Work

It costs companies more to replace top talent than it would have cost to keep them by improving their salaries and developing their growth potential.

A study (conducted by Towers Watson) found that companies can lose millions for every top-level executive they lose, plus the time it takes to recruit, train and integrate a new leader. The loss of a top performer costs more because it takes time and money to find someone just as good.

A survey by Right Management Consultants found that 95% of companies feel they are losing valued employee contributions when an employee leaves, but only 33% felt they did enough to keep their talents.

If you think you're high-potential employees are considering leaving, here are a few steps to help you retain them.

1) Listen

You have two ears and one mouth for a reason. It's much easier to keep an employee close if you know what they want beforehand.   

A Global Leadership Forecast Study showed that leaders who used a performance management process were eight times more likely to keep their top performers than those that didn't.

2) allow your employees to grow with the company

If you've never given an employee the chance to advance, chances are they'll go somewhere else where they can start climbing the ladder.

3) Don't rely on job titles alone

What do your high-potential employees want? A promotion? More responsibility? To earn more money? If you're not sure what your talent wants, ask them!

4) Build relationships

Talented employees are always looking for a connection with their employer, if they feel like you care about them as an individual they'll be less likely to leave.

5) If you want something done ask a busy person to do it

It may seem counterintuitive, but employees with lots going on at work are less likely to leave. A study conducted by the Center for American Progress found that as tasks become more complex and time becomes more limited, employees become more committed to their organization.

6) "Incentivize" your top employees-Everyone loves a reward, and high-potential employees are no exception. If you want to keep them around, show them that their efforts aren't going unnoticed.

7) Ensure they see the big picture-It's all well and good knowing what your talented employees do day-to-day but they need to know why it matters. They need to understand how their efforts contribute to the success of your company and the market in general. If they don't know, they'll go somewhere where they can see for themselves.

How about you? What do you think is the best way to retain top employees? Or perhaps there's a better way than these?

Thanks for taking the time to read,

I hope you found this article interesting and enlightening. If you did, please share it with others. You can do this easily by clicking on one of the social share buttons below.

Until next time, All the best!

Christopher Quigley