Retaining a business’s very best talent has become imperative in these uncertain financial times.
But if you find yourself constantly scratching your head as to why yet another of your talented individuals has left the business, there are some solutions you can look at.
I’ve listed below the first 5 of 10 key reasons as to why your best people probably keep jumping ship, and what you should do differently to try and keep hold of them.
Your top talent will want to progress through your business and they are not always motivated by money and power. What they need is an opportunity to be able to contribute to something bigger and you therefore need to give them a project which will not only ignite their passion, but something which has the impact for them to get noticed by senior management.
One of the key factors that make employees disenchanted with a company is the levels of bureaucracy within an organisation. In fact some people think that it’s easier to leave a business rather than try to alter some of the rules and relegations that are in place.
This can be especially true in larger businesses, where trying to alter a process can take an age. Be careful though. Your best people can often be your most impatient members of staff and if they feel that their creativity is being stifled because of red tape, they may look to go elsewhere.
It still amazes me, just how ineffective many companies’ annual performance reviews are. Many managers I’ve encountered over the years simply see reviews as a tick box exercise to keep HR happy. This leaves the impression with the employee, that their boss, and therefore the company, isn’t really interested in their long-term future with the business. This leads nicely on to the next point.
Just as many managers are inherently lazy when it comes to performance reviews, they can be equally as guilty for not asking their best staff where they want to go in their careers.
This represents a huge opportunity for an organisation to set up review meetings to discuss succession planning or career development.
If your best people know that you think there’s a path for them going forward, they’ll be more likely to hang around.
Whilst it’s important for businesses to have a strategy that is fluid and changes with the market, your top talent will hate to begin projects only to be told to switch their focus onto something else.
Your best people will want to contribute to not only delivering the businesses strategy but also shaping it as well. Therefore, it is vital that you do your level best to get them involved in any strategic shifts that you might be planning for your business.
Thanks for reading and should you require any further help finding that next big move, or if you are looking to recruit, you can get in touch with me here, or you can join the LinkedIn Response Knowledge Network here.
Otherwise feel free to get in touch with me personally, via Twitter or LinkedIn using the links below.