THE BOTTOM LINE

Want to Tame Top-Performer Turnover?

Posted by Mike O'Neill on 10/18/18 7:45 AM
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We've all been there. One of your top performers has just turned in her notice. At this point, it's probably too late. But there are steps you can take to avoid losing other top performers.

The job market is hot right now. In 2018, American workers are changing jobs every 4.2 years. For Millennials, it's every 2 years. 

Employees are moving on and there are two major factors driving this trend. The number one reason cited by Millennials is growth. They want their jobs to challenge, grow and develop them, both professionally & personally. They change jobs to stay energized, develop new skills and meet new people. Millennials claim they want to experience different workplaces, not just "have a job." The other reason people change jobs is their boss. In a good economy, employees know they don't have to settle for poor leadership. Empowered employees are quitting bad bosses. There are several ways to grow your employees, make them feel trusted & valued, and increase the likelihood that they will stay.

MAKE TIME FOR QUALITY PERFORMANCE REVIEWS

Great managers help guide employees by making time to provide helpful and valuable performance feedback. 

SUPPORT EMPLOYEE'S GROWTH GOALS

Employees want to know that when they work hard to help the organization, their manager will care enough to help employees achieve their personal goals in return.

PROVIDE A FLEXIBLE WORK ENVIRONMENT

When employees are willing to do whatever it takes to help the organization be successful, they expect flexibility in return. It is now normal for employees to bring work home, work on weekends, and respond to phone calls & emails after hours. So when employees need a long lunch or time to attend a school function with their child, leaders need to be supportive & flexible.

LISTEN AND CONSIDER EMPLOYEE'S OPINIONS

You hired your employees for their talents and problem-solving skills. Make sure you regularly check in with them and ask for their opinion and perspective. When employees know their perspectives are considered, they are energized and work harder to provide valuable input.

SPEND MORE TIME LEADING & LESS TIME MANAGING

Give your employees opportunities to make decisions and direct their own time and work. Letting your employee make decisions without running every single one by you, clearly communicates to them that your trust them. Employees need to be able to take risks and make decisions to learn & grow.

SHARE INFORMATION

Employees need honest, complete & timely information to successfully do their jobs and feel connected to their team & organization. Keep employees informed. No one wants to learn critical information from an email, a peer or through the gossip grapevine.

ENCOURAGE A CULTURE OF INNOVATION

Support your employee's desire to try new things, even if it doesn't work out. Without a culture where employees can take pride in innovative failures and be motivated to get back up and try again, they stop trying at all.

COMPENSATE FAIRLY

Compensation is last on this list for a reason. If managers are missing the mark on the first eight behaviors, it doesn't matter what you pay your employees ... it won't be enough. In fact, your employees are probably already thinking, "I don't get paid enough to put up with this."

 

 

Sources: U.S. Bureau of Labor Statistics (2018), Stark, P.B., & M.C. Kelly. Why Leaders Fail & the 7 Prescriptions for SuccessBentley Press.

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Related Blog: https://www.bench-builders.com/bench-builders-blog/worked-hard-to-hire-them-now-how-to-keep-them.

Topics: Employee Retention, Employee Retention Ideas, Reducing Turnover