Page 25 - ARUBA TODAY

BUSINESS Thursday 16 augusT 2018
A25

Turnover: Preventing it and dealing with the aftermath

By JOYCE M. ROSENBERG zo is philosophical about
Associated Press young people wanting to
NEW YORK (AP) — A tight la- try something new eventu-
bor market and a shrinking ally — but, he says, “we’re
pool of talented workers going to fight like heck to
make “I’m quitting” some keep them.”
of the most dreaded words Companies that want to re-
a small business owner can duce turnover need to let
hear. Staff turnover is a fact employees know they’re
of life, but it’s particularly valued and that what they
painful at small companies do matters, says Leigh Bran-
competing with larger busi- ham, owner of Keeping the
nesses for workers. Owners People, a human resources
learn they must make staff consultancy.
retention efforts a prior- “People want to feel their
ity — including mentoring job is meaningful,” Bran-
or changing workplace ham says. He suggests tell-
policies — and do some ing staffers, “I want you to
soul-searching if turnover know why you do what you
increases. When five out do — and why it’s impor-
of 22 staffers left Dash De- tant to this company.”
sign last year, owner Da- Staffers also need regular
vid Ashen understood that feedback, and not have
some naturally wanted to In this Wednesday, Aug. 8, 2018, photo Dash Design’s founder David Ashen poses for a picture in to wait for an anxiety-pro-
move on to new challeng- his office in New York. voking annual review, says
es. But he also discovered Associated Press Nina Velasquez, a senior
after talking to employees ting workers have flexible tor Ben Foster says. a chance for them to grow vice president at North 6th
that they felt the culture in schedules and bring their When staffers who are on and develop new skills. Jeff Agency, a public relations
his New York-based inte- dogs to the office. teams leave, co-workers Rizzo and business partner firm based in New York and
rior design company had Many companies find that can pitch in while a re- Matt Ross aim for each of with offices in Toronto and
changed since he brought a staff can be stable for placement is hired, Foster their 10 staffers at product Boulder, Colorado. North
in a new business partner. some time, and then sev- says. But when employees review website RIZKNOWS 6th Agency gives its near-
Ashen realized he needed eral employees leave at who work by themselves to understand what they ly 60 employees monthly
to help employees feel once. And with fewer em- quit, the managing direc- need to do to win a promo- feedback that is intended
more connected to the ployees, small businesses tor “just had to step up and tion or a raise. to be part of their training
business, and focused on aren’t as able as big cor- take on two roles,” he says. “If employees do not see a and development.
mentoring younger staffers. porations to shuffle assign- The company has been clear career path or oppor- The company also has
“We ask them, where ments when people leave. changing its policies to try tunity for advancement, a rewards system allow-
do you want to be in six At The SEO Works, a digi- to improve retention, and chances are they’ll look ing staffers to accumulate
months or three years, tal marketing company in recently also introduced elsewhere after a year or points in return for good
and create a path to do Sheffield, Britain, five staff- flex time. two,” Rizzo says. performance. The points
that. When we failed to do ers out of 30 left in a short Owners find that one big Many of the employees at can be redeemed for perks
that, people were less satis- period last year for a mix of thing they can do is be the Reno, Nevada-based including cash, commuting
fied in their work,” he says. professional and personal clear with younger workers company have been hired passes, groceries and time
Ashen has also started let- reasons, managing direc- who want to know there’s straight out of college. Riz- off.q

US factory output rose solid 0.3 percent in July

By PAUL WISEMAN year, though economists Capital Economics, said in Employers are hiring, and connected to the ongoing
Associated Press worry that it may not last. a research note. unemployment is 3.9 per- trade disputes. Among oth-
WASHINGTON (AP) — U.S. President Donald Trump’s The July reading for indus- cent, close to a 50-year er things, U.S. tariffs on im-
manufacturing output rose imposition of tariffs on steel trial production fell short of low. ported steel and aluminum
a solid 0.3 percent last imports and on $34 billion economists’ expectations. But manufacturers are are raising costs for many
month, led by increased of products from China But it is still up 4.2 percent coping with labor shortag- manufacturers.q
production of cars, elec- has sparked retaliatory from a year earlier. Despite es and supply disruptions
tronics, and appliances. duties, which may limit ex- the drop last month, mining
The Federal Reserve said ports. And the dollar has has surged 12.9 percent
Wednesday that overall increased in value against since July 2017.
industrial production — other currencies, which American industry has
which includes output at could further hurt exports looked relatively healthy
mines and utilities as well as by making U.S. products despite trade conflicts with
factories — increased 0.1 more expensive overseas. China, Europe and Cana-
percent in July after climb- “The appreciation of the da, and a rising dollar that
ing 1 percent in June. Pro- dollar so far this year means makes U.S. products more
duction slid 0.3 percent at that growth in the factory expensive abroad. Helped
mines and 0.5 percent at sector appears set to slow by tax cuts, the U.S. econ-
utilities. further over the coming omy grew at a 4.1 percent
Factory production has months,” Michael Pearce, pace from April through
risen at a healthy pace this senior U.S. economist at June, fastest since 2014.