In a recent article by Donald Cooper Titled “Big changes are happening in staffing and employee retention. Are you ready?” he talks about the battle for talent and how important it can be to retain talent.
It would seem the battle for talent is heating up and organizations need to beware that this can have a major impact on their business results and success! So, businesses need to ask the question “Are we concerned about losing talented employees?” in order to determine risks and what actions and steps could prevent the loss of talented employees and valuable contributors.
To answer this question senior executives should first examine the value their workforce brings to the organization in terms of high performance, achieved goals, positive client interactions, strong productivity, quality excellence, etc. It may seem that losing certain employees is not that important and replacements can easily be found but this is not as easy as it looks or appears. Many organizations struggle with filling vacant positions and at the same time once a new employee is hired it can take months or even years before you recognize the performance and contribution you had with the previous employee!! These challenges can include lower productivity, decreased quality of work and errors, communication issues and misunderstandings, specific skills that need to be developed, and more… all at significant costs to the company!
Losing valuable employees is never a good thing, so what steps need to be taken to reduce the risks? Here are a few suggestions to help you minimize the risk of losing talented employees:
- Focus on employee engagement and a strong onboarding process (many employees decide to either stay or leave within the first 12-18 months, if not sooner).
- Have interactive and regular meetings and discussions with employees to understand their needs, interests, career aspirations and challenges experienced in their job.
- Help employees grow and develop to learn new skills and abilities.
- Recognize and appreciate employee’s efforts and contributions to demonstrate you value them.
- Provide coaching and mentoring support to help employees improve their performance.
- Communicate often regarding goals and objectives so they are clear on their tasks and responsibilities.
- Allow their voice to be heard by seeking out their ideas and listening to what they say, then providing constructive and supportive feedback.
- Focus on building morale and team camaraderie.
- Make work meaningful for the employee or allow them to have enough flexibility and autonomy to build a rewarding career that appeals to their needs.
- Conduct “Stay Interviews” to better understand risks involved and what actions can be taken to address their desires and prevent them seeking a new career.
Be proactive in your efforts to build a strong and loyal workforce to avoid the problems and costs associated with employee turnover!
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