Let’s face it, there’s nothing worse than your best staff walking out the door.
People who you thought were loyal employees, and that you can rely on, have resigned - leaving you with the headache of recruiting a replacement.
Without your best talent, it is hard to maximise your business potential.
So what can you do to hold onto your best people?
Is it all about money?
No it's not.
Money is always a factor in people’s decision making on whether to remain with an employer. But there is always more to it than that.
Remember, for anyone to go out and look for a job, it is a time consuming and often a difficult activity. One that most people would prefer to avoid if they can.
If things are pretty good in their current role, you can generally be confident that they will stay.
So why do people leave and what can you do about it?
Here are a bunch of ideas that might be useful.
You may already being doing some, or most of these things, but there may be some ideas that can make your business more effective and hold onto your valuable staff.
People leave organisations due to their managers and supervisors than their actual jobs.
Quality management and supervision is always a key factor in retaining quality staff.
Set realistic expectations on individual performance.
Give positive feedback on performance to enable the employee to thrive in their role.
A recent survey by Glassdoor shows that company culture is high on the agenda when it comes to job satisfaction.
So what constitutes a positive culture?
· Appreciation and well being.
· Engagement with colleagues and managers.
· Can employees freely express their opinions?
· Do they feel their personal contribution is making a difference?
Staff at all levels want to be treated fairly, and they want to be treated consistently. That is straightforward and logical.
The question: do they feel that way? It is easy to assume that the business is fully engaged with the staff. Yet, that underlying disengagement may be lurking in your organisation. You have to root it out.
A fully engaged staff will go the extra mile. They will do more than their job spec requires.
The business will benefit.
People hate not knowing what is going on – particularly in a high change environment. Communicating and engaging on a regular basis makes people feel part of the team.
Let employees know how the company is performing. They will appreciate honesty and transparency. Enable employees to speak their mind and contribute to the organisation. Employees like to feel valued and like to feel important.
A culture that enables this will contribute to employee retention.
Promotion is not always possible. Organisational structures do not allow for everyone to be promoted. However, people will feel valued if they have an opportunity to maximise their potential in their role. Stifled creativity can indicate a lack of opportunity in the business.
Invest in personal growth.
A supervisor can be encouraged to try to become a manager, and given objectives and a plan to get there. A manager can be encouraged to become a director.
It all helps to promote a culture of progress.
No one likes mundane repetitive work. No one likes being stuck in rut.
But, if there is no opportunity to improve their work situation, that valuable employee will look elsewhere.
Investment in personal growth is always a winner.
Offer your staff a budget for online training courses.
This doesn’t have to be expensive “day away” seminars; there are many available online and the cost is not high.
Breakfast seminars, lunchtime events, networking events can all help the individual to build knowledge and confidence. It will also increase a feeling of importance representing their company.
It can pay dividends, particularly if it is aligned to their personal growth plan. Plus, if their personal growth plan is aligned to the business strategy then mores’ the better! (although I realise that this is not always practical – but it’s a good aspiration).
For people who have been around for a while, job title means less than it does for a career aspirational person - and it is these career aspirational talented people that you want to keep a hold of.
For people who want to climb up the career ladder, title matters. They want to feel that they are progressing in their career.
If they have a job title that does not reflect their perceived position in the company, and in comparison with their peers in other companies, this will lead to disenchantment.
Imagine the career minded person who discovers that their friends, who they perceive to be on the same level as them, have a more lofty job title - they are going to feel pretty disgruntled.
If they get an opportunity to move to another company and get a better title, it could well be the thing that makes them jump.
Job title may not matter to you, but it matters to them.