While we may be in the midst of an uncertain economic recovery with little or no job growth, don't assume your employees don't have options. There are companies that can't find the talent they need and your best and brightest could be up for grabs. Don't wait until they're leaving to find out what you could have done to keep them. Ask now what you can do to make them stay.
As the economy recovers, companies will need to rebuild to handle growth and retain their most competent employees. Quality employees are in short supply as demand ramps up. Taking employee loyalty for granted is nave. Some of your most talented employees may have already started to disengage and look for other opportunities. They may be exploring options and be more open to taking recruiters' calls than at any time since the recession hit in 2008. Your most assertive competitors are beginning to look for high caliber people and may be targeting your highest performing employees.
So, why do valued employees stay? Do not guess, find out. Consider implementing stay dialogues with top employees. The common reasons employees give for liking where they are include: challenging work, career growth and development, and working with good people in a collaborative environment.
Stay Dialogues
While many businesses conduct exit interviews with departing employees, have you ever thought about the logic of asking people why they are leaving when one foot is already out the door? They may tell you why they are leaving, but only when it's too late to prevent their departure.
Stay dialogues, inversely, have profound potential, and if implemented consistently, offer an early-warning system while showing respect for and appreciation of an employee's talent. A stay dialogue can identify ways to reinforce an employee's valuable contribution and help keep them. People leave companies for many reasons, but when you talk with a tenured employee who chooses to stay, what you learn is different from conducting an exit interview.
A stay dialogue provides the structure to acknowledge and reward outstanding performance and give positive feedback. It offers an opportunity to discuss problems openly. It informs senior leaders about important issues. Intentionally planning time for informal dialogue on a regular basis builds trust. A stay dialogue also creates an opportunity to coach a key employee, to set goals, plan his or her work and offer emotional and professional support.
The most powerful and proactive approach to finding out what people want is to ask them while they are still employed. It creates and stimulates a climate characterized by fairness, trust, openness and problem solving. Stay dialogues might involve these questions:
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What compelled you to come to our company?
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What do you like best about working here? What do you like best/least about your role?
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What might be one thing that you would like to change in your current role?
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Are you being managed to your optimum potential?
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What would you change or improve?
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What are your non-negotiable issues?
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Why do you stay? What might entice you to move to another company?
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What can I do to support you?
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Implementing stay dialogues requires keeping several things in mind:
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Meet with each employee individually and emphasize showing your highest contributors you care enough to discuss their interests and career goals.
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Select a place where you can focus without distractions or interruptions, and pay attention to what excites them.
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Be clear regarding expectations of where you can and cannot take action.
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Be sincere and creative in finding a win/win.
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Never negotiate. The primary purpose of a stay dialogue is to show appreciation and let the employee know they are important to the company.
Senior leaders might come together to discuss stay themes and to consider changes to retain and attract great people. Stay dialogues, however, are not a panacea, they are a leadership tool to gain insight into what needs must be met for key employees to stay. Do not wait; stay dialogues may become a critical part of your retention strategy.
Sheila Kabat is vice president of human resource and organizational development services at Snowden Associates, an HR Consulting firm in Bedford, Nashua and Portsmouth as well as Portland, Maine and Boston. She can be reached at sheila at snowdenassociates.com.