Retaining capable employees within an organization is vital to building a strong and profitable operation. Although business leaders dedicate considerable time to discussing talent or to attracting talent initially, many leaders repeat mistakes that lead to talent turnover. Worker turnover is one of the greatest expenses and disturbances that companies face. To minimize this problem, leadership will find it beneficial to recognize the reasons that cause talented staff to depart. As such, the following information provides some rationale about employee turnover, and it includes some steps companies can take to prevent the brightest from leaving.
Upon questioning, business leaders are among the first to assert that their respective companies have quality processes in place to retain and develop talent. Many of these procedures structure on theories and integrate little real-life considerations. As a result, these processes are ineffectual when applied to realistic situations.
Leaders looking to assess their talent pool must examine the organizational culture and survey the results produced. Reliance on rhetoric, potential or theories is a fallible approach. Remaining oblivious to the reasons employees are opting for other pastures is not a winning strategy.
The following figures capture employee work sentiment as presented in Forbes:
*More than 30 percent believe they are likely to change jobs within a year.
*More than 40 percent lack respect for their superior or direct report.
*More than 50 percent assert their values differ to that of their employer.
*More than 60 percent believe their vocation goals differ from their employer’s plans for them.
*More than 70 percent believe their employers do not value or appreciate them.
The subsequent list identifies the common reasons talented staff depart and mistakes leaders want to avoid:
1. Unchallenging work environment, stagnating responsibility, and stifling creativity: Star employees seek intellectual stimulation, challenge and responsibility, not monotone work and unaccountability. To keep their interest, employers should encourage an atmosphere that embraces growth and novelty. When companies fail in these areas, star employees become susceptible to a recruiter’s pitch.
2. Lack of staff development: Top talent seek perpetual improvement to meet current and future employment demands. Thus, these workers seek workplaces that invest in staff to facilitate upward mobility.
3. Failure to care and listen: Employees appreciate employers who do not focus solely on returns. Shrewd leaders speak with their employees to help understand staff on a human level, to learn their triggers and to learn their passions, which in turn bridges the divide and cultivates a sense of appreciation. Likewise, management should not mute their workers’ voices. Talented personnel want a platform to articulate their ideas.
4. Lack of or weak leadership: Employees appreciate clear structure that can facilitate employee efforts. Ambiguous guidance only serves to frustrate or confuse staff, not empower or motivate.
5. Failure to give recognition: Employees see praise as a sign of appreciation. Without it, workers do not believe management value their efforts. When employers do not give timely recognition, employees sometimes seek work elsewhere.
6. Failure to keep commitments: Failing to keep promises (significant or trivial) will cause employees to use that as a basis of what to expect from future commitments, and trust will collapse. Without trust, everything is futile.
Based on the above statements, employers can improve their staff experiences by reevaluating business approaches. When employers involve, challenge, value and reward their employees, the employees are less likely to quit or pursue other avenues.
Astute bosses recognize that the ability to hire top talent is half the battle. The second half lies in implementing pragmatic practices to retain them.
Read more at Inc.