Effective leadership includes creating plans to keep top talent
Gallup reports that it costs roughly two times the average salary to replace the person that leaves, and that morale, deliverables, and customer service also suffer. It was also reported that 52% of those quitting could have been impacted to stay by their leader or HR, but were not.
So, as a leader, what can you do?
There are a few factors that leaders can influence:
- Conduct regular discussions about career goals and growth opportunities
- Create a desirable work culture
- Express genuine interest in each person
Additionally the Harvard Business Review provides six suggestions for retaining talent:
1. Incentivize loyalty
Pay and overall compensation is important, but also consider ideas such as one-time bonuses, helping pay down student loans, and providing work-from-home stipends (or return to the workplace stipends)
2. Provide opportunities to grow
Ask each employee what it takes for them to stay and whether their job utilizes good use of their skills; 68% of workers around the world are willing to retrain and learn new skills
3. Elevate your purpose
Make your organization’s purpose clear (vision, mission and goals) and how they can be supported
4. Prioritize culture and connection
Connect and build relationships; social connections have a significant positive impact on productivity
5. Invest in taking care of your employees and their families
Provide health resources (physical and mental) as needed
6. Embrace flexibility
Provide a flexible work environment ex. Location, work hours, paid time off, career options, ask about worker needs, and assess if a four year degree is truly needed (or other job requirements)
It’s up to us as leaders to make a difference! Do you have plans in place to retain your top talent?
Mike and Jan
Hiring and retaining talent in the tech industry is expensive and vital. Those people have real power over their bosses, especially because it is often fairly easy for them to find work elsewhere . —Hank Green
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