Stephen-Bradford's business developer points out why your employees might be ready for a change and suggests how to keep them from leaving.
We are currently experiencing a candidate's market where even B players have the luxury of juggling multiple offers. This causes every company to ask the same questions. How can we retain our best people? How do we keep our talent happy enough to ignore calls from executive recruiters?
Hiring managers take note: There are three primary reasons that cause employees to consider other opportunities. They are fun, learning and money. Allow me to explain.
Make it fun
If the culture of your organization does not evoke fun experiences for your people, you're in for retention problems. This does not mean that your products or services need to be wildly exciting nor is it suggesting a lax work structure. Your people simply need to feel supported, appreciated and like a member of the family.
Does your company have retreats or conduct team building exercises? Do you celebrate good news such as new business wins and other significant milestones? Even providing perks that might appear petty like free snacks and office parties can offer substantial joy to your staff.
Provide learning opportunities
The most successful people are those who never stop learning and crave new challenges. Keep this in mind if you want your talent to remain engaged and passionate about your company and its services. Offering a dynamic workplace doesn't have to be difficult as long as you're aware of your team's goals, responsibilities and progress. Allow your salespeople to target new companies or verticals if they're tapping out current opportunities or hitting roadblocks. Move a bored account person onto another project to reenergize them and also elicit fresh ideas. Observe warning signs and provide stimulation before plateauing occurs.
Show me the money
Some may not believe this but money is the slightest cause of employee vulnerability. Sure, a person may end up earning more at their new position, but it's usually not why they started looking. Our search firm finds that executives who love their current jobs won't even consider another position despite an economic upside. This should not encourage companies to take advantage of passionate and devoted employees. Employers have to keep tabs on salary requirements within their industry and factor cost of living based on geography. In a candidate's market, you might want to pay your A players a bit more than the norm.
Be an employer of choice
Companies with low turnover are already practicing this advice. They make their people feel cherished by listening, nurturing and rewarding. They invigorate top talent by providing them with new challenges and growth opportunities. They pay each member of their team what they deserve and maybe a little bit more. They realize that their human capital is the company's most valuable asset and their retention rate proves it.
You can implement this strategy right now because the tactics are so simple. Call your salespeople and ask if there are any resources they need or if there's a special conference they want to attend. Invite your marketing person to lunch so you can praise their success and listen to their new ideas. Take your team to a resort for a weekend and allow them to bring loved ones. Repeating these actions of praise, motivation and genuine caring will increase your employees' happiness and decrease their vulnerability to outer opportunities.
Brandon Gutman is director of marketing and business development for Stephen-Bradford Search. Read full bio.