The predicted post-COVID “Turnover Tsunami” is definitely here—with millions of people across the country changing companies or starting new careers. So how do you as a leader keep your top employees from leaving? There are, of course, a number of factors you can’t control. But in her September 20 “Your Best Next Move” video, Bobbie LaPorte shares one very simple thing you CAN (and should) do right now.
Transcript of Your Best Next Move: How can I keep my star performers from leaving?
Hi everyone, Bobbie LaPorte here again with my weekly tip for your Best Next Move – where I help you have more agency in your work, acknowledge your capacity to act, and see what you can do right now.
Each week as I speak with my clients, I hear the same issue over and over – in this post-Covid environment, “how can I keep my star performers from leaving?”
Sound familiar? We have all heard about the “Turnover Tsunami” and the “Great Resignation” that was coming post-Covid. Many employers didn’t believe it would happen, or at least they hoped it wouldn’t. But the evidence is here.
A recent survey from the US Department of Labor reports an unprecedented string of walkouts – 4 million people left their jobs in August; 16 million since April. Some employers report experiencing nearly 25% consistent turnover in their employee base.
There are lots of reasons why your best employees resign, and not all of them you can influence or control. In some cases, an employee’s experience away from the office has weakened the camaraderie, work friendships, and other ties that often hold workers to a particular organization.
Many employees have taken the last 18 months to evaluate what is really important to them — personally and professionally — and they just want a change. And with the demand for talent, many companies are offering higher salaries, more flexible scheduling, and other perks to entice workers away.
They are both running away from their current employer and running to a new one.
And to add to the pain, recent data shows that it can cost up to 2x an employee’s annual salary to replace them.
What can you do to keep your star performers from leaving?
Well, there are clearly things you may not be able to influence. But there are important factors in an employee’s decision-making process that you can influence.
Like your connection with them. Yes – YOUR CONNECTION with them.
Why is this so important?
Well, we are human beings, and we all thrive on connection, on feeling valued, on knowing that someone appreciates us.
To that point, another recent survey showed that more than 50% of workers felt that their relationship with their manager had deteriorated during the pandemic.
So, what can you do?
Here’s my tip
Very simply – if you can… go see your employees – face-to-face. It will take some time and effort and incur some expense, but in my view, you can’t afford NOT TO see them (especially your best employees).
The essence of any leadership journey is your connection with others – to support them, inspire them, help them see what is possible.
This may not be “the answer” to how you keep your star performers from leaving, but you’ll never know if you don’t act.
As always, I want 2021 to be a year of momentum for you, one of possibility thinking that takes advantage of the agency we sometimes forget we have.
That’s my tip for this week. I’ll see you next week. Take care of yourselves.
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