How Employers Lose Their Best People
by: Susan Reynolds
The constant circle of hiring a batch of young employees, training them, and then having them walk out the door just a few short years later is surprisingly common in today's business world. A new employee comes in, learns the ins and outs of the company, works with customers, and may even have a hand on financial situations. They develop relationships with other co-workers and clients that furthers their knowledge of the workings of the company. After a few years of this, and thousands of dollars in resources and training, the employee gets restless.
One day the employee says to himself or herself, "I've got to get out of here… I'm not growing. My ideas are not being considered. I haven't had a performance review in ages. I'm not recognized or appreciated. I'm not being paid what I know I'm worth. There's no consideration given to the dramatic amount of money I'm saving for the company." And thus the company loses another top performer. Only the mediocre employees stick around. What a waste of money and time! Does this sound familiar?
The problem can be fixed from the top. (It probably also started there.) Many organizational managers have found themselves in leadership roles quite by accident. They were top performers on a technical level themselves, and either became supervisors by promotion or by ownership. This does not make them inherently good and productive managers of people. Put corrective action in place!
Make sure the organization has a solid set of job descriptions for all roles in the company, including the top positions. Make sure that performance appraisals are performed on a regular scheduled basis, not just when someone begs for a raise. Document performance carefully, both positive and negative. Be creative, fair, and ethical with rewards and punishment. Not all rewards cost money! People measure success in a variety of ways: growth, environment, and satisfaction. Do you know what motivates your people? Indeed, they may measure success in entirely different ways than expected. Be systematic and organized in communicating with your people. Know the parameters of fair compensation in the marketplace.
Managers need to take a hard look at themselves and their company processes when hoping to retain the best people. The "human assets" are probably one of the most expensive budget items in the operation of the business. Don't invest in them, only to lose that investment through lack of management disciplines. Don't grow 'em, only to throw 'em, away…
