This is how the top companies in the world keep their talent.
Most business professionals would agree that talented employees are the most valuable corporate asset. But Lynn Taylor, a national workplace expert and the author of “Tame Your Terrible Office Tyrant: How to Manage Childish Boss Behavior and Thrive in Your Job,” says finding those people is only half of the equation.
“Retaining the best and brightest is what ultimately matters,” she says. “The most innovative and successful companies today have figured that out. They’ve taken retention efforts to an advanced level.”
Michael Kerr, an international business speaker and author of “The Humor Advantage,” agrees. He says “finding top talent is a costly and time-consuming enterprise to begin with, so holding on to them for dear life has to be a priority.”
He continues: “And then there’s the added downside associated with your top talent leaving to work for your competitors, and the impact on the remaining employees and team dynamics every time a person leaves. Every second spent recruiting, hiring, training, and developing new employees is time taken away from your core business.”
You also have to worry about prospective vendors, investors, and shareholders, who typically inquire about turnover rates and gauge this as a barometer of corporate health, says Taylor. And don’t forget about your own reputation.
“In the best companies today, managers are increasingly evaluated in terms of how well they hire and retain great talent,” she explains. “If you can stay mindful of whether you’re the type of manager you’d want to report to, you’ll likely keep your team engaged and committed.”
Here are 35 things you can do to keep your best employees from jumping ship: