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There’s no denying that a business’s best asset is talented employees. It follows then that holding on to these people is crucial to any business’s success, by retaining all the knowledge and expertise that each employee possesses. Rehiring and retraining staff is expensive, and a high turnover rate can be damaging to productivity and morale – if you find that your best employees don’t tend to stay in the business very long, moving on after six months to a year, you need to understand some of the main reasons for this happening, and what you should avoid in order to keep talent happy.
Undervaluing their contributions to the business
If an employee adds measurable value to your business – nailing their targets, generating new leads and interest in your company, or delivering a consistently high standard of work on projects with little input from anyone else – this shouldn’t go unrecognised. People don’t need a pat on the back or a gold star, but just having hard work and success acknowledged helps people feel valued and shows that their efforts are appreciated.
Being thanked and recognised for performing well boosts team morale. Shouting about particular occasions where an individual or team has really gone the extra mile and excelled can have a positive impact on the whole business too; it makes people feel like they’re making a difference, and part of a successful company – everyone wants to be on the winning team!
Over- or under-management
Micromanaging your employees can limit productivity and restrict creativity, meaning that your best talent might never be given the opportunity to show their full potential. By stepping back and letting go of the need to control every aspect of a project, you show your employees that you respect them, that you trust their ability to do their role effectively, and consider them to be as equally competent as yourself.
Lack of management or poor management can be just as damaging to your talented employees. If people aren’t clear on priorities and goals, it can cause confusion and slow down core processes in the business. To fully succeed and keep talent happy and motivated, set clear targets to work towards, so people feel they’re making progress and actively driving the business forwards.
Measuring performance by time spent sat at a desk
Managers are constantly having to balance the budget, trying to get the maximum output of work from their staff for the minimum input of money and resources. The mentality that time spent sat at a desk equals a productive, dedicated employee is limiting: think quality of output, not quantity of hours. A talented employee might be able to achieve what others could in a full day, in the space of a few focused hours. Be open and flexible to different people’s working styles and try to support flexible working or working from home options. Play to each individual’s strengths rather than viewing everyone as robots who work at the same level and pace.
Putting up barriers to progression
Money isn’t the be-all-and-end-all for every employee; in fact the top reason why people quit their jobs is due to lack of progression. Having said that, wanting better pay is a strong reason for people looking for other opportunities. In a capitalist society, money talks; being fairly paid for the quality of their work, their experience, and their contributions to the business matters to talented employees. Being turned down for a raise that an employee feels is justified can cause a great deal of tension. An increase in salary signifies that they’re ‘climbing the ladder’, and if a talented employee comes up against roadblocks to this advancement within your company they are likely to start looking for other roles and businesses that will fulfil their ambitions.
If you have genuine business reasons for rejecting a request for a pay-rise – such as concerns over performance, quality of work, or attitude – then these need to be well founded and discussed with the employee in a professional manner. But if an employee is able to produce clear evidence of their accomplishments and the value they add to the business, then their request should be taken seriously and accommodated as far as the business and budget allows.
The bottom line is, an employee may really enjoy their role, love the company and their colleagues, but if you don’t put your money where your mouth is and show you value them, they’re likely to find another company that will – don’t let money be the only reason that a talented candidate walks!
Improving retention of your best performing employees is essential to keeping your business thriving and evolving. Steer clear of these four common reasons why talented people quit their jobs, and you’ll improve turnover rates, holding on to the unique skills and valuable knowledge that each employee has to contribute to your business.
