Having issues retaining your best people?
A recent survey indicated up to 30% of employees will look for a new job this year. We agree with this and as a hiring business, we are often approached by candidates looking for new roles.
But we always ask them why they are looking - and below we list some of the most common reasons.
Make sure you don’t fall into any of these traps and lose your best people!
Purpose, responsibility and a challenge
Sure pay is important but these days people need more than that. A sense of purpose (for both the company and how they fit into it) is something the best individuals are really looking for.
Linked closely are responsibility and autonomy, they want to decide how to do things and to be given the freedom to make their own decisions on how to do it.
Top performers are always driven by a challenge so ensure their role always gives them something they can really get their teeth into.
The modern company is authentic, open, fun and driven by values. This needs to start from the top for it to pervade throughout the organisation. Social responsibility, sustainability, inclusivity and diversity are what people are looking for from the best companies.
Set goals and review regularly
People need to know what is expected of them and how they fit into the organisation and the wider picture. Goals need to be set jointly, agreed upon and reviewed regularly. The tools, education and training need to be in place to achieve the goals.
The best-performing companies are open, single-status, not dictatorial and have genuine mutual respect for all employees, whatever their level. They ask for input and explain the reasoning behind any decisions. A collaborative approach values the input from all team members and is proven to improve performance.
Honest, frequent, two-way communication is essential for your team to know what is going on within the organisation, to understand the bigger picture and increase buy-in. From 1:2:1 reviews, and internal team meetings, to updates from the leadership team, communication can rarely be overdone and its importance cannot be stressed enough.
Listen and encourage feedback
Listening to your employees is one of the most powerful ways to create a great company culture. If you listen and take notice, your teams will feel more involved, will be more invested in their current role and less likely to look elsewhere.
Be personal and give time
You need to take the time to get to know each of your team at a personal level, what personality type they are and what makes them tick. Sure this takes time but only when you know this will you be able to provide the environment and management style they need to get the best of them and make them thrive.
Ensure fair compensation
We opened by saying pay is important but not everything, but the best will expect (and deserve) fair compensation for the role they are performing. The leading companies are always looking for creative ways to compensate their employees on a wider basis including pension, flexible working, gym membership, holidays etc.