For every dollar paid in salary, it costs typically twice that-sometimes more-to recruit, hire, and retrain for an employee who has left.
So, here you go again…you’ve done everything right to recruit the best candidate who is going to take the business to the next level. You train them, trust them, leave them to it…then they leave.
They lacked engagement.
But this doesn’t happen all at once. No. Like everything else, it’s a process, no obvious crisis. They seem to be performing fine, working, saying all the right things, but underneath, they’re already gone.
How to prevent the loss of top talent comes down to a modification of the golden rule— treat employees like the boss wants to be treated.
Don’t micromanage with too many rules…yes, guidelines and policies are essential, but too much drives people crazy and stifles their ability to contribute to the team. No one works well with big brother breathing over their shoulder, monitoring their every movement.
Reward for success. The workplace is not a school yard and people who contribute more should be rewarded appropriately. This promotes engagement in the overall goals of the company. A pat on the back goes a LONG way and shows that the business is paying attention. This will also remind employees of the big picture, giving the team members a purpose to achieve.
By the same vain, don’t tolerate poor performance. When businesses permit sloppy behaviour without consequence, the top employees go down with them, along with their interest in the success of the company.
Empathy is important in building relationships. Smart employers are able to balance being professional with being human, celebrating success and understanding tough times. Failing to remember this will have the consequences of high turnover of staff members.
Top talent are by their very nature passionate about their career. Allowing them the opportunity to pursue their passions increases overall productivity and job satisfaction by almost five times than those stifled. This line of thought keeps employees not only engaged, but promotes “fun” in the workplace and people who are having fun have no problem coming to work and giving their best.
Employee group benefits are an excellent way to attract and retain top talent. Built appropriately, a well designed benefit plan will incorporate seamlessly into the compensation strategy and overall corporate structure of the company. This is an excellent way to reward and build on length of service incentives.
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