Why top talent leaves – and what you can do to stop it
No matter the industry, size, age or structure of your business, you can be sure of one thing: you are always going to want top talent. Unfortunately, other businesses feel exactly the same way. This means you’re also going to have to work hard to hold on to your best people.
So how can you do this? Remember these key things.
Make sure their work makes a difference.
This is probably the most important factor in retaining top talent in the long term. The best people are often motivated by the impact that they can have in their role. Your superstars are passionate, dedicated and engaged with what they do. They habitually attend meetups, seek out learning opportunities and are committed to sharing their knowledge.
High-performing workers typically love what they do and value the opportunity to make a genuine contribution to the business. It’s therefore essential that business leaders task their top talent with significant work and – just as importantly – really consider and implement the outcomes of this work.
Do you neglect to take on-board and use the unique and valuable insights provided by your data scientists? Or ignore the cost-saving automation work of your DevOps Engineers? This will quickly breed frustration and discontent and, regardless of their salary, chances are you’ll find your top talent looking elsewhere.
Top talent knows it worth – staying with an organisation that doesn’t value this talent often doesn’t add up.
Employee benefits are about so much more than money.
When high-performers decide to look for a new position, salary and employee benefits are also key considerations. For some, salary will be a key motivator – in these cases, if a competitor offers to pay them more, you may simply not be in a position to compete financially for their retention. However, you can offer certain things that will reduce the influence that money has over your talent’s employment decisions and increase your chances of keeping them. Flexible working hours, decent training allowances and the ability to work remotely will all help to convince your best and brightest that they are in the right place.
Sometimes, no matter what you do, people will quit.
Despite good benefits, competitive salaries and the value that you place on work outputs, sometimes people still leave. Remember: this is inevitable. While disappointing, it can be a valuable opportunity to revisit the market and find your next wave of top talent.
Mark Salamy – April 2017