There is nothing more disappointing than the moment one of your top employees comes to hand their notice of resignation in. You have to face the realization that your company is going to suffer at the hands of a loss of talent. You know that it is going to be extremely difficult to replace the individual, and in some cases impossible. But what you need to ask yourself is; why is the person leaving in the first place?
A lot of the time the resignation could have been avoided if the company had done something differently. This blog post will examine exactly what that ‘something’ is. We will take a look at some of the main reasons why employers tend to lose their number one talent to help you avoid falling into a similar scenario.
Failure to offer training and development opportunities
There is little denying the fact that times are tougher and budgets have had to be cut. In most instances, one of the first things to go is the money allocated to training. However, this can have massive repercussions. If employees don’t receive opportunities to progress and better themselves then they are never going to feel like they have the chance to move up at your company. They will feel as if the chance for increased responsibility is non-existent. Thus, they will seek another company who can offer them this instead. You should never underestimate how important training is for employee loyalty and commitment.
Refusing to be flexible
Flexibility is key in businesses today, and this is even more so the case in light of the recent pandemic. The need to be flexible can mean many different things. At the moment, remote working is a hot topic. Allowing people to work from home can help them eliminate their commute and be there for their children. It also has business benefits too. It may eradicate the need for an office altogether. You can simply purchase a physical address to ensure you have a good address for your business mail to be sent to, yet you do not need to pay for the cost of renting an office and all of the associated expenses that come with this. Another way you can be flexible is with regard to working hours. Does it really matter if a worker starts earlier so they can finish earlier? So long as they are putting in the required hours and getting the work done, it should not make a difference.
Disengagement with employees’ passion and ideas
What you need to recognise is that the most talented individuals at your company are those who are unlikely to be driven by money. Their main sense of drive comes from the ability to be part of something they can really get their teeth stuck into; something that has the potential to be huge. If you ignore their passion, then they feel worthless. It can be difficult but it is definitely worth taking the time to ask for their opinions regarding current projects and whether they have any ideas for new ones.
Failing to make your employee see that they have a long-term future at your company
This is one of the main reasons employees leave. They feel as if they are not part of the long-term solution and that they have no opportunity to develop their career – which links onto the earlier part regarding training. Poor annual performance reviews can really have a detrimental effect. So many companies rush these and this leaves the impression that you aren’t really interested in the individual’s future. You need to make sure the employee feels important and that they have a chance for future development. Of course, you may not know what you are going to do in five years’ time but you do need to speak to your top talent regarding their future and make it known that there is a path for them going forward. Telling them ‘wait until the economy improves’ is never going to make them want to stay on board. Your company needs to be good enough to beat the poor economy!
These are the three main reasons why companies lose their top talent. In essence it is all largely to do with the fact that they do not see a future at the company and that they aren’t given chance to improve their skills and progress. These are changes you can easily make and should do so if you want to keep all the best people in your business.
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