The Hidden Risk of Employee Retention

As a lender, I am always concerned about highly volatility, which I have covered extensively in past articles. However, there is another risk producer’s face that can have a tremendous impact on day to day operations and your profitability: employee retention

Over the past couple of weeks, I had the opportunity to attend company events that are held for team members. The first was the Compeer Financial Annual Conference. It was great to finally get back to a full company event. It has been five years since Compeer merged and it was a great chance to catch up with people and meet new coworkers. I appreciate the commitment our board and leadership have for team members the opportunity to grow as employees as well as a company. 

The second event I attended was for the leaders in the organization to do team building and discuss how to improve operations company wide. It was interesting to see how an event like that can boost morale, reinvigorate people and improve interaction with peers. 

Events like these happen at organizations across all geographies and industries. The question is: why do they matter? For me the answer is easy. Building team morale and trust is just one piece of the puzzle. The other is allowing employees the chance to grow and network with their peers. If every employee takes away one new idea or solution to a problem, it is well worth your investment. Day-to-day work can take up so much time that team members miss the chance to discuss big picture problems and solutions with their peers. Another major benefit, especially for the swine industry, is the commitment management makes to the growth of employee careers. 

With unemployment levels at extreme lows and difficulties in attracting and retaining employees, events like this help set you apart with being an employer of choice. The June 2022 unemployment report has the national unemployment rate at pre-pandemic levels of 3.6%. The lowest rate belongs to Minnesota’s where the rate fell to 1.8% with Nebraska a close second at 1.9%. Below is the unemployment numbers chart from June 2022: 

Whether it is a full company conference, managers meeting or a leadership retreat, I would encourage you to consider investing in your team. I was recently discussing this topic with someone who works in human resources and learned employees do not always leave because of pay. They take into consideration their work environment, interaction with leaders and team members. At the end of the day you want to create the best work environment you can for your employees. If they see you are invested in them and give them a great place to work they are much less likely to find greener pastures. 

For additional swine industry information, check out more of our team's insights.