You need it. Just like you wouldn’t go to war without your best warriors and sharpened spears, you need the best people to launch that best product. The product can make unicorns rain from the sky and still won’t survive long in this modern, cut-throat global marketplace if you don’t have a team that can weather the hard and good times. So why has it taken so long for companies to actively outline an employee retention strategy to improve retention rate?
Company X pays more. A common excuse. And yet, we continue to see a high turnover rate in companies with cash to burn. Yahoo is the classic example of this. So it can’t be just a payroll thing.
Culture fit. You can’t expect everyone to love you. But when no one stays longer than a year, isn’t the common denominator the company rather than the individual?
That churn rate. The thing about top talent is, they aren’t just smart people. They’re motivated, capable, passionate people. So even if you gave them the moon and the stars, if they don’t see themselves making a fundamental change in the world, they will leave. Top talent is not content being exceptionally-paid mooches; or even exceptionally paid muscle. Most top talent struggle with being given a strict strategy that details down to the second. Everyone wants to innovate, and a good company has to balance structure with individual freedom and autonomy.
And even if you do end up losing top talent, it’s good to understand why they left. Is it something that’s fundamentally difficult to fix? Or is it something that could have easily been implemented, if only bureaucracy can stop being so bureaucratic?
Your master plan isn’t complete unless you know how you’re going to keep your best people. Check out QuestionPro Workforce, providing you tools to create an engaged team.