You always hear top execs saying they have the best team and people. “People” are a company’s biggest asset. But today, many companies are faced with the real-world challenge of retaining that top talent.
This challenge rests on management’s shoulders. Employees typically quit because of their boss, not the company. A January 2024 study by DDI suggests that 57% of people have quit because of their boss — and 37% reported that they’ve considered leaving because of their manager.
Managers must get close to every direct report. We have talked in the past about having a “roadmap” for each employee’s path to success with the company. This is important.
A manager should know:
- Employees desired aspirations of their career path
- Employees desired financial needs
- Employees’ desires pertaining to additional training
- What are the employee’s strengths, weaknesses, opportunities, and threats
- What is their #1 goal
In addition, if possible, the manager should take an interest in the employee’s life outside of the office. For example, if an employee has a son/daughter involved with sports, inquire how the team is doing. This sort of personal touch goes a long way to building relationships.
It’s taking “interest,” which separates a good boss from a bad one. It is still a relationship business; treat your employee just like you treat your best customer.
But in the end, the biggest selling point is your culture. Things such as more work-life balance, spot bonuses, additional PTO, quarterly reviews, personal development expenses, and even childcare service reimbursements are all creative ways to spark interest in your company and retain existing talent.
With 2024 still being a candidates-controlled market for recruitment, taking the above steps to get closer to each employee could save you the expense, lost revenue and heartache of losing a top employee.
CONTACT US:
To learn more about how GRN Coastal can help you land top candidates, please get in touch with us!
John Salvadore
Managing Partner
jsalvadore@grncoastal.com
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