Are You Using Recession as Retention Strategy?

As you walk in the office each morning ~ smartphone full of emails already, meeting to attend in 5 ~ do you take the time to look around? Do you observe your top employees and wonder who’s resignation will you receive next?

Well, what have you done to make sure they stay?

If you believe there is a surplus of talent out there you can hire to replace your leaders ~ professionals who will jump in, know your systems, processes, clients, customers, engage with fellow team members, embrace your culture ~ think again. High unemployment rates don’t mean the superstar you may need is out there.

Take the time to understand why your top talent might jump to the competition. Then use that information to create a firewall to keep your team happy and your competitors away.

The reasons professionals leave their positions:

  • Constant reorganization – every six months there is a new agenda, new purpose and new management to go with it.
  • Lack of support – that doesn’t necessarily mean money. A simple smile, quick “great job” email, taking the time to foster growth, this is what matters.
  • Neglect of friends and family – remember people’s happiness depends on the happiness of others close to them. Do workload demands keep your superstar at work instead of at home for dinner?
  • Lack of challenge or career opportunities – ask your team what they want from their career, get input from them regarding their career advancement and path?

Can you predict who might leave? Most companies do not have the resources to utilize predictive modeling tools, but look at the following:

  • How many flights were taken last quarter?
  • How many days were away from the office and family/friends?
  • How many vacation days were actually taken?
  • What were the average number of hours worked per week?

Once you know who is likely to leave and why, you can be proactive about retaining them.

Who do you rely on? Where are they on your succession plan? Compile your key team member list now and take action.

As our own Dallas executive Mary Kay Ash used to say, “A company is only as good as the people they keep.