Every day more and more Baby Boomers retire, and with the workforce gap between the Millennial Generation and Baby Boomers, employers are going to have to work harder at retaining employees. Money is not the only factor in keeping the workforce alive, management is the key reason an employee decides to leave or stay within a company. So how do you KEEP your top talent?
In absolute particular order let’s dive into the top 10 reasons people leave, starting with the #1 reason:
- The employee felt undervalued.
- The employee had low opinion of their boss or their boss’ performance.
- Ineffective communication between the employee and the management team.
- The employees felt their efforts did not get recognized.
- The employee was passed over for promotion. This is a hard line to balance… but if promotions are not given, there is a high risk of losing that employee.
- The employee felt they did not receive enough training to be successful.
- The employee felt there was no way up, a perception of a lack of growth within the organization.
- The employee felt over-worked.
- The employee felt a lack of trust by the leadership.
- The employee did not feel connected to the purpose of the company.
90% of the reasons have nothing to do with money! Therefore, if the initial response to an unhappy employee is a pay increase, it’s likely the employee will still leave. So, if money’s not the answer, what is? Reflect back to see the sole motivator for holding management. Was it money, power, or respect? Was it because you truly love people and want to lead? Employees can read and feel the real reason their boss is in a position of power, so if it’s solely for the pay, this will reflect in management style. People respond positively to passion when employees feel the passion an employer has for their job, the feeling trickles down. So, if the passion for people is there, dust off the years of disappointment, frustration, and administration, and let’s spend some time becoming a real leader. Leaders teach, listen, challenge…both themselves and others, focus on others, have a vision, and most importantly they are a part of the solution, not the problem.
Let’s walk through some actions to take:
Any change in leadership style is a challenge for management and for employees but begin by taking this baby step. In your next meeting with a team member, ask a few open-ended questions. These questions should be about things you can have an impact on.
Here are a few examples:
- Tell me about the last thing you did in your current role that made you feel good about how you’re doing your job.
- What’s the last thing I did that made you feel good about working with me?
- What’s the last thing “company name” did to make you proud to represent us?
Then follow up with the next questions:
- What is the one part of your job you absolutely hate?
- What is one thing I could be doing to make your job easier or more successful?
- What is one thing the bank could do to make you more successful?
- What is your biggest concern about your future in this role now?
Listening is a critical step. Adding the personal touch of remembering details that were shared, like a loved one’s name, personal goals, and what motivates them is another way to show that you truly care. Follow up, no more than 10 days out, once the information has been processed and a plan made. Fixing everything may not be in the books, but the simple act of listening and trying will improve the relationship with your team. Don’t forget to brag about your team to the people north of you. When you become an advocate for your people, it’s amazing how much they will align themselves with you, even during the tough times.
People do not have expectations of perfection from their leadership, but they do want sincerity and the personal touch. So take an interest in your people! Know their motivation because most of the time when someone leaves a company it’s not for monetary reasons. People don’t care how much you know until they know how much you care. Basically, if you are in the management-no matter what organization you are with, you can make the difference between management and leadership. Will people still leave-absolutely, it’s the nature of the beast. The difference is they won’t leave because of YOU! And when they do leave, they will refer to you as one of the best they have ever worked with…and that is a reputation worth having!