For managers/owners in small to medium companies, what about employee turn-over is keeping you up at night?
Employee turn over really has not been an issue yet. But as things get back to a new normal, I could see this increasing. As for retention you will need to individualize that per employee. Each employee is different, some just look for the next bigger carrot, others look for work/life balance, etc.
Unfortunately in the current situation, most people are looking for job security especially in the supervisor level and up
Retention is only on my radar for the top 25% of our associates really (because we've been blessed with low turnover). If we are making low performers find other jobs and replacing them with potential strong performers we're doing the right things. And I agree with Jason's take that managing that top 25% is all about determining their unique drivers. Compensation can create short term wins but does nothing for retaining strong talent long term. Culture, leadership, opportunities, challenges and most importantly: a belief in the "future". Those are the things that keep good people happy and growing.
Our IT culture is great and we have very little turnover. Quite frankly, I wake up from dreams where I see myself screwing up our cool culture. Once I wake up I make a mental note to be deliberate about keeping and improving our culture. We have put several efforts into making the culture in IT as good as it is. While IT drives strategy using tech skills, not everyone gets the opportunity to be in the drivers seat. I wish I could give everyone the experience of driving large projects.
As an organization we are getting so much better with corporate strategy and execution compared to 5 years ago. We still have a long ways to go. Once we make more progress, I'll be able to tell staff visually how each task they resolve fits in the big puzzle. I wish I could do it today, but I can't. It'll be a journey to get to that stage. We do train our team members with allocated training budget. It's a wish to allocate more dollars per person each year to allow them to visibly see their own growth. I am confident that day will come.
Also, not all turnover is bad.