A company’s top talent is the key element in distinguishing itself from others in today’s competitive business environment. Since its top performers are the mainstay of an organization’s success, a real problem presents itself in terms of how to retain their loyalty. Work ethics and attitudes have changed to give talented employees more power and more choices than ever. Moreover, a talented employee’s defection to a competing company can result in big financial losses for the organization in terms of lost production and contacts.
By examining the reasons why employees choose to leave a particular place of employment, it is wise to first examine the reasons that employee chose to stay there as long as he or she did. Surprisingly, the main reason top talent leaves one company to work for another is not always because of dissatisfaction with one’s salary. It is because some aspect of what attracted them to your company initially deteriorated to the point that whatever the new company offers them seems more attractive.
Direct management problems can often be the cause of a talented employee’s departure from a company. Something as seemingly trite as differences in working styles can cause breakdowns in communication and result in job dissatisfaction. This problem can be solved by training managers to be on the lookout for these types of problems and by giving them special skills needed to resolve minor conflicts without unwanted backlashes. Managers should be made aware that retention needs to rank high in their list of priorities and that they should pay heed to it at all times. Sadly, many managers only consider retention when they are given notice that someone has decided to leave the company.
Showing a company’s talented employees that they are appreciated is one of the best ways to cause them to show loyalty to your company. Whenever possible, reward employees for jobs well done: whether monetarily or by some type of widespread recognition. Mention outstanding work accomplishments in meetings and newsletters and let these valuable employees know their performance within your organization has not gone unnoticed.
Recent studies have shown that human resource and senior managers play a huge role in the retention of a company’s top performers. More than ever, emphasis should be placed on their being able to balance the needs of the top performers within the confines of the company’s needs as an organization. The rules have changed from the old days when employees committed to their jobs for a lifetime and today’s management teams should be specifically trained to put this on the forefront of their minds in order to compete in today’s more aggressive work environment.
If you have any questions about retaining talent in your organization, contact us today!
~ Written by Gary Sorrell, Sorrell Associates, LLC.
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