Have you lost any good employee talent recently? Do you think the loss was necessary? Was the defection for the purpose of a better opportunity, or because they “checked out” of your organization? That is, did they run away from your organization or run towards another?
Employees leave for a variety of reasons. Boredom, under appreciation, underpayment, disillusionment, stress, deterioration of relationships, or the need to “move up” in their careers can all play a factor. Sooner or later all talent is likely to consider moving on. You’ve done it too.
However, we can mitigate the losses incurred if we address most of the needs (or perceived needs) that cause our employees to head for the door. Moreover, the loss of one employee can be infectious, and that can increase your costs exponentially.
We all know that good employees tend to leave before the bad ones. Logic follows that if you are not retaining the valuable employees, and are unable to infuse the company with new high performers, over time your resources will dry up and your company will run against the rocks.
Think for a moment about your high performing, experienced workers. Those who carry with them wisdom, historical knowledge of the organization, and the respect of other staff who are more loyal to them than to the organization itself. What will become of your company if you have a mass exodus?
Why do waves of turnover take us by surprise? Because we weren’t paying attention.
Here are a few strategies that you can use in your efforts to keep your most productive employees:
Take The Temperature
Check in personally with your key experienced personnel on an intermittent basis. The fact is that once people have “checked out” it is difficult to bring them back into the fold.
Disenchanted or resentful employees can take a long, slow path to leaving the company. This can be even worse than a quick exit. The negative impact on morale from this kind of employee’s excruciating exit process is hard to shake.
Get Them Involved
Help your experienced workers want to stay with the company by asking them for their advice, including them in decision-making, and offering them flexibility. Engagement is key. Withdrawal is the enemy. As withdrawal calcifies, a return to positive, engaged involvement is difficult to regain.
Are your most valuable team members receiving a realistic package that can compete with comparable options within the industry? Giving up a small amount of your budget here can pay off exponentially in a valuable resource retained.
It’s a good practice to know what your most valued employees want to become within the walls of your organization. Providing ongoing development opportunities, coaching, and education can make the difference between grooming or losing a star performer.