Editor’s Note: This is a guest post by Max Woolf – Content Marketing Specialist at Zety. His opinions are his own.
“I’m tired. I want to quit.”
This is what you suddenly hear from a promising employee. You are upset and ready to offer them a lot of money so that they stay in the company. A pay rise, a more flexible schedule or even a promotion.
You bring up the uncertainty associated with finding a new job and all those dispiriting job interviews ahead discouraging them from making a change. But, it is too late now. The person is determined to leave and there is nothing you can do about it.
In this post I’ve suggested 9 things you can do to prevent your employees from leaving your organization.
1. Be generous with pay checks
You can get away with underpaying your employees for only so long. Internally, they will be nurturing a grudge until the point when one of your competitors offers them a job.
And then, you have lost your valuable person. This brings us to the fact that you should hire the best people and pay them as much money as you possibly can.
Interestingly, 28 months is the average time valuable young employees stay with the company. 75% of them receive at least one new offer from the competition during the first year of working in the company according to Gallup’s report on the State of the American Workplace.
2. Introduce transparent communication
Make sure you run feedback sessions regularly with your employees.
The thing is that you can always prevent a valuable employee from leaving if you know beforehand what challenges they are currently facing.
- It might have been a long time since your employee went on vacation or was promoted;
- The employee may not be satisfied with the workplace or they are not in good relationships with the colleagues feeling undervalued;
- You offered the employee an entry-level position with a view to the future, but the employee has already grown out of it.
If you see that there is something bugging them, make the effort to find out what it is. If you are not close with the individual, you can ask someone from your team for help.
Without well-established, transparent communication, you will not know your people. Moreover, they will not tell you anything until the situation becomes critical and unmanageable.
3. Set ambitious goals for top performers
Most people don’t really know what they want. This means that you want to talk to your subordinates and try to figure out their ambitions and plans for the future. Then, work out their role in the team together.
Become a mentor and gradually grow professionally with your employees. Set ambitious goals for them without being afraid to delegate increasingly complex tasks. A valuable hire should trust you and feel your support.
4. Address false hopes
Lack of openness stirs distrust, which harms productivity. Do not hide your vision of the company’s development and your plans for the future employee.
Let’s say you really value your employee but that perhaps you can’t offer them a promotion or a salary raise at this point in time. In this case, you should communicate this to then as this will prevent your hires from setting false hopes and feelings of resentment.
5. Outline career advancement opportunities
Your employees should have a clear idea of their career opportunities within the company, as a given job is attractive as long as it allows a person to develop professionally.
In the absence of intelligible communication and rules of the game, you are doomed to irrational use of personnel resources: promising employees will keep filling their existing positions unaware of how to advance their careers. As a result, they will find a company that can offer internal promotion options.
The best way you can solve this is by recognizing your worker’s key skills and assigning them with new responsibilities.
6. Build strong connections from within
In a successful team, everyone should trust and help each other. And this is often impossible without trust (read friendship) between peers. Your task, as a leader, is to foster your internal employee relations through team-building activities and such.
Think about your own attitude toward your employees. Be closer to your people and find out if there are conflicts going on. Make people deliver but also to strive for establishing a positive atmosphere within the organization.
If a person finds themselves in a comfortable environment surrounded by people they like and trust, they will work more productively and will not want to leave the team.
7. Reward for good work
This will encourage healthy competition, unite the team and demonstrate to successful employees how important they are for the company.
Note that money is not the only incentive. If you can provide valuable hires with a couple of days off or the opportunity to attend some workshops or a conference in a different city, that would be well received.
8. Grow your own A+ players
Do not be afraid to listen to the ideas of young employees. Instead, give them the opportunity to experiment and prove themselves. Perhaps someone from your team has repeatedly offered their solutions to solve the company’s problems but was not heard. Try to value the opinions of each employee.
What is more, encourage the managers who pay particular attention to mentoring and working with promising hires, because they are the ones building an educational culture in your organization, which will help minimize the damage caused by leaving employees.
9. Learn to let go
In the end, you should learn to let people go. If you document all your company processes, create a knowledge base for all your new hires, nobody will be irreplaceable.