Danielle J. Cuomo, MBA, is an award-winning entrepreneur + founder of Virtual Assist USA, a leading provider of Virtual Assistant services.
In 2022, employees left their jobs in record numbers. Turnover can cause concern among leaders; however, I believe it can also have a positive effect on businesses.
I think of my company as a place where rising talent can learn and grow, similar to a school. I set the expectation from the beginning that employees might not stay forever. As a career accelerator, my role is to help employees grow. In return, I expect exceptional performance and honesty when they are ready to move on.
This experience has shown me that turnover in employees, vendors, virtual assistants or consultants can bring about positive changes, foster growth and enhance overall business performance.
1. Increased Adaptability And Agility
Adaptability and agility are crucial for success. Turnover can help businesses develop these traits because new team members bring a fresh perspective on market trends, emerging technologies and industry best practices. This influx of knowledge can help businesses stay ahead of the curve, adapt to evolving customer demands and seize new opportunities.
Ensure you take steps to encourage new team members to share their fresh perspectives once they’ve joined your team. For instance, at my company, we organize dedicated time for our newest employees to participate in virtual continuing education training and forums. These initiatives are specifically designed to provide opportunities for employees to establish meaningful connections with one another. By fostering strong social relationships, you can create a solid foundation for collaborative activities within your organization. The programs we hold are short-term, ranging from 30 to 90 days, and involve employees from various departments.
2. Expanded Networks And Collaborative Opportunities
When businesses engage with new vendors, resources or employees, they gain access to their extensive networks and collaborative opportunities. These connections can open doors to potential partnerships, strategic alliances and valuable industry insights. By leveraging the networks of their new team, businesses can expand their reach, tap into new markets and forge mutually beneficial relationships that drive growth.
3. A Better Match
Sometimes the grass is greener and turnover can provide an opportunity to find a better fit for an open role in the company. You might find this ultimately leads to a more cohesive and effective team because, over time, working relationships can become complacent, which can cause decreased motivation and productivity.
When you hire for a newly opened role, specifically look for a candidate’s motivation and enthusiasm. I look for individuals who are genuinely interested in the position and show a strong desire to contribute to the company’s success with forward-thinking visions.
4. Skills And Knowledge Transfer
When employees leave, they take valuable skills and knowledge gained during their tenure. However, turnover also presents an opportunity for knowledge transfer within the organization. By implementing effective knowledge-sharing processes and encouraging collaboration, businesses can ensure critical expertise is passed on to new employees. This knowledge transfer can lead to continuous learning and growth, which benefits the whole organization.
At my company, for instance, we’ve implemented a rewards system where employees are recognized and appreciated for their efforts in sharing knowledge. We provide everything from gift cards to social media shout-outs. By attaching incentives to knowledge sharing, you can motivate more employees to engage in this valuable practice. I’ve found that while knowledge sharing is crucial for any organization, employees generally don’t prioritize it unless it is made a priority or there is an incentive attached. This approach also helps individuals feel more comfortable opening up and sharing, as they have something to look forward to and gain from it.
5. Increased Diversity
Turnover provides an opportunity to increase diversity within the workforce. Hiring employees from different backgrounds, cultures and experiences can lead to a greater understanding of different perspectives. This diversity can foster creativity, innovation, and a more inclusive, welcoming workplace environment. Embracing diversity can help businesses better serve a diverse customer base and tap into new markets as well.
6. Reduced Complacency
When a team works together for a long time, it is easy to become complacent. New employees can bring renewed energy and passion for the work, challenge the status quo and encourage the team to strive for excellence. This can lead to increased motivation, productivity and a drive for continuous improvement.
Look for novel thinking in a new hire. In business, what worked yesterday is not good enough for today. Complacency can hinder the growth and innovation of every organization, as it discourages independent thinking and a willingness to take calculated risks.
While team turnover might initially be seen as a disruption or setback, it is important to recognize the potential benefits it can bring to a business. By embracing turnover and leveraging its positive aspects, businesses can strengthen their teams, enhance their competitive advantage and achieve greater success in an ever-evolving landscape.
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