“How do we retain our top talent and our most loyal customers?”
That is a good question and one that my clients often ask. In fact, Deloitte just came out with their Global Capital Human Trends 2016 report, and it is not looking good for organizations who don’t ask that question. Productivity in the U.S., for example, loses $300 million dollars to low engagement. Revenue growth in high engagement companies is 2.3 times higher. Their performance is 57% more efficient and in terms of retention, 87% of people are more likely to leave if their workplaces have low engagement. What we’re talking about ultimately comes down to one thing:
How do you retain and sustain versus obtain and retrain top talent?
Do you want to spend all your time trying to bring in new talent and then keeping it? Or, do you want to keep focusing on what you do well? It’s important to keep innovating, staying ahead of the curve. The average business only lasts 40 years now, and you know that’s going to be shrinking even more as new and evolving technologies and businesses grow. And how will you survive? Your talent is the number one competitive edge that you have.
I want to share with you the top three mistakes that businesses make in retaining top talent. I’ve seen this time and time again as a speaker, as a coach, and as a business practitioner consulting with companies that, for the most part, have been awarded for being some of the top employers of choice. The mistakes I am going to share with you are the things that I’ve learned these employers avoid so that they don’t fall into the trap of constantly trying to obtain and retrain. Instead, they’re able to retain and sustain the gains that they’ve made. Of course, before I talk about these three mistakes, I want to share a free resource (“Recognition is not fluffy stuff”) with you! I’ve given you a spot where you can connect and I’ll give you a cheat sheet of how to avoid these mistakes. Are you ready for them?
1: Not looking ahead, and only seeing what’s right in front of them
Oftentimes we miss the iceberg that should have been known to us, something we should have been aware of for a long time. You know the reference I’m making – the Titanic. Can you re-direct your organization, just like that? Organizations, generally, are not nimble enough for us to do so. We’ve got bricks and mortar. We’ve got systems, policies, regulations; we’ve got people. Just like we can’t shift the Titanic to avoid an iceberg we should have seen earlier, we can’t just reorient at the drop of a hat, to address a trend in our workforce. We need a little bit of foresight.
2: Waiting until the signs are right in front of you; waiting until it’s too late
Here’s what I mean by that. Your staff could already have cold feet way before they actually leave. It takes about six months for somebody to find a new job, so if somebody is leaving you today, it means they decided at least six months ago. If you’re in a booming industry where you have talent that you can barely even get in the door in the first place, that time is probably even shorter. So, don’t wait until your people are telling you they’re leaving before you decide to do something about engagement. And when someone does leave, you need to make sure to find out exactly why. People can leave for all kinds of personal reasons, but you need to know if you’ve got a trend happening. If you do, you’re probably already on the losing end of that curve.
3: Don’t follow the crowd
If everybody is doing engagement surveys to find out what people think, it’s probably too late to course correct. If you find out through that engagement survey that people aren’t happy, how long has it been since they started becoming unhappy? Let’s say it took two months to complete and analyze the engagement survey. You’ve now not only had two months of unhappy people but all the months that led up to that. Figure out some creative ways that you can do pulse checks along the way so that you’re staying ahead of the curve in more ways than one.
You see the theme that’s happening here?
These three common mistakes all relate back to being proactive rather than reactive. Lack of proactivity leads to a lack of productivity and is what’s causing these three mistakes in many organizations.
I’ve got lots of other great resources that I want to ensure you have access to, so you can have healthy and happy cultures where you retain your top talent. Feel free to subscribe to my YouTube channel because all of these resources are available, for free, anytime you need them.
In the meantime, I invite you to contact me anytime if you have questions. What is your reason for staying ahead of the curve? Let me know through the comments section and I’ll commit to looking at every single one, to sharing resources with you, and to addressing your challenges through future posts!
Once again, I’m Sarah McVanel. Be well and be great!