Are your employees worth the cost?
When a really good and effective employee announces their departure this is generally the most miserable and devastating situation that any executive or Director has to deal with. Exit interviews show that in the majority of cases this could have been prevented. Very rarely do people leave just for more money, unless it is a very substantial difference.
Here are a few tips for preventative action:-
1. Make sure your people feel valued and appreciated. This is the number one cause of departure. Just look for opportunities to give general appreciation and thanks.
2. Keep your people informed. It is so frustrating for staff not to be aware of what is going on and the rumour machine always spreads negativity.
3. Seek their opinion. Get people involved and then act upon some of their ideas. Most companies would do so much better if they only listened to their staff.
4. Make sure bosses are trained as leaders. Our research shows that people don’t leave companies, they leave people.
5. Share rewards or success by way of a profit share or in some way that people feel their contribution is being personally rewarded.
6. To tie in the people you really want to keep it is essential in the long term for people to have a piece of the action, in other words some form of shares in the business.
I write this with mixed emotions (the best definition of a mixed emotion is to see your Mother-in-law drive your brand new Rolls Royce over a cliff), as our recruitment division thrives on companies losing people and seeking replacements. Fascinatingly though our replacements do stay and perform due to our unique Business Lifestyle Programme.