Roy Barker is a Business and Senior Living Consultant, who’s been working with businesses to improve their financial position. In this episode, he shares how it is possible through employee retention.
“If we’re out there making these connections and developing relationships prior to meeting somebody, it could save us a lot of time and a headache.”
Why Employee Retention Matters
Roy worked for AT&T as Construction Manager. When he finished his Finance degree, he helped his stepfather complete a book project. It led him into becoming a Senior Living Consultant.
In the process, he learned about the turnover rate expectation of 300%. Coming from the AT&T, they had little turnover and didn’t understand the concept.
He did some research and discovered the importance of employee retention. There were high costs associated even with lower salary employees.
The Effects of Turnovers
Roy has seen over 100% turnover every year. According to him, turnovers affect both the business’s bottom line and its customers. Employee retention helps prevent service degradation.
“When they come in and see somebody new everytime they walk through your door, they begin to wonder as well.” – Roy Barker on how turnovers affect customers
Challenges in Finding Replacement
Employee retention is important especially with the decline in the unemployment rate. It is not always easy for businesses to look for new talents.
“When you don’t have a big pool of workers to choose from, it becomes even more important.” – Roy Barker
People tend to be very reactive when it comes to turnovers. A typical reaction is to find a replacement immediately. But out of many applicants, according to Roy, 90% most likely don’t have the necessary skills and are not living in the same town.
To hear from Roy Barker, download and listen to the episode. Connect with him through the links below. Remember to let Roy know you heard about him on Stop Riding the Pine!
Show Links from Roy Barker:
If you haven’t checked it out yet, listen to our previous episode Logan Tyler Nelson How to Get Unstuck from Failure | Ep. 222. Don’t forget to leave a 5-star rating and review if you enjoyed the show. We would love to hear from you!