It’s that time of year again. No, not time for family and presents, travel and vacation. It is the time of year where employees are seriously considering a new job opportunity. With more jobs in the economy than we have qualified workers to fill them, it is an employee market right now, and as we approach the end of the year, once bonuses are paid out it is time to jump ship.
How do you take strategic steps in your business to avoid losing your top talent? If you answered pay them more, you might only be right a very small percentage of the time. There are a host of motivational factors that will cause an employee to seek new employment, from certainly compensation to more important things in our society like respect, value, engagement, benefits, life work balance, professional development, and much more.
When was the last time you asked your top performers, or incumbents in critical roles, what they are looking for in their role and career? Have you even taken the time to perform succession planning and not only identify the key positions you need to protect, but who the successors are and how you would develop their competencies and capabilities to move up in your organization?
During the talent acquisition process, companies put on their best look and present their best attributes to potential employees during the courting phase of interviewing. They seem shiny, and attractive, and almost always create a feeling of their company is better than where the applicant works today. However, once an employee is hired, we forget about them, lose focus on them, and redirect to the next applicant we want to add to our workforce with little regard to maintaining the same level of engagement and attention as we gave the person during the acquisition stage of the relationship.
If you neglect your current workforce, you will lose your top talent, and will spend much more time acquiring talent than developing it for your business, which by the way, directly impacts your ability to sustain success.
Article written by Warren Cook, President & CEO