How the Best Leaders Reduce Turnover in Key Employees
There is this common belief that every high-performing employee is looking for a different job. It’s almost as if a cloud of panic and worry has set in about the “great resignation.” It’s gotten so bad that the #1 concern of CEOs has become “hiring enough of the right people.”
While it’s undoubtedly true the quit rate for professionals is at its highest point since the U.S. Bureau of Labor started tracking the statistic in 2000, it doesn’t mean every employee is on the brink of quitting.
In fact, if organizations put as much effort into retention as they do in recruiting they would be in a much better position. This is why the best organizations are winning the war for talent by focusing on retention over recruiting.
The best organizations are winning the war for talent by focusing on retention over recruiting.
In a recent episode of the At the Table Podcast, Pat Lencioni said it well, “It’s never been more important to have a healthy organization and good culture because, for the shortage of people, the good ones are going to stay at the right places.” Not only is Lencioni right, but he also exposes the truth about how essential outstanding leadership is to retention.
Great leaders put more effort into retention than they do in recruiting.
Prioritizing Retention Improves Recruiting
Recruiting talented people to join a team or organization will always be critical to long-term success. However, something phenomenal happens when leaders prioritize retention over recruiting. I refer to it as the “Retainment Cycle.” Here is how it works:
Great Culture + Engaged Employees + Optimum Results = Attracts Talent
Are you looking for ways to prioritize retention with your employees? Here are some great places to start.
1. Make Retention Everyone’s Responsibility
It’s tempting to believe that retention is only a manager’s responsibility, but that wouldn’t be true. While front-line managers play the biggest role in the retention of an employee, retention is everyone’s responsibility. I shared some ideas in a recent interview here:
2. Share Common Values and Purpose
Money is easily the most popular incentivizing tool organizations use to retain and recruit employees. While pay is significant, it’s not the most important. People give their best effort when on a team that shares values and purpose.
People give their best effort on a team that shares values and purpose.
A consistent and systematic approach to aligning core values and communicating the deeper purpose behind the work is imperative. There is nothing worse than defining and talking about core values yet leaders are not demonstrating them. Leaders are the primary driver of core values, so they must embody them correctly.
3. Coach and Train Like Crazy
People stay longer when they feel invested in and cared for. As Sir Richard Branson famously said, “train them well enough so they can leave, treat them well enough so they don’t want to.”
One way to train and care for employees is to have managers who act as a coach. A coach, by definition, trains, and instructs. In the Coaching for Excellence, I define coaching this way:
Coaching is improving the current and future performance of others to achieve higher levels of excellence.
Organizations that create a coaching culture outperform their competitors and maintain an upward trend in human capital development.
Making retention everyone’s responsibility, sharing common values & purpose, and coaching like crazy are just a few of the critical things leaders can do to priorities retention over recruiting. Other best practices include:
- Engagement surveys
- Training Programs
- Executive Communication
- Mentorship Programs
- Rewards and Recognitions Programs
The key is to find what works best for your organization and go all-in on executing it relentlessly every day.
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About the Author, John Eades is the CEO of LearnLoft and VP of Thought Leadership at Peoplebox. He was named one of LinkedIn’s Top Voices in Management & Workplace. John is also the author of Building the Best: 8 Proven Leadership Principles to Elevate Others to Success. You can follow him on Instagram @johngeades.