Did you know that the cost of a single employee could add up to triple that person’s salary to replace the talent? Having a well-designed retention strategy is a critical component when training and developing our teams. Additionally, training and development contributes to the success of your retention strategy by providing value to individuals, making them happier, and more proficient in their positions.
Some of the top reasons employees leave a company fall into these categories:
- Limited growth/advancement
- Lack of appreciation
- Non-competitive compensation
- Low expectations for the position
- Inferior/ineffective co-workers
- Lack of leadership
- Unreasonable work hours
- Too much bureaucracy
- Boredom/Lack of challenge
- Commute/Location of company
The flip side: looking at any number of employee surveys, the top 10 motivators for employees are:
- Competitive/Fair Compensation
- Opportunities for advancement
- Training/Professional Development
- Strong/positive leadership
- Interesting/Challenging Work
- Qualified/effective team members
- Involvement in decisions
- Good corporate culture
- Fun/comfortable work environment
Losing top talent can be harmful to the company’s long-term success and competitive advantage. Retaining your top talent can only result in success, and developing a clear strategy, that includes employee development can help. It must be well communicated, and start from the top down. It is critical to train executive management, plus hold them accountable for retaining their employees. The executive team, including CEOs, COOs, and management should be directly responsible for applying the training and retention strategy and acting as role models to their teams. If this is conducted effectively, it will prove invaluable to the success and growth of the company. Far too often, managers rely on HR to create the retention strategies, when in fact employees often leave due to the leadership within the company.
Additionally, programs such as mentoring, leadership seminars, open forums and diversity are perceived as true positives when retaining employees. Often, employees look for added value that will improve their careers. By providing them with these programs, they will know that you are committed to their professional advancement.
Survey Your Executives:
To learn more about why people leave and stay at your organization, start with surveying your executive team. Your executives can then survey their teams, down to individual contributors, to paint a bigger picture.
Here are some questions to consider:
- Why did you join the company?
- What have your experiences been with the company so far?
- Do you feel challenged?
- Have you been successful?
- Do you like the corporate culture?
- Do you feel comfortable with your compensation?
- Do you know what the company’s retention strategy is?
- Do you feel the strategy is effective?
- Do you take an active role in communicating and participating in the retention program?
- Do you encourage and reward your employees for great contributions to the company?
- Do you have conversations with employees when they are having problems?
- Do your employees get the appropriate training they need to advance within the company? If no, what do you feel would benefit them in the future?
- Have you had member(s) of your team leave the company? If so, why?
- What has the company done well in corporate training and development?
- What can the company do to improve corporate training and development?
Retaining employees and investing in them professionally takes a proactive approach. By learning about where your employees are today, setting a clear plan, holding management accountable, and staying abreast of employees’ successes and happiness, you will enjoy years of growth and success!
Ready to learn more?
Visit http://impactinstruction.com for more information about custom blended training solutions and professional development services offered by Impact Instruction Group. Amy Franko is a 2010 Apex Award of Excellence winner for training design. © 2011 Impact Instruction Group
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