Retention of Key Talent

Due to gloomy economic conditions in recent years, many employees have decided to “nest” in their current organization—regardless of their level of satisfaction. “Nesters” typically fall into two main categories: (1) the “stayers”, who are committed to remain with their current company for more than  two years even though opportunities to leave become available and (2) the “leavers”, who plan to leave as soon as a good opportunity presents itself.

I see five differentiators between the “stayers” and the “leavers”. These factors are what tend to make employees “stayers”:

  1. Confidence & trust in company leadership – This is when employees feel they work for a well led organization that is heading in the right direction.  It also is when company leaders have created a culture of trust among employees.
  2. Empowerment – Employees that feel trusted by leaders (this is the other part of the “circle of trust”). This trust is demonstrated by leaders empowering employees to take independent actions and decisions within a defined set of parameters.
  3. Environment for success – This means people in jobs for which they are capable and are given the necessary tools (equipment, training, direction, etc.) to be successful.
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  5. Professional growth – Very few employees do not have a desire to develop and grow professionally. The employer’s role in this factor is to create an environment of continuous learning and provide opportunities to for employees to advance their careers both in terms of professional satisfaction and financial rewards.
  6. A fair exchange – For this to be exist, employees must feel that what they give to the company and what they receive in return is fair. Employees evaluate every aspect of the employment arrangement, including but not just rewards and recognition).

Often the most effective way for an organization to assess where employees stand on these five key factors is to periodically conduct confidential employee surveys conducted by an outside third party. The confidentiality and outside party features help to cause employees to feel that they can express their opinions in a completely candid way with no concern about negative consequences.

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention