Employee turnover kills momentum in your company. The reasons why people leave are usually predictable. Like putting breakup ballads on the “Do Not Play” list for your wedding reception to keep the party jumping, it’s smart to preempt the excuses your top talent will most likely use to slip out.
In this context, I’m identifying top talent as the type of employee that’s a high performer, and a potential future leader because of their desire to lead and capacity to critically think. Anyone in this category is susceptible to considering a better offer when it floats into their inbox. Your competitors want to lure top talent away from your company, for the same reasons you want to keep them.
Here are three categories to address, to keep top talent engaged.
1. Make sure the company has a clear vision/mission/values/goals.
Can you articulate why your company exists? Can your workers explain how their efforts uniquely contribute towards this mission? When your employees lose sight of why they do what they do, they can get distracted by flashy pitches from the next trending company. As a leader, it’s your job to keep your vision front and center of all interactions, whether it’s during team meetings or casual individual encounters.
The “passion principle” was a trend that picked up momentum during the Great Resignation. Recent college graduates were especially vulnerable to the idea that passion should be prioritized in a job search. Almost two thirds of this demographic ranked the value of finding meaningful work higher than considerations like a solid salary and job security. On one level, it sounded noble to leave an existing job in pursuit of work that you love. But now, 80% of workers who quit in the Great Resignation have regrets about their decision to leave their previous job. Abrupt departures have unforeseen costs, and starting over at a new gig can throw off the momentum in their career and within networks. Communicating your mission, and how everyone is moving forward together to accomplish the Big Picture, gives your team members a good reason to stick around.
2. Create a work environment that fosters collaboration, innovation, and autonomy.
Keeping your future leaders engaged in solving the company’s biggest problems (the ones that carry legitimate risk) is your biggest hedge against inertia– when a culture settles into the status quo and resists change. Static companies offer little to challenge an ambitious future leader. Organizations that are structured to encourage collaboration report a decrease in employee turnover of up to 10%, according to one study.
Collaboration and innovation are cultivated in your business culture. Diverse and inclusive cultures understand how to incorporate different perspectives, skill sets, and experiences. Everyone equally contributes to solutions. The value of taking risks eliminates the fear of failure. Team members feel motivated, connected, and respected. They’re more likely to build relationships with the people they work with and stick around because they like their teammates.
3. Support employees with training and development.
In today’s world, today’s competitive advantage is tomorrow’s obsolete skill set. An estimated 58% of the workforce needs new skill sets just to keep up with the job they’re already doing. 77% of workers are ready to learn new skills or completely retrain. 80% are confident they can adapt to new technologies.
Workers are more likely to be loyal to a company that invests in their personal development.
Offer upskilling– teaching new skills to help your workers perform their job better. Chart a long term career trajectory for employees. Create milestones and give them opportunities to do check-ins as often as possible.
In yesterday’s Great Resignation, top talent was looking for a reason to leave. Today, all they need is a reason to stay. As a leader, keep communication open so you have a beat on how engaged your people are in their role in the mission and within the culture. You determine the environment that facilitates lasting partnerships.
