You can hire talent, train for skill, and manage results.
But you can’t keep people, and that’s the difference.
Most business owners believe that their primary focus should be to optimise for performance; yet they are confused as to why their top performers leave. High-performing employees do not leave due to high workload; however, there is another issue that has been neglected.
What creates loyalty:
- Being noticed, not simply worked.
- Knowing that your personal development is important to management (not merely your results).
- Working in a company where errors are considered learning opportunities rather than reasons for dismissal.
- Having a supervisor who hears you out and provides direction.
- Contributing to something you build, not simply executing based upon someone else’s vision.
What is the fastest way to lose your best employees (faster than a lower wage):
Being viewed as replaceable. Being micromanaged. Seeing that mediocrity is rewarded while excellence goes unrecognised. Working diligently without any recognition that your efforts matter.
Employees will continue working in an environment with reasonable wages if they feel respected. However, employees will not continue to work in an environment where they are invisible.
The Uncomfortable Truth:
- Your team retention problem is not about the compensation package, nor is it about the office amenities.
- Your team retention problem is about whether or not employees feel valued and important to you, beyond their production.
- Do they know how their contributions to the company impact the organisation?
- Are employees able to provide feedback and/or suggestions to improve decision-making that affects them?
- Is the employee experience improved after employees bring up issues/concerns?
- Is recognition provided to employees for their positive contributions prior to them updating their resume?
What successful leaders actually do:
Successful leaders recognise the effort put forth by their employees (not just the outcome).
Successful leaders listen to their employees’ responses when asked questions.
Successful leaders provide autonomy to their employees (not just assigned tasks).
Successful leaders acknowledge when they are wrong (and do not pretend that leadership is always correct).
Successful leaders recognise employees and celebrate their success (not just the win).
None of these are dependent upon budget; these are dependent upon your willingness to take notice of your employees.
Here is the Test:
Would you be surprised if your top employee resigned tomorrow?
If you answered “yes” then you are not taking notice of your employees.
If you said “no”, then you already understand what is wrong, you are simply hoping that they do not resign until you address the problems.
Reality:
You can ultimately replace anyone’s productivity.
However, you cannot replace the level of trust, momentum, and institutional knowledge lost when employees choose to resign from their position.
To create a culture of retention within your organisation, the goal is not to implement retention strategies or conduct exit interviews.