There are few things more upsetting than top talent leaving your organization – especially if the move is sudden and unexpected. It can really turn your world upside down.
Why does this happen? And, what might you do to nip it in the bud and improve your overall retention rate?
Focus on Your Culture
According to research by Forbes, there are a number of company culture features that can make or break top employees’ loyalty levels. In order of increasing percentages, here are the top reasons why your superstars might be drafting their letters of resignation:
- 30 percent believe they’ll be working elsewhere by this time next year.
- 40 percent have no respect for their managers.
- 50 percent say their values don’t align with those of their employer.
- 60 percent feel their career goals are not in sync with what their current company has in mind for them.
- 70 percent feel unappreciated or undervalued.
Top Ten Failures List
Employees who resign often do so as the result of a perceived disconnect with company leadership. To channel David Letterman, the Top Ten list of such senior management shortfalls include failure to:
- Capitalize on their passion: Make sure your organizational mission, vision and goals jive with an employee’s passions. Start thinking retention when you hire, by not letting an interview end until you’ve nailed this.
- Challenge them: Smart, dedicated people love – and need – to be challenged on a regular basis. If they’re not challenged in their current role, it’s inevitable: they will find a new one.
- Tap into their creativity: Superstars need to innovate, change, improve and enhance. Never limit people’s creativity. Facilitate, guide, and keep people on track. Beyond that, give them wings and watch them soar.
- Develop their skills: You hired them for a reason. Never stop helping them develop their best talents. There’s always room for growth, and it’s your responsibility to provide it.
- Give them a voice: Foster constant, ongoing two-way communication. Encourage people to share their ideas, suggestions and insights. Practice active listening in every situation.
- Care about them: A job is about much more than just a paycheck. Get to know your employees as the unique individuals they are – and show that you care about them and their lives.
- Recognize and reward them: Human nature dictates that people need to be thanked, acknowledged and recognized when they do well. It’s that simple. Unless you recognize and reward employees, they probably won’t stick around for the long term.
- Keep your promises to them: Never compromise trust. Constantly be accountable to your team members.
- Increase their responsibilities: The best employees welcome bigger workloads, as long as it helps them grow and meet their goals. Push top talent just enough – beyond their comfort zone, one step at a time. They’ll realize ow much you’ve helped them, and they’ll remain loyal as a result.
And last but not least:
- Lead! Because more often than not, companies don’t fail and products don’t fail – leaders do. So lead by example in everything you do. You’re in the driver’s seat, so keep your eye on the road.