For whatever reasons if there is a high turnover at your company – of all your coworkers getting out the door, it is inevitable you wonder what should your strategy. In all likelihood, you may be tempted to join them. Dealing with high turnover is not a simple decision, and your choice depends on a variety of factors.
In some cases, joining the exodus at your company is a logical decision, like when your boss is dropping dire warnings about company performance, or subtle hints about which of your competitors are hiring. Or a toxic environment or a company teetering toward bankruptcy would be other situations where quitting may be the only option.
However, there may also be times when staying put and being a tenured employee could provide valuable opportunities.
You will have to decide whether the turnover is just ebbs and flows of a business or something more fundamental.
Before you make up your mind about leaving the company, have a look at following tips and strategies. Dealing with turnover at your company may involve several strategies and what works for you is unique and specific to the situation you are in and the company’s state of affairs. But the following tips should help.
Top Ten Strategies to Deal with High Turnover at your Company
Pick your Boss’ brain.
Ideally, the management of your company would let the staff know about any changes and announce strategies for dealing with them. If nothing is being said, ask your boss what they think about the recent turnover.
Watch and Observe.
You can also watch for common signs of a business going under. Extraordinary closed-door meetings, spending freezes, and shrinking client lists usually mean you need to take action.
Be in Touch.
Departing colleagues and contacts at other companies may be able to shed some light. It’s not easy to find out your job is no longer secure, but you want to have as much time as possible to start planning.
Get your Finances in Order.
Look at your monthly budget and prepare for likely scenarios. Maybe you can cut spending or pick up some contract work.
Be Opportunistic and Grow your Role.
Try to be opportunistic and look for opportunities to grow. The upside of working at a company in turmoil is that you may be able to assume more responsibility. Volunteer for projects that your former colleagues used to handle and take risks and grow your skills.
Deal with an avalanche of ghost work.
At the same time, you may have extra tasks assigned to you if there are no backfills. You can impress your boss by being willing to pitch in but ensure you have adequate resources to keep up with the increased workload.
Polish up your resume.
Even if you’re not actively seeking a new position, lay the groundwork for a job search so you can move quickly if necessary. In addition to updating your resume, check your social media profiles and put your professional network to work.
Negotiate the best Severance you can.
If you quit voluntarily, you will probably give up eligibility for unemployment benefits and severance. You can still check if your company can provide any services such as outplacement assistance.
Secure References.
Another advantage of this situation is that you can ask your current boss for a reference immediately. If they’re willing to write you a positive letter, you can include that with your job applications. You can also ask your boss and others for LinkedIn recommendations.
Get Ready for What’s Next.
Maybe you’re still committed to your current career path, or perhaps you’re ready for more significant changes. This could be an opportune time to explore other possibilities, especially if your industry is in decline.