How do you retain top employees?

Every manager dreads the day when their top performer walks into the office, sits down, closes the door behind them and says they need to talk. They inform you that they are departing in two weeks and that their mind is made up. No company wants to, or can afford to, lose key members of their workforce. Whether it is the top sales rep or that secretary that keeps the office above water, employee departure hurts any company. A high rate of turnover can result in loss of team camaraderie, time, and ultimately- profit.

When an employee leaves, especially a crucial team member, it throws off the rest of the unit. While it does present the opportunity for someone else to step up, losing the captain will throw a wrench into any cohesive group. On top of that, introducing a new member to the team will be a setback in that they will have to become socialized and up to speed.

Time. Take a step back and consider where the top employee on your team was in regards to skill and education when they walked in the door for their first day. They likely knew very surface-level information on the company, industry, products, and competitors. Who is responsible for all that they knew and were able to take on just before their departure? The answer is likely you. You taught them everything they know or implemented a training system to do so and oversaw them along the way. Following their exit, you now need to start from square one with the replacement. Rather than fine-tuning skills and taking on bigger and more complex projects, your new employee will need to learn EVERYTHING and begin with simple tasks with a great deal of hand holding. This down time directly affects the bottom line. You now need to dedicate more time to the new employee who is not functioning the way your old star was.

But how do you prevent your best workers from exploring other options? The following are the top reasons why employees chose to stay in their current role:

• Compensation- employees who feel that they make a significant income will not be looking to jump ship at the first sign of trouble or period of turbulence
• Good leadership- feeling a sense of security in a superior promotes loyalty
• Challenges- don’t assign menial and daunting tasks to your employees who can do more; be exposing them to new projects and challenges
• Recognition- TELL THEM THEY DID A GOOD JOB; this one is very simple but sure does go a long way

A majority of managers and business owners have most likely felt the loss of having your best walk away. It is no surprise that people change jobs. It has happened and will continue to happen. However, there are very easy steps to becoming a preferred employer and developing a workforce that is happy and content in their current role. Protect your effort, time, and money by providing physical and emotional compensation. Assign new, exciting opportunities and be the boss you would want. Make the small changes now to prevent future setbacks!