Finding qualified talent is hard, but keeping a fully staffed team can be even harder these days. To help keep your top talent on board, you need to know what they are looking for from a career and from an employer. That means recognition, motivation, and growth. In the meantime, here are five reasons you may be losing your top talent right now:
Uncompetitive Financial Compensation
It’s safe to say that your team works to make money. No matter whether they love their job, they’re not doing the work for you pro-bono. Financial incentives are critical. But if you are not doing research of your competitors and what they are offering their employees, you run the real risk of having your team members poached out from under you. There is always another employer who is willing to offer just a little bit more. And in today’s hot hiring market, there always seems to be a bigger fish. If your team members don’t feel valued working for you, you are missing out on a huge opportunity. Recognition has a huge part to play in that satisfaction and confidence in career path and long-term success.
Lack of Recognition
Nothing is more disheartening than failing to be recognized for the hard work that goes into a project or deliverable. Recognition can start with a simple statement of thanks. The long-term value of appreciation is often immeasurable. Employee engagement is built and supported by both recognition and compensation. Too many employers forget that recognition is as much a part of the equation. Don’t let your staff feel like they are working a thankless job. Rather, boosting moral with on the spot recognition is a budget friendly and morale-boosting leadership strategy.
No Clear Career Path
In a recent Randstad US Survey, it was revealed that the number one reason employees leave their jobs is the lack of a career path. Think about that for a moment, because it’s a huge problem. A lack of an individualized career path for employees shows a lack of commitment to long-term staff, and those employees who leave know it. Companies must reevaluate their long-term retention strategies to include the kinds of succession paths and career growth opportunities that encourage and engage workers. If an employee feels that their company is committed to their success as an individual and in supporting their long-term growth within the company, they are more likely to feel satisfied on the job and motivated to do their best work on a day-to-day basis.
Lack of Investment in Training and Development of New Skills
Employees are motivated to do their best work when they are learning the new skills and technologies that will make them more effective on the job. Employers who invest the ongoing education of their staff are more likely to see their employees more committed and loyal to their companies in the long term. It can be a real challenge to stay on top of all the latest trends and processes that are needed to stay ahead of the competitors, but that doesn’t mean that they’re not interested in staying up to date. The support and investment of their employers will go a long way to employees empowering themselves to keep learning.
Lack of Engagement
Engaged workers are more productive and more effective than their disengaged counterparts. It is important to create engagement in your team by allowing for different perspectives, different experiences, and different values to contribute to the overall creativity and dynamic of your team. Recognizing that different workers from different generations may engage in the work in different ways (for example traditionalists may prefer a more directive style of leadership while Millennials are committed to making a difference in the overall business strategy). As an effective manager, you should know what the values of your staff are, and ensure they remain engaged in the work by tailoring your management style for their unique personalities.
For more advice on how to grow a team that will stick around for years to come, connect with the staffing team at Bergman Brothers today.