Are You Struggling With Talent Retention?
These Practices May be Hurting Your Talent Retention Rates
If you’re an entrepreneur running a small to mid-size business, you know the importance of hiring great people to take your vision to the marketplace. While many companies know the value of hiring a good employee, many lose focus when it comes to talent retention.
Keeping your star performers isn’t always about what you’re paying them or how much they love their job. Sometimes, it’s just about the way you work. Here are some common practices that could be hurting your talent retention:
You’re overworking them. Sure, you love to work into the late-night hours when you get a rush of productivity, as most entrepreneurs do, but the difference is that you are doing it by choice. Don’t hold your staff to your extra bursts of work, because they’ll burn out. If you have a team that’s fired up about your vision, don’t burn that fire out.
You’re making rules that may not be necessary. This is an area where it’s important to know yourself. Do you have a tendency to remind your team that you’re in charge, or do your rules make sense? It’s good to review company policy now and then to make sure all rules are necessary, or your team will notice.
You’re starting to see employees as cogs. Take time to get to know your employees, or they might start seeming more like objects in your vision. That sounds harsh, but it’s a common problem, so take time as your company grows to engage in small talk, ask about personal lives and learn spouses’ names.
You’re putting up with poor performers. While few entrepreneurs relish the idea of letting employees go, a couple of disengaged team members tends to drag down your whole staff. If you’re not addressing poor performance, your star performers may start to wonder if you’re truly directing the whole operation. Talent retention often suffers because your best employees lost their trust in your ability to steer the ship.
You’re being secretive. There’s a healthy level of disclosure that keeps your employees feeling as if they’re part of your big plan. Share the direction you’re taking the company and the major objectives you’re seeking. Each team member should know their role in helping the company succeed.
You’re not holding to commitments. Have you rescheduled an employee’s professional development meeting lately? What about cutting short your morning huddle? Of course, as your company grows, your role in various meetings will change and you’ll eventually appoint trusted managers to take over a lot of what used to be your commitments. Include this in your growth strategy, rather than simply starting to be a no-show at meetings. Otherwise, your talent retention could suffer.
Your hiring process isn’t strategic. Keeping great people assumes that you are hiring great people in the first place. Use a resource like a behavioral assessment to help you objectively identify the best candidates for your team.
Talent retention often comes down to more than just pay. Talk with our specialists at PI Consulting Group to learn more about the many factors that influence whether an employee stays with you for the long haul.