There are many factors that an employer must take into consideration when looking to retain top talent. First and foremost, they must obtain that talent by making the right decisions during the hiring process – from creating or updating the job description and communicating it via the correct platforms (CareerBuilder, LinkedIn, Local Newspaper, Word of Mouth, Twitter), to performing proper due diligence during the selection, including selecting strong interview questions and performing background and reference checks. This process can be complicated and daunting, and so we are rightfully proud of ourselves when we do it right – typically after the new hire has made it through the onboarding process and has settled into their job.
But what happens when that same, talented employee leaves your organization much sooner than you had hoped for? According to a recent CareerBuilder/USA Today survey, 56% of Managers are worried that their top talent will leave for another job within the year. Nearly 90%of employers assume that their employees leave for more money elsewhere, but in fact only 12% of employees actually earn more from their next company.
Other times that talented employee will stay, but employers will watch their once stellar performance start to decline as time passes. It’s possible they are just doing enough to get by, but if you’ve seen their potential, it’s important to check in and ask. Open communication will allow everyone to take the steps necessary to improve performance and make any necessary changes.
More likely than not, something has happened over time to dull your employee’s motivation, and this can be an expensive problem. Disengaged workers cost the economy $300 billion or more per year. Let’s take a look at a few things that may cause an employee to become demotivated and disengaged.
For business owners and other organizational leaders, it is crucial to have employees that provide quality work and improve business results. Organizations with higher than average levels of employee engagement realized 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above-average productivity. In order for employees to feel continuously connected to both their work and their team, communication, feedback and a constant review of each person’s motivational factors is a must.
As with all initiatives, support from leadership is vital to the establishment of a true culture of communication, listening and feedback. Everyone thrives and feels both heard and “in the know” when feedback mechanisms are strong. We are always either contributing to a climate of motivation or a climate of de-motivation. Let’s be sure that we utilize the right motivational tools for each of our employees so that we continue to secure our talent.