Employee turnover is more than just the emotional loss of saying goodbye to a familiar face. Recruiting and replacing an employee is an expensive process. There are the immediate costs of interviewing and training a new employee, as well as the long-term harm and loss of morale from losing a top performer.
Retaining and motivating top talent is one of the highest priority concerns for many organizations today. That’s why so many businesses take a more strategic approach to their hiring process. They know that losing a high performer can have damaging effects on a company’s overall profits and development. Once you’ve attracted top talent, you must respond in a way that will help you retain it.
1. Hire the right people from the start.
Employee assessments take the guesswork out of finding the right employee. You can select from candidates based on skills, experience, and personality. Hiring the ideal candidate for each position involves balancing the critical characteristics of the job with the skills each candidate currently possesses. Look for potential when seeking new employees and pay attention to how the candidate could fit with your existing company culture. Looking at the top performers in your company can provide a baseline for what to look for when hiring more top performers. Pre-hire assessments help you establish IF a person can do a job, HOW they will do it, and if they will LOVE the work. When job fit is established between an employee and an organization, the probability for success is dramatically higher!
2. Understand why top performers leave.
Many people will leave a company if there is a conflict with the culture or coworkers. If there’s no loyalty, your top performer may not feel obligated to stay. Make sure to look at the whole picture, as the problem could very well be with you. A vast amount of research has shown that people don’t leave organizations, they leave bad managers. A healthy employee-manager relationship is one of the primary ways an organization can help keep top performers happy. This assists with efforts to maintain an engaging company culture.
3. Allow for employee growth.
Outlining and defining benchmarks for employee growth can start on the first day of the job. One benefit of using an assessment solution in your hiring practices is that the results provide an objective measure of an employee’s strengths and weaknesses. Share these results with your new hires. Discovering their strengths and weaknesses can motivate them toward specific targets for improvement. If you nurture your employees and show them how they can grow with the company, they will be more likely to stick around.
4. Invest in your best employees.
The average employee tenure in 2014 was only 4.6 years. You will not be able to overcome this statistic with every employee, but you can retain your strongest employees with stretch assignments and a comprehensive career development plan. Stagnant positions will frustrate top performers. Invest in your best employees by giving them opportunities to take on more responsibility or build their skill sets. This can be through continued education or internal promotions.
5. Be a motivating force.
High potential employees seek a range of benefits from flexible work hours to company wellness programs. Nurturing the employee lifecycle of your top performers means communicating and meeting their expectations. Your management team must continue to be a motivating force by effectively responding to employee needs. You can also motivate employees by recognizing their efforts and rewarding their successes in a consistent and affirmative way.
If you would like learn more about how to Search, Interview, Hire, Train and Motivate high quality employees into your organization, call Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.