Some leaders accept high turnover as automatic and irreversible. In some industries and positions, there may be factors which make it more challenging to retain good employees. However, it’s a failing model to recruit, hire, train, promote, and then lose high quality professionals to competitors. Retention of talented individuals of integrity saves money and turnover of them is very costly. A high rate of turnover of hard working and dedicated employees undermines performance, productivity, morale, culture, teamwork, and customer satisfaction.
So, what should leaders do?
Study the talent market. Examine your compensation and benefits. Identify career paths for members of your team. Help them realize their individual professional and personal goals. Provide opportunities for them to learn and grow. Increase motivators and decrease demotivators.
Never micromanage. Have a work culture where employees are provided the tools, resources, and support to succeed. Ensure they feel valued and appreciated (Abrashoff, 2002).
Examine where, why, and how your top and worst employees came to your organization. Focus on talent pools and pipelines which produce the right employees for your organization. Study your industry and identify best practices and lessons learned in successful recruitment and retention.
Be the leader they would want to follow. Look at your leadership, culture, mission, and team. Evaluate your supervisors. Good employees quit bad supervisors (Abrashoff, 2002).
Non-retention of impressive members of your team does not have to become your New Normal. What will solve the problem? Leadership.
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