A recent Gallup poll revealed that less than half of Americans were completely satisfied with their jobs, and more than 20 percent had applied for other positions within the previous six months. And while hiring in the U.S. remains a bit sluggish, our economy is on the rebound, with job growth on a steady incline. Baby boomers are retiring at a fast pace, and our next generation of workers is smaller than the current one.
In light of this scenario, it's become more challenging to hire and keep top talent. With a growing window of opportunity for job seekers, you need to be at the top of your staffing game or you'll risk losing "A-Team" players to your competition.
Want to avoid a mutiny? Use these five ideas to keep top employees from abandoning ship: Your best employees produce up to 12 times more than the average worker. When a superstar vacates a key position, the operating cost in their absence can be as high as $7,000 a day. So, what can you do to keep these valued team members right where they are--at the helm of your company?
Money counts, of course, but it's not the only thing that matters when a person makes a career decision. The best way to keep your leaders--whether they're new hires or experienced veterans--is to let them lead. This includes appropriate coaching and development, accessibility, engagement and autonomy, as well as the right work/life balance and community footprint.
To best satisfy your top performers, you need to help them achieve both their professional and personal goals...and nurture them in a way that these goals work together for the benefit of everyone involved.
You want your superstars to stay with your company long term? Then give them the professional growth opportunities, clear career paths and mentoring they need. It's that simple.
High performers crave challenge and constant knowledge enrichment. Implement training and development programs with this in mind. Managers spend 80 percent of their time with the bottom 20 percent of performers. So deal with or eliminate the bottom-feeders and capitalize on your top talent.
Anup M. Manchada, co-founder of the executive leadership school THNK, summed it up when he said: "Empower your top people, allowing them to enrich their spirit and give them more control and direction of the lives they want to lead. Step back and watch them deliver. That is more powerful than money."
People are more likely to stay in an environment that reflects their personalities, preferences and priorities.
Mutiny!
Remember the Golden Rule? Do unto others as you would have done unto you. It's been around forever--for a good reason. Treat your valued employees the way you'd want to be treated, and think about what motivates you to get up and go to work every day, and year after year. Then, go make it happen! The pick of the talent crop will be yours for the taking--and your best employees will stay loyal to you.