Small businesses can’t strive and reach the skies without retaining top talents. Big company CEOs have all sort of retention plans and still losing their best and brightest. There is nothing as costly as losing top talents. It is also very unsettling to your operations and may be demoralizing to the staff.
We need to remember, people do not quit jobs – they quit companies, company cultures, and quit bosses. I personally witnessed only one company with the “promotional policy” stating that if you are hated by those working for you on engagements, no matter how great you are professionally, there is a “glass ceiling” stopping you from being promoted over a certain level. And for that one company – even if it was a very unusual way to decide about promotions – it worked. The employee turnover was very low. Because top management knew: people primarily quit they bosses.
So what makes these top talents walk out of your door or stay with you until retirement?
• You do not build on his interest. If you recognize what the most interesting part of the job for him is and make him strive on that, you have a lot more done, much better, under less time, and you can keep a happy employee.
• If you recognized his interest, challenge him with additional tasks related to this interest. Work will turn into an interesting thing, worth getting up in the morning and taking work home for the evening.
• You do not recognize what your top talents added to your business? It shows lack of appreciation and attention. Often enough a “thank you” would be enough to recognize contributions – and it does not cost anything. Not thanking could cost you significantly.
• Your talent is contributing a lot to show you he is able and willing. It is a cry for more responsibility. Not recognizing it and not increasing the responsibilities hurt you twice: you could have gotten more work done happily and willingly for the salary you are paying, and not recognizing makes him looking for some place else where he would be recognized.
• If he comes back with an idea, listen! New ideas and creativity take your business to the next level. You may have a dreamer who may not have the perfect solution or product but may have the “seed” to grow.
• Send him to courses to grow further on his interest. You will get your investment back multifold.
• Learn about him. What is his drive? Is it money? Promotion? Or being mentioned as the employee of the month in front of everyone? How can you personally show that you have an interest in having him at your company?
• You, as a leader, lose your people immediately when you do not keep your promises. People remember. Credibility and trust are lost quickly – and very hard to build them back. You just failed to lead.
I do know that it is hard to do; it means you need to talk to everyone, know a lot about your people. But as a small business leader, isn’t it just as important as knowing your customers? You truly can’t afford losing either one of them.
My name is Sylvia Pacher, managing director for the Virtual Corporate Services team (www.myvirtualcorporate.com), and I invite you to discover what a virtual corporate service group can take off of your shoulder to make you more billable, profitable, and probably happier because you can focus on what you do best. Please let me know if you have questions – I am always here to assist you with making your business grow bigger, stronger, more profitable and competitive. Please email me personally: spacher@myvirtualcorporate.com
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