retention

Retaining your employees is step four in the ongoing Talent process cycle we’ve been discussing.

You’ve committed the resources to ensure you now have the right quantity and quality of people while providing the required training, development and coaching to promote their success.  So now, in this current state business world of job shopping and hopping, how do we get our team to stick around?

A 2013 article in Forbes noted that the average tenure of an employee in the U.S. is now only 1.5 years! The top six reasons that talent leaves their organization is:

  1. No Vision: this should be known and lived by everyone in any organization!
  2. No Connection to the Big Picture: what’s my purpose and why am I here?
  3. No Empathy: managers don’t openly communicate and listen to their people.
  4. No Effective Motivation: the false belief that financial compensation is a sufficient incentive to engage top talent and drive performance.
  5. No Future: a career path and succession planning is non-existent (reinforced in the introductory Talent “Four-Step” post)
  6. No Fun: this is pretty self-explanatory!

WOW…if this list doesn’t validate that people quit due to poor leadership!

Rewards, recognition, compensation and benefits are certainly important to retention, but perhaps even more essential are the six elements noted above.

If Human capital is indeed the most important asset of any business, than let this serve as an initial checklist of what to look for in your operation should you expect to retain your top talent.

 

Talent 4 step

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