I have noticed how much time is used talking about talent, only for people to make the same mistakes with talented people over and over again.
Few things in business are as costly and disruptive as the unexpected moving on of talented people from within your team.
I find it interesting so many companies seem to struggle with being able to retain their talented people.
I know people will always need to move on, when what they truly want from their work simply isn’t available from you.
I remember when a work colleague was moving from the marketing department in our construction company to the retail giant Asda. That’s different to a senior QS moving from one post to a similar one in a competitors organisation.
What is the equivalent in your business?
This Forbes article shares some interesting research, observations, and insights on how to stop the talent door from revolving.
Read the full article by clicking the link, but here are the points that resonated most for me:
As with most things in the corporate world, there is too much process built upon theory and not nearly enough practice built on experience.
The writer described the delusional perspective in the corner office, when they interviewed employees of leaders that raved about their loyal employees , here’s what they found from the people on the ground:
· More than 30% believed they’ll be working some place else inside of 12 months.
· More than 40% didn’t respect the person they report to.
· More than 50% say they had different values than their employer.
· More than 60% didn’t feel their career goals are aligned with the plans their employers have for them.
· More than 70% didn’t feel appreciated or valued by their employer.
So, for all those owners, directors, senior managers and managers who have everything under control, you better start re-evaluating.
I can remember my old boss saying that “Employees don’t quit working for companies, they quit working for their bosses.”
Regardless of tenure, position, title, etc., employees who voluntarily leave, generally do so out of some type of perceived disconnect with the person or people above them.
Here’s the thing – employees who are challenged, engaged, valued, and rewarded (emotionally, intellectually & financially) rarely leave, and more importantly, they perform at very high levels. However if you miss any of these critical areas, it’s only a matter of time until they head for the door.
From the article, here are my top 7 areas I hope no reader of this makes more than once:
1. You Failed To Challenge Their Intellect: Smart people don’t like to live in a dimly lit world of boredom. If you don’t challenge people’s minds, they’ll leave you for someone/someplace that will.
2. You Failed To Develop Their Skills: Leadership isn’t a destination – it’s a continuum. No matter how smart or talented a person is, there’s always room for growth, development, and continued maturation. If you place restrictions on a person’s ability to grow, they’ll leave you for someone who won’t.
Talented people have good thoughts, ideas, insights, and observations. If you don’t listen to them, I can guarantee you someone else will.
4. You Failed To Care: Sure, people come to work for the money, but that’s not the only reason. In fact, many studies show it’s not even the most important reason. If you fail to care about people at a human level, at an emotional level, they’ll eventually leave you regardless of how much you pay them.
5. You Failed To Recognise Their Contributions: The best leaders don’t take credit – they give it. Failing to recognise the contributions of others is not only arrogant and disingenuous, but it’s as also just as good as asking them to leave.
6. You Failed To Increase Their Responsibility:
You cannot confine talent – try to do so and you’ll either devolve into mediocrity, or force your talent seek more fertile ground.
People will gladly accept a huge workload as long as an increase in responsibility comes along with the performance and execution of said workload.
7. You Failed to Keep Your Commitments: Promises made are worthless, but promises kept are invaluable. If you break trust with those you lead you will pay a very steep price. Leaders not accountable to their people, will eventually be held accountable by their people.
If you spend more time trying to understand them, care for them, invest in them, and lead them well, the retention thing would take care of itself. If you would like more support in learning how to do these things, check out The Employer Toolbox to help you get better results and have a better life at work.
Kind regards, Irene