You shake your head in frustration. Your jaw is clenched tight, and you want to throw something. Instead, you roll your shoulders back and inhale deeply. It doesn’t really help, but at least your coffee mug is still intact. This is the third resignation letter you’ve received this month. And not from an intern or easily replaceable position. This is the third letter from a man you had high hopes for. Maybe you should have promoted him earlier, maybe it wouldn’t have mattered. He is one of your top performers, and this loss will impact an entire department. “Why does this keep happening?” you wonder.
You’re not alone in feeling this or the only one watching their best employees walk out of the door. In fact, there’s a new phenomenon known as “The Great Resignation” where top performers are leaving their organizations left and right. Below we’ll discuss three reasons that drive your top talent away and what you can do to prevent them from leaving.
1. Offer Growth Opportunities
Your best people will remain loyal to your company when they can see a future with you. If your top talent has reached their glass ceiling within your organization, you can guarantee they will begin looking for other opportunities. By meeting regularly with your employees, you can learn what their ambitions are and where they see themselves down the road. Emphasize career development and assign your best employees with projects that enable them to influence the company. Many people will remain loyal when they feel their contribution is necessary for the success of the organization as a whole.
2. Provide Better Pay and Compensation
Wage stagnation or a lack of pay increase can drive many of your best employees to prepare their resumes. Annual merit increases or cost-of-living adjustments are helpful, but they are not an incentive to keep top talent. A significant bonus or salary increase communicates your appreciation for your employees and reminds them that their loyalty and hard work will pay off. Consider researching other competitors to find out what their total compensation package looks like for top performers. Can you match the base salary? Does your organization also offer benefits or perks that will not only keep your best employees but entice more talent? You may need to use this time to restructure your retention compensation plan to prevent resignations from your top talent.
3. Train Your Current Management
Your best employees will jump ship fast if they have a poor relationship with their direct supervisor. Talented workers respect talented leaders. Micromanagement will crush their innovation and a lack of support will lead to distrust and frustration. When your leadership perfects their communication skills and learns how to provide feedback and encouragement while promoting their team’s freedom and creativity, your employees will flourish. When your top performers are thriving, so is your entire company.
At Front Line Leadership, our aim is to give your supervisors and managers the tools they need to successfully lead your best employees. Your leadership teams will learn how to communicate effectively, enhance team effectiveness, and manage conflict. Our in-person and online programs promote leader confidence and competence so that your best employees are more engaged and experience increased job satisfaction.
To learn more, or to customize a leadership training program for your company’s managers and supervisors, contact Front Line Leadership today.