How to Retain your Best Employees
Any organization needs passionate and committed employees to achieve their dreams. These employees are rare to find and therefore ensuring that they are always part of the organization is paramount. They should be kept motivated to keep them at optimal performance.
Money can be less important to engaged workers contrary than most managers believe. Research has constantly shown that most people leave their workplaces because of either lack of growth opportunities, company culture, or issues with management. A study by Robert Half revealed that about 39% of top performers leave their jobs primarily because of lack of opportunities for growth. 23% leave because of their dissatisfaction with management and almost 17% because of no recognition or appreciation towards the work they do.
Top performers typically invest a lot of time in their work and therefore, they expect to derive a lot of satisfaction and fulfillment from their jobs. If they feel ‘stuck’ or unappreciated, then there are more likely to go looking for better opportunities outside the organization. It’s the “grass is greener” syndrome.
So when your top performing employees start missing deadlines, or they start using up their allotted days off, or you see a sudden change in attitude, it’s usually too late to address the issue that something has gone wrong. More than likely they have already begun looking for external opportunities, and once someone engages in a job search, they usually keep looking until they find it.
The best thing is to take preemptive measures that can prevent the organization from losing the valued employees. Meet one-on-one with top performers on a regular basis. Inquire directly about their satisfaction level and ask what can be done to keep them happy. Find out about issues will allow you to brainstorm on fixing the outstanding problems, improve their feelings of worth, and work on ways to increase and facilitate ongoing motivation.
Always offer growth opportunities in your organization to you best employees. Top performers want to see that they are growing and know that their career isn’t stalling. Challenging roles and increasing responsibilities lets them feel stretched. Expanding the job and promoting people to higher titles can be hugely motivational. The latter can be difficult if the organization has little room in its structure, but you can usually get creative especially in smaller companies. Studies have shown that most top performers feel growth by expansion of duties, job rotation and exciting challenges.
If someone has already started looking for a new job, it may be impossible to reverse their decision to leave. In such cases the best strategy for an organization will be to begin training within for their replacement or beginning a confidential search to replace them smoothly when they leave. Offering a counteroffer is usually a short-term band-aid that often comes back to bite both the employer and employee in the long run, so I don’t recommend them. The best plan is a preemptive strategy to retain your employees and there is lots of good material to assist with this.
If you need more tips on retaining your talent or need to begin replacements give us a call.
by: Anjela Mangrum, CPC
Anjela Mangrum is the founder of Mangrum Career Solutions Inc. MCS partners with industrial and machining manufacturing businesses to source and secure mid-to-upper level talent for operations, supply chain, and engineering positions. They work to empower individual job seekers by helping them gain a competitive edge in their job search. For hiring needs contact Anjela at 513.753.3813 x101.