Recruiting top talent requires a sizable investment. Itâ€™s estimated that recruiting expenses total about 35% or more of an employee’s first year salary. Naturally, any employer would want to recoup those expenses by retaining their top talent for at least a few years.
But how do you keep them once you’ve landed them? To answer that we must first examine the reasons top talent leave an organization. Author Leigh Brahnam, who wrote the book, “The 7 Hidden Reasons Employees Leave,” offers these reasons:
The job or workplace was not as expected â€” All companies have rough spots and if the person doing the hiring over sells the job or hides the challenges the company is facing, it will become apparent to the new hire soon enough. This breeds both dissatisfaction and mistrust, and begs the question, â€œ”What else is wrong?” Being up front about the challenges the new hire will face will not only eliminate any surprises, it will likely fire up his or her desire to fix whatâ€™s wrong.
Mismatch between job and the person â€” No matter how desperate you are to fill the position, make sure the person you select has the right skill sets and personality for the job. Inevitably, a mismatch between the job and person will soon have the new hire looking for another position where he or she is more comfortable.
Too little feedback or coaching â€” Top performers are generally low-maintenance employees, but that doesnâ€™t mean they donâ€™t want or need feedback and coaching. While it is easy to just set these types of employees loose to do their thing, ensure that you reach out to them on a regular basis to keep open the lines of communication.
Too few opportunities for growth and advancement â€” Top-flight employees want and need to have growth opportunities. They will not stay very long where they don’t feel challenged and where they don’t feel their career paths are taken seriously.
Feeling unrecognized and under-valued â€” Although top employees donâ€™t often seek recognition, everyone likes to be recognized for their efforts. Make it a point to publically or privately let your top performers know that their performance doesnâ€™t go unnoticed, and reward them accordingly.
Stress from overwork and work-life imbalance â€” Itâ€™s imperative that you afford your workers the opportunity to have a life apart from their career. If not, work will become too consuming for them and theyâ€™ll likely seek out other positions that offer a better balance.
Loss of trust and confidence in senior leaders â€” Provide a clear vision and understandable path for your employees, and back up your words with actions. Avoid any unethical or self-centered practices, and show yourself to be competent and trustworthy. Your employees will follow your lead and stick with you through thick and thin.
Consider these seven steps when looking to retain and motivate your valued employees and that initial recruiting investment will pay off handsomely.
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Photo credit: Michal Marcol