Recent LinkedIn studies show that more than half of the workforce is open to exploring new employment opportunities. That means there is a good chance that as you read this article, you have people assessing their employment options in your company.
It's addition by subtraction for poor performers, but not your top talent. Not your game changers, those you likely rely on most. About 80% of profits are typically generated by 20% of people.
These employees are worth their weight in gold.
If you have experienced losing top talent, you understand how costly it can be. Many studies show that the total cost of losing a rock star employee can range from 1.5 to 2 times their annual salary.
Consider the total cost of resources when replacing top talent.
- The cost of hiring a new person — recruiting, screening and interviewing;
- The cost of onboarding and adequately training new hires;
- The cost of lower morale and employee disengagement;
- The cost of lower productivity;
- The cost of customer attrition;
- The cost of lower service levels because of employee attrition; and
- The cost of added work and stress for other employees who must fill the void and the burnout it causes.
And unfortunately, these additional costs may have been preventable. So, you must ask yourself: Do you take your top people for granted? Do you expect them to be loyal because they have been in the past?
The best way to get in front of this is to confront it and put proactive measures in place that show employees you are still their best option. Existing employees want to feel engaged, connected and appreciated. They want their ideas to be valued, and due to the fragmentation that the pandemic created, many will need to be continuously re-recruited, or you risk losing them.
They need to confirm that you are their best fit.
An additional question to consider: How strong are the existing relationships between management and their direct reports? How healthy are the relationships between co-workers? What do they like, dislike, and where do they need support in their job? Are they happy in their current role, and if not, are you willing to work with them and create a position where they can excel even if the job doesn't currently exist?
No one saw this environment coming, and most leaders are doing their best with what they have, so putting pride aside, opening themselves up to vulnerability and transparency with employees, and appreciating honest feedback may help save that next employee from leaving.
Below are three areas to consider keeping your top people from walking out the door.
Re-invest in relationships
- Reestablish relationships and learn more about employees' wants and desires;
- Learn where they see themselves three years from now;
- Find out more about their goals and dreams;
- Get to know them on an authentic human level; and
- Talk about how they feel you manage, do they feel it’s for their best interests or yours.
Existing employees want to feel engaged, connected and appreciated. They want their ideas to be valued, and due to the fragmentation that the pandemic created, many will need to be continuously re-recruited, or you risk losing them.
- Set crystal-clear expectations set for employees to be successful;
- Ask if they feel they have been communicated with effectively;
- Find out what grey areas there may be in their job that you can establish clarity on;
- Determine what training they may need to revisit that could help them be more effective; and
- Make time to shadow and learn what they are experiencing to learn how you can help.
- Managers should get back to delivering what they said they would in previous conversations;
- Show gratitude by giving thanks and praise often;
- Celebrate success and recognize and reward in a way that fits your culture;
- Talk about the opportunities that exists for them to get where they want on a regular basis; and
- Have challenging conversations that will help employees grow.
And always remember it’s always okay to apologize if you have not met their expectations. The best defense is a good offense.
Implementing these strategies will reaffirm employees' commitment to your business and win back their loyalty.
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