High-achieving workers can have an enormous impact on your business' bottom line, and it's likely that you want to do everything in your power to ensure top employees don't take their talents elsewhere.
Employee retention is "one of the greatest challenges companies will address this year for them to grow and succeed," according to a recent report from HR consultants Towers Watson.
And with the economy slowly beginning its recovery, workers who previously assumed they had nowhere else to go may now begin looking for better opportunities.
"Hiring activity in the United States is beginning to pick up," the authors wrote, "which means that business leaders have a new challenge on their hands - that is, retaining the talented employees they need to move from recovery to growth."
In order to properly perform your retention duties, it might first be helpful to deduce what actions managers take that prompt workers to want to leave.
The Center for Management and Organization Effectiveness (CMOE), using snippets from various studies, recently cited the top reasons workers tend to jump ship.
For example, 31 percent of respondents to a 2007 study from Florida State University study left because they didn't feel respected by their bosses, while some even reported they received the silent treatment for over a year.
Also, 31 percent of those polled for a 2009 Ranstad Work Watch survey said they wanted more responsibility at work - a feeling of empowerment to believe they "influence decisions, make choices, solve problems and make a greater impact," the media outlet notes.
What's more, 35 percent of people who participated in a 2006 Accenture/ICR study revealed their work doesn't do a good job at advancing their careers. The same study found that 43 percent of respondents believed they didn't receive enough recognition for their work.
The personal blog of Michael Hyatt, chairman of Thomas Nelson Publishers, offered up some suggests for retention that could help.
First, be self-aware. Think in terms of what your life might be like as a worker with you as a boss. Improve awareness by reading leadership blogs and books, or even taking formal courses and hiring a coach. Feedback is also important, so don't be afraid to ask those who work under you how you're perceived so you can make changes.
As stated in the CMOE report, employees strive for empowerment, so as they begin to earn your trust, give them more authority to handle tasks on their own without having to "funnel everything" through you.
Office politics can get in the way of productivity, so be sure to be a positive role model, avoid gossip and nip it in the bud if you detect it. Don't talk about others behind their backs and handle any issue privately so as not to make a scene.
In closing, weekly, monthly or yearly goals should be put into place to increase recognition, with awards for reaching certain benchmarks. The news source also points out that informal recognition can be just as gratifying - if you catch someone doing something right, point it out and congratulate them.
Forbes explains that incentives will be a key factor in retaining talent "now that the market is moving."
Cash motivators may include gift cards, spot bonuses, stock options and grants, while non-cash incentives can take the form of a simple "Thank you," or "Job well done" stated in a public setting or via email newsletter.