Failure to retain top talent is one of the biggest barriers to growth. And in today’s competitive economy, it’s increasingly common for companies in all industries to lose top talent.
In a 2013 survey of 2,600 hiring managers and 4,000 workers nationwide, CareerBuilder found that 39 percent of employers are concerned that they will lose top talent and 53 percent of employees are passive job seekers.
What does it take to keep your “A” players engaged and happy at your company? Find the answers below.
1. Give recognition.
Don’t put appreciation on the backburner. For some, it’s more important than all other company perks. Whether publicly or privately, make it a simple habit to thank the people in your company.
Not only are team members happier in the workplace when they feel valued, but they also are more productive, motivated and likely to stay with the organization.
2. Build a culture of “why.”
Engaged team members want to clearly understand how their day-to-day tasks fit into the bigger picture of the organization. Explain how their work directly contributes to the organization’s goals. When team members understand why their work is so important, they feel a sense of purpose, and are therefore more motivated to do the best work possible.
3. Help people play into their strengths.
Over time, give team members the opportunity to focus on activities that give them strength, rather than those that are chores and drain the life out of them. Team members who use their strengths every day are six times more likely to be engaged in the workplace.
4. Increase pay.
A survey of 900 employers found that they planned to distribute annual raises to their team members averaging 3 percent last year. Yet, the average raise they receive for leaving and going to another company is between a 10 and 20 percent increase. Knowing this, it shouldn’t come as a surprise that most professionals nowadays only stay at a company for a couple years. In fact, based on these statistics, staying employed at the same company for more than two years will make them earn less over their lifetime by 50 percent.
Don’t lose your top talent to another company because you don’t pay them enough. Your team members are not costs that take away from profitability; they are the engines that drive revenue growth. Invest in your top talent and give them the training (and pay) they need to grow within your company. Think about it — replacement costs for team members can range from 30 to 150 percent of an annual salary.
As you can see, you don’t have to pull out all of the bells and whistles to keep your team happy. Develop a retention plan incorporating these four simple tasks to ensure that you don’t lose another “A” player and you ultimately build a stronger company.
This story was originally published in The Tennessean.
