I’ve been advising companies on this for almost two years, and now the latest employee benefits study by Met Life (as recently reported in USA Today) confirms it:
Employee loyalty is the lowest it’s been in three years, and despite what employers think, your best employees are on the hunt for a new job!
If that doesn’t scare you, maybe this will: A second study shows that more than one in three employees expect to jump ship and find a new job within the next six months.
Are you doing all you can to keep and retain your top employees?
And, if a key employee announces his or her resignation tomorrow, do you have a hiring strategy in place to respond quickly so your business doesn’t miss a beat?
Four Simple Steps for Influencing Employee Loyalty
Much has been written over the years about influencing employee loyalty. In my experience, culled from almost two decades in the recruiting and staffing industry, here are the four most important things you can do to hang on to your top employees. Some of these may seem obvious – but these are the themes I hear over and over again from top-tier managers who are currently employed but are actively searching for a new job.
1. Keep your key employees challenged and engaged.
One thing star performers all have in common is that they are always looking for that next big professional challenge. Don’t let your competition lure your top talent away with the promise of bigger and better challenges (and, consequently, bigger and better rewards). Instead, seek out meaningful “stretch opportunities” that will motivate and challenge your top performers to reach even bigger heights.
2. Recognize excellent performance.
One thing the recession has taught us is that workers at all levels of an organization will roll up their sleeves and work longer and harder for the good of the team—but the minute they feel that their efforts are being taken advantage of, they are quick to start looking for employment elsewhere. Smart employers know that a little recognition goes a very long way toward building and fostering loyalty. Recognition need not require a financial reward; in fact, one “success story” involved a boss at a large insurance company who came in on a Saturday with a team of other company executives to wash and wax his employees’ cars by hand while they worked extra hours in the underwriting center to catch up on a backlog of files. I’m not saying that you have to start singing ‘At the car wash…’ but g oabove and beyond to recognize those who have gone above and beyond!
3. Say “thank you.”
Again, this seems obvious, doesn’t it? But you would be surprised how many employees make a move to jump ship when they feel that their efforts aren’t noticed or appreciated. A workplace culture of appreciation and civility goes a long way—especially in a time when so many companies are requiring more of their employees and expending fewer resources.
4. Find ways to help your top employees further develop their skills.
A body of research shows that the more a company invests in its employees, the more time and effort employees invest back in the company. Does your company provide skill-building and advanced learning opportunities? Do you encourage a culture of life-long learning? Do you cultivate mentoring relationships between more junior and senior leaders or provide executive coaching opportunities to help your team achieve their very best?
What If They Leave Anyway?
Of course, in today’s battle among employers to secure top echelon talent, no retention strategy is entirely bulletproof. Even if you follow the above tips to a “tee,” you may nonetheless find yourself in a situation where a key employee or two resigns for a more lucrative opportunity and you never even saw it coming.
When this happens, I can help you develop a hiring strategy and create a performance profile of your ideal candidate, and then tap into my vast network of high-achieving professional candidates who are actively seeking new career challenges or who are simply open to exploring new opportunities. We tap into this network, which we have cultivated over time and experience, to deliver a hand-picked slate of “A list” candidates for your consideration. Our work is not done, and we do not rest, until we find the right candidate for your company.
Contact me today to discuss your company’s hiring needs—whether you are currently seeking to fill a new position or whether, like the article referenced above, you are simply wishing to be proactive in the event that a key employee opts to leave so your business won’t miss a beat.
Hockenberg Search 