The ability to retain top talent will be one of the main criteria for companies to sustain themselves in the future. The workforce is changing at a fairly rapid pace. The baby 
boomers are leaving the workforce at record levels. And, the new generation of Millenials is entering the workforce at record levels. In order for companies of all sizes to be recognized as the employer of choice for top talent they are going to have to be able to retain top talent. Therefore, your employee engagement strategy is going to be key to having high employee retention.
Having a good employee engagement strategy is more than just recognizing employees for a job well done. A good employee engagement strategy will be a system that incorporates the remedies as to why people leave.
We came across an interesting article on the top ten reasons why large companies fail to keep their best talent. These reasons can apply to smaller companies as well. At the end of the day the things that cause people to leave is universal for both small and large companies. As you read the excerpt from the article think about what elements you need to have as part of your employee engagement strategy to be successful in your retention efforts.
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Here are the first four reasons from the article1. Big Company Bureaucracy. This is probably the #1 reason we hear after the fact from disenchanted employees. However, it’s usually a reason that masks the real reason. No one likes rules that make no sense. But, when top talent is complaining along these lines, it’s usually a sign that they didn’t feel as if they had a say in these rules. They were simply told to follow along and get with the program. No voice in the process and really talented people say “check please.”2. Failing to Find a Project for the Talent that Ignites Their Passion. Big companies have many moving parts — by definition. Therefore, they usually don’t have people going around to their best and brightest asking them if they’re enjoying their current projects or if they want to work on something new that they’re really interested in which would help the company. HR people are usually too busy keeping up with other things to get into this. The bosses are also usually tapped out on time and this becomes a “nice to have” rather than “must have” conversation. However, unless you see it as a “must have,” say adios to some of your best people. Top talent isn’t driven by money and power, but by the opportunity to be a part of something huge, that will change the world, and for which they are really passionate. Big companies usually never spend the time to figure this out with those people. 3. Poor Annual Performance Reviews. You would be amazed at how many companies do not do a very effective job at annual performance reviews. Or, if they have them, they are rushed through, with a form quickly filled out and sent off to HR, and back to real work. The impression this leaves with the employee is that my boss — and, therefore, the company — isn’t really interested in my long-term future here. If you’re talented enough, why stay? This one leads into #4…. 4. No Discussion around Career Development. Here’s a secret for most bosses: most employees don’t know what they’ll be doing in 5 years. In our experience, about less than 5% of people could tell you if you asked. However, everyone wants to have a discussion with you about their future. Most bosses never engage with their employees about where they want to go in their careers — even the top talent. This represents a huge opportunity for you and your organization if you do bring it up. Our best clients have separate annual discussions with their employees — apart from their annual or bi-annual performance review meetings — to discuss succession planning or career development. If your best people know that you think there’s a path for them going forward, they’ll be more likely to hang around. To read the rest of the article by Eric Jackson on Top Ten Reasons Why Large Companies Fail To Keep Their Best Talent: Click Here |
As you can see from the top four reasons why people leave large companies that the leader’s role has to be to implement an effective employee engagement strategy. Each of the above reasons can be greatly minimized by planning and then working the plan.
When you can create environments where your employees are emotionally connected to what they are doing, your retention will be high.
Call us today to discuss how we can work with your leadership team to create a culture of engagement and retention. We offer a complimentary strategy session that will give you insight into what steps you can take to increase the employee engagement in your organization.
You can reach us at (954) 349-5828
