Retaining Top Talent

The recession is coming to the end and you have made it through with ALL your top talent still on board. These people are the ones who kept their heads down and focused on keeping your products solid and your service levels second to none. With employees like this you are set up for success in the coming year. You are going to gain market share and be the leader in your industry.

You've got it made, right?

As companies emerge from this recession and begin to hire they will not be going to the job boards to source the talent they need. The people they are going to want to hire are the same ones who got you through this recession. With ONE well placed call a Headhunter can pull not only your staff out but they will also cost you your future success.

Losing one $60k employee can cost a company on average $ 200k in revenue. The cost of sourcing, interviewing and training a new employee can cost a upwards of 150% of the employee’s salary. The disruption in service to your customers will force a MINIMUM of 10% of your customers to find a new vendor. The stress and overtime force onto other team members will lower their productivity by another 35% . These costs add up quickly and can derail the best of companies.

Studies have shown that people are reluctant to entertain a new position, if they believe the environment they work in to be a good one. The atmosphere you create in your workplace is the key to keeping your top talent. Little things, such as providing free beverages, a clean work area and friendly co-workers go a long ways in providing a place people want to come, day in and day out.

By identifying your top talent you will be giving the leader in your organization a voice. This will enable you to specifically target their valid needs and address their concerns quickly. By taking care of them, they will project a sense of well being throughout your organization.

When times are good your staff needs to see you. When times are tight your staff MUST see you. Get out of your office; go get a cup of coffee, say hello to everyone. By being visible and involved people will go the extra mile. They will feel they have a connection to you and can effect positive change.

The day-to-day work can be tedious. Training can break up that monotony and rejuvenate an employee who feels his or her job goes unnoticed. Training can be as simple as offering online courses from the local college. You will find employees will not only complete the course enthusiastically, but, given the freedom, they will do more training on their own time.

Salary is not the most important thing to your employees, but it does go a long way. Rich companies can trap employees by over paying them as much as 10%, forcing that employee to take a pay cut to advance their career. To avoid the animosity created by “golden hand-cuffs”, a quarterly bonus system is highly recommended. When bonuses are paid fairly and on-time, productivity goes up and employees will be looking forward to the extra income, which will make them reluctant to accept a new position before the bonus is paid. By then the employee is into the next bonus cycle and the other potential employer has found a new candidate.

Do not be afraid to ask how you are doing as an employer. Equally, do not hesitate to ask people why they are resigning. By conducting "Engagement Surveys" and "Exit Interviews", you will gather priceless information about underling problems that can be fixed.

The human factor is the competitive edge companies need to stay ahead of the curve, especially in today’s marketplace. Recruiters know the difference between you and your competitors, and are always looking for talent. If you are not working at retaining your top people, then you are working to lose them.