Why Your Employees are Quitting
April 28, 2019
By: Shane Cotner:
Top talent can mean all the difference when it comes to the success of your company. With the right talent on board, your business is primed for growth and to maintain a potent competitive edge.
However, today’s low unemployment rate means that in many cases, your top talent is either already spoken for, or are being eyed by the competition who are looking for superstars to poach. What’s more, company loyalty doesn’t mean what it used to. Younger workers increasingly hop from job to job.
All of this means that now, more than ever, it is up to business owners and managers to make their workplace a desirable place for top talent to begin, build, and spend their careers.
Of course, this is easier said than done. But, we can help. Keep reading for five tips on how to retain top talent:
Don’t Confuse No News for Good News
Don’t assume that things are great just because no one is complaining directly to you. Make it easy for employees to ask for what they need, and to approach you with any problems or concerns. By maintaining an open line of communication between management and employees, you will be able to address issues head-on before they negatively affect productivity and cause your top talent to begin looking elsewhere.
Incentivize your Employees
Regardless of your employees’ loyalty to you and your company, they need a reason to stay. While financial incentives like raises and bonuses are helpful and generally appreciated, money isn’t as motivating as most people think. Effective employee incentives that appeal
to top talent will consider fundamental motivators like flexibility in their work hours, opportunities for professional growth, and recognition for hard work and achievements.
Keep your promises
One of the more troubling complaints from employees is that their employer makes big promises during the recruiting process, only to fail to follow through later on. This behavior is toxic and leads to high employee turnover. The best employers and workplaces clearly articulate to employees what they can expect, and then follow through. In other words, if you can’t keep the promises you make when you are recruiting your top talent, don’t make them.
Hire for culture fit Hiring for culture fit is extremely important. One study from the Netherlands concluded that 84% of recruiters found that cultural fit is one of the most critical factors in retaining top talent. Cultural fit matters because, while an employer can always provide the materials to do the job, an employer cannot train a worker to honor the same values of the company. However, what cultural fit is can be a tricky thing to define – it is up to you as the employer to explain the mission of your business and the values behind it.
No matter how talented the candidate, if their values don’t align with the company mission, both sides of the equation will not be satisfied.
Always be recruiting
Companies that are proactive about recruiting have a competitive edge. If you only recruit top talent when a position becomes available, you compromise your ability to find the best candidates because you’ll be rushed to hire someone. By establishing and maintaining a pool of desirable candidates, you can fill positions right away with top talent.
Talent acquisition and retention are some of the biggest challenges to growing a successful business. After you’ve invested all of the time, effort and resources it takes to build your workforce, the stakes are simply too high not to do whatever it takes to retain your talent.
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