As unemployment levels continue to drop and the overall economy seems to be moving out of the doldrums, a different employment issue has begun to surface nationwide: the retention of top talent. With more avenues for job change on the proverbial horizon many companies are finding themselves unable to prevent the best performers in their organization from jumping ship for more attractive occupational shores. There are ways to prevent this burgeoning trend, and employers must acknowledge that the way they have structured their businesses and implemented procedures may have to change in order to keep a full, productive staff of workers.
To stay engaged on the job it’s been well-documented that an employee needs to have a sense of excitement or passion about what they are doing and feel appreciated for their performance by both superiors and peers. These are not new ideas, by any stretch of the imagination, but they seem to go hand-in-hand with companies – of any size or structure – that are able to retain their top performers. Eric Jackson’s Forbes.com piece on why large companies fail to keep their best talent says being a part of something bigger than them is what really motivates a worker, not pay and power. Big and small companies that fail to acknowledge if their employees are passionate about current projects or if there’s something else they’d be more excited to take on overlook a major way to engage and lock in their talent. Companies often have a very narrow perception about their employees’ driving factors; they often assume that if their pay is competitive, it will suffice for retention.
Poor or mediocre performance reviews where an employee is quickly assessed and a few check marks are made on an HR document happen more frequently than not, and represent an overall inability to truly demonstrate a sense of appreciation for the employee. Reviews should lend themselves to discussions of employee and supervisor goals. Breezing through annual performance reviews means losing a real opportunity to take stock in how the employee feels about their direction with the company and whether or not their vision for themselves is indeed with the organization, and if so, in what type of project or position. Keeping this line of communication open keeps an employee vested in their work and puts a company in the offensive, rather than defensive line, where they can tweak their expectations and opportunities to best fit the employee and manager’s perceptions.
Sabbaticals – paid and unpaid – are one way in which some companies are offering refreshers to underwhelmed employees. Paid or unpaid, a brief respite from one’s job that is with the company’s support – and maybe even urging! – can have a positive impact on later performance and enthusiasm for one’s task. Absent employees can cost revenue dollars, but the benefit has been shown to outweigh the costs when talent returns to the job clear-headed, re-focused and ready to tackle their projects. A rejuvenated employee can bring some of the benefits of a new-hire without the turnover and training costs associated with actually bringing on new talent.
Today’s employee is looking for the whole package when it comes to employment. Offering competitive salaries and benefits doesn’t spell retention in all cases. Acknowledging the unique, personal sides of an employee and recognizing their need to develop a rewarding, satisfying worklife are keys to keeping a full, thriving staff.
Read more articles:
Proper onboarding of new hires better unifies staff, increases productivity
Can businesses reverse the overwhelming plague of worker disengagement?
Tags: business, employee retention, employees, human capital, small business
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