Marketers are often reminding people of the high costs of acquiring a new customer versus the cost of reselling or keeping an existing one. It is an important lesson in business and deserves the echo it gets. Human resources are no different. Holding on to your future stars in the workplace is an important part of building organizational culture, but losing top employees hurts.
The type of employees that drive businesses forward require challenges, attention and engagement to motivate and support their efforts. A relevant and attractive compensation plan is also important in communicating to an employee that they are valued.
Relative to management, many employees have different values, different goals, and feel underappreciated in the workplace. It is these types of quiet sentiments that often cause people to head for door. There are a variety of other situations that cause high-value or high-potential staff to seek out other opportunities.
Beyond work, learn what drives an individual, whether it’s a certain interest, past time or cause. Associate their passions with their work and see what happens. Employees will eventually find other work if they can’t make deeper connections with their work.
Where’s the challenge?
While many employees may enjoy light workloads and periods of downtime, your best people will be craving more opportunities, more responsibility and more demanding work. Other companies will provide that for them if you don’t.
No personal growth
Top employees gravitate towards successes they encounter in business. They also move towards leader-types who they recognize as mentors within their workplace. Nurture this relationship! If your top up-and-comer is always left to manage his/her own tasks and isn’t presented with a steady stream of growth opportunities (even if it’s just bringing them to a lunch meeting), they will likely look for mentorship and leadership elsewhere.
Employees are listening! When you tell your people that you’re planning to rollout new additions to the compensation plan and then fail to follow through, it won’t be forgotten. If staff realizes this to be a habitual practice, they will find a new workplace and a new leader who does follow through.
Whether you are managing people or looking for work, consider some of these tips when deciding whether you’re in the right culture and environment for you! If you need help finding the perfect job for you, give Pinnacle a call today and we can help!
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