities.
- 20% of turnover happens in the first 45 days of work at a new company.
Retaining solid employees is the critical ingredient in a firm’s success, and yet doing so requires consistency and persistence. The following post pulled from a paralegal group on social media shows why this is so important and illustrates how unnecessarily wrong things can go with the absence of quarterly employee reviews. We know your employees would never utter such words, but if they did, it’s not too late to rectify:
“I worked for an attorney that couldn’t keep an employee for more than a month. Reaching my one year of being there, mentally drained, I continually had to defend myself and my coworkers from this attorney’s narcissistic and micromanaging behavior. I always spoke up when disrespected, then I finally had enough and decided to put in my two-week notice. The attorney responded like a child and treated the entire firm to a luncheon but left me behind – because ‘only those staying should go.’ Petty right? I packed my desk and bounced while they were gone. With nobody left to defend & deflect the attorney’s unsatisfactory behavior, my coworkers didn’t stay very long and left shortly after that.”
At first glance, you might read this and think that the moral is not to treat your paralegals (or any other team members) poorly; however, you can glean much more from this post. Employee retention depends not only on steering clear of micromanaging and narcissistic inclinations but on never losing sight of your role and goal as a law firm owner. It’s your responsibility to create a culture of strategic mentorship – leaders leading leaders.
You have to remember; in a world of B2C and B2B business models, you are in the H2H business – Human to Human. Above all else, human beings, by nature, thrive when they belong to a community, and the workplace is no exception. At their core, employees are humans, and humans need time, attention, and feedback from their jobs. Workplaces nourished by exchanges of genuine care are environments that generate job satisfaction and bolster employee retention. You should be hearing that a firm that embraces community does not just attract top talent but keeps it for the long term. As a business owner, investing in your team’s well-being should be a top priority. Tangibly speaking, this suggests the following:
Provide an Approachable and Empowering Culture
Fostering an engaging, empowering, approachable, and comfortable environment is paramount to job satisfaction. Standout talent increasingly tunes into the dynamics of an empowering, approachable environment. While the majority of your employees begin to return to the office after spending a year or longer working from home, you need to be aware of the impact on the H2H culture. Thrown into WFH situations and forced to adapt with little support, your employees have grown accustomed to the best creature comforts working from home has to offer. They describe the low-stress and calm environment, the absence of their boss’s endless interruptions and last-minute “emergencies,” and especially the ability to go for a walk around the block when they need a brain break to infuse fresh energy while transitioning between multiple priorities. If you adjust and lean into these needs – promote, support, and emulate them – your team will feel as at home at work as when working from home.
Offer Personal and Professional Development and Coaching
Employee satisfaction depends on having an empowering culture and place to work. High-achieving professionals look for more than a job: they look for a launching pad. Through skill-enhancing training, coaching, personal and professional development, and incentive-based bonus plans, you can provide this environment. Attending to these needs, you will be rewarded and inspired by the upward momentum it provokes.
Listen and Implement Consistently
Great employees have great ideas, and listening to them (even if you don’t always implement) is essential to supercharging your success. Shining talent craves recognition, and all human beings wish to feel as if they are part of something bigger. Listening and being present to your teams’ ideas (and especially to their concerns) meets both of these needs and further provides substantial evidence that you do, indeed, care. When your team feels cared for and supported, you do not need to worry about trash posts on social media or diminishing ratings on Indeed or Google. Furthermore, you won’t need to stress about your team bringing anything less than their best to the office, or even worse, walking out without notice and paralyzing production.
Do you want to learn more about leveling up your firm’s employee leadership, H2H culture, and retention? Then, sign up now for our free mailing list to ensure you do not miss the value-packed Hiring and Empowering Solutions Podcast. New episodes drop every #transformationtuesday. We also offer a complimentary Tips and Techniques packed blog that drops every Thursday. Since 2008 we have been passionate and committed to supporting you and your team every step of the way.
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