A stronger economy offers more options for top talent. A recent survey among Top Workplaces (or those that aspire to be) show 37% of employees—more than one in three—considered pursuing a better job elsewhere in 2015. This represents an increase over 2014 which was 35.7%. These are the companies that understand the benefits of employee engagement and have levels more than double the U.S. norm.
However, business leaders who aren’t doing everything they can to keep top talent are likely to face some serious retention challenges in 2016 if they haven’t already. Those companies who ignore the importance of a retention and engagement strategy risk watching their top talent walk out the door.
What do those companies with high levels of engagement and retention do that others don’t? Consider this comment from a survey conducted by WorkplaceDynamics from an employee at direct marketing company BKV: “The leaders here make good business decisions and care about our well-being.”
Dan Pickett, CEO of Nfrastructure, an infrastructure-managed services and network services firm says, “If your employees feel valued and excited about working at your organization, and are fairly compensated, they will not want to go elsewhere. Moreover, their commitment and enthusiasm will be evident to your customers. That enthusiasm, that excitement and that investment comes through in every interaction.”
Patrick Lencioni, best-selling author of the book, The Advantage, says, “The single biggest advantage any company can achieve is organizational health. Yet it is ignored by most business leaders even though it is so simple.” Lencioni continues, “I’ve become absolutely convinced that the seminal difference between successful companies and mediocre or unsuccessful ones has little, if anything, to do with how smart they are; it has everything to do with how healthy they are.”
Business leaders must make a choice: smart or healthy. It is the responsibility of senior leaders to ensure the health of the company.
This includes making sure employees understand where the company is going, how it is going to get there, and where they fit in the picture. This is particularly important for the millennial workers who now make
up the majority of the workforce.
Wondering where to begin?
You probably already know that employees quit their managers/team leaders, not companies. What is your plan for developing your team leaders, particularly your emerging leaders who need to feel they have a future?
The new leadership development e-learning curriculum available from the Talent Management Institute is not only very cost-effective; it also has special appeal to the learning preference of Millennials.
Click here to check out the leadership essential curriculum and take the short questionnaire to help clarify your development priorities.