In this career era, employees are not loyal to organizations because organizations are not loyal to employees. But many companies struggle with retaining top talent long enough to see their return on investment for new hires.
Mike Myatt wrote a great piece in Forbes illustrating just why top talent tends to move on. You’ve heard the adage that people don’t leave bad organizations, they leave bad bosses. Myatt breaks it down even more. Research reveals that over 60% don’t feel their career goals are aligned with the plans their employer has for them. Employee engagement is a big factor, since more than 70% don’t feel appreciated or valued by their employer. And more than 40% don’t respect their boss.
While is seems simple to challenge, engage, value, and reward your employees to keep them in their roles – it’s hard to hit all of these points emotionally, intellectually, and financially. Here are a few of Myatt’s top reasons why talented people move on.
You Failed to Unleash Their Passions. Wise companies align employee passions with organizational pursuits. It’s difficult to walk away from passion so if you don’t engage your employee’s passion they will look for it elsewhere.
You Failed to Develop Their Skills. Leadership is a continuum so no matter how talented and individual, there is always room for growth. If you restrict a professional’s room for growth they will move to a place where they can continue to grow their strengths.
You Failed to Give Them a Voice. Great talent has thoughts, ideas, energy, and observations that are of value. If you don’t listen to them – someone else will.
You Failed to Care. You must connect with your people on a human level. The paycheck is only one factor. If you don’t engage on an emotional level they will leave no matter how much you pay them.
You Failed to Lead. Businesses don’t fail – leaders fail. If you fail to lead, your talent will seek leadership elsewhere.
You Failed to Recognize Their Contributions. According to Myatt, the best leaders don’t take credit – they give it. Failing to recognize your team’s contributions or taking credit for what they’ve done will send them packing towards the elevator.
Myatt astutely summarized, “If leaders would spend less time trying to retain people, and more time trying to understand them, invest in them, and lead them well, the retention thing would take care of itself.” Take note leaders!