“I’d like to submit my formal resignation from my position.” Ten words that you as a manager never want to hear from your top performers - and yet it happens every day. Millions of people quit their jobs each month meanwhile 37% of active workers are considering leaving their current roles. It's hard enough to find and attract top talent these days, but it's a whole other challenge entirely to retain them. As a result, people quit, often catching their managers off guard.
What’s worse is that on top of losing a key team member, employee turnover is costing you big! According to a study by the Society for Human Resource Management, employers spend 6 to 9 months of an employee’s salary in order to find and train their replacement.
Factoring in the cost of training and onboarding, interview expenses, advertising costs, and lower productivity from new hires, the cost associated with losing a team member is massive. So what can you do to avoid losing your top performing team members? Well, you can start by recognizing the main reasons employees quit in the first place.
You’re probably familiar with the most common Career Performance Motivators:
- Trustworthy Leadership
- Providing Meaningful & Challenging Work
- Great Company Culture
- Passion for the Work
- Ability to Contribute to a Larger Vision
But it is equally as important to understand the most common Career De-Motivators that inevitably drive employees to leave:
- Work/Life Imbalance
- Lack of Passion for the Work
- Lack of Growth/ Future Career Opportunities
- Poor Compensation
- And perhaps the most frequently overlooked career de-motivator... Ineffective Managers
In other words, most people don’t end up quitting their actual jobs… at the end of the day, People quit other people.
At Inman Connect NY 2017 Megan McManus, General Manager of Appointments Inc. by CINC, shared her key insights as to why employees quit their managers, often making the difficult decision to walk away from a job they love in the process. Read on to hear Megan’s strategy for retaining top performers and the specific steps you should take to start connecting with your employees today.
5 Easy Ways You Can Start Connecting with Your People Today
Have Genuine and Consistent One-on-Ones
The most important thing that you can do to invest in your people is one-on-one time. Schedule a
Create Opportunity and Offer Autonomy
Strive to understand each person’s unique goals and work with him/her to identify or create opportunities to help them achieve them. Learn what motivates your people and listen to their personal and professional goals. Once you’ve determined what drives him/her, create the opportunity for him/her to excel. Give mini project ownership opportunities.
Take Time and Listen
There’s a significant difference between actively listening and merely waiting for your turn to speak. If you do nothing else, hear your team out! The feelings and concerns of your team members are real and valid, and it is critical to an employee’s happiness that they feel they’ve been heard. Confirm that you’ve heard their concerns, gauging those conversations for challenges while offering solutions. Keep in mind that frustration stems from a lack of communication.
Communicate the Vision
Everyone wants to be a part of something bigger. Paint the picture of the future of the company and the direction in which you are heading in order to rally the team behind a strong mission. Post it on the walls and talk about it often. Paint a very clear picture of success and explain to each team member how they impact and contribute to the success of the vision.
Self-Reflect and be Honest
Maintain your focus around what you can control. Communicate early and often and recognize your own strengths and weaknesses as a manager. Strive for transparency whenever possible and, when and if
Jim Clifton, CEO of Gallup may have said it best,
“The single biggest decision you make in your job — bigger than all the rest — is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits — nothing.”
Above all, it’s important to keep in mind that your employees are your greatest asset. Follow the five above steps and you’ll be well on your way to keeping your employees engaged and on board while also watching your business grow - along with your team.