Is anyone, other than the team at FitzDrake Search, getting the clear impression many workplaces are ready to implode! With all of the cutbacks, restructuring, and tightening of resources, many employees are feeling overworked, underpaid, underappreciated and are getting very restless. We hear this almost daily as we talk to lots and lots of people.
If you don’t believe us, Finnegan/Mackenzie recently reported that 94% of CxOs/EVPs/VPs and 95% of Directors/Managers would take a recruiter’s call. Furthermore, 56% of CxOs/EVPs/VPs and 58% of Directors/Managers are actively looking for a new opportunity. What would happen if over half of your management team decided to leave?
Just this morning, the Conference Board reported that only 45% of Americans are satisfied with their work. This is, according to the Conference Board, “the lowest score recorded by the Conference Board research group in more than 22 years of studying this issue. In 2008, 49% of those surveyed reported satisfactions with their jobs.” How would your organization survive if even half of this group departed for greener pastures?
All indications point to substantial turnover, once the employment market begins to show signs of life. Before you realize it, your key employees will be looking at new opportunities that are seemingly too good to pass up. While it’s unrealistic and unnecessary to retain everyone, there are certain employees you can’t afford to lose. If someone’s departure could have an adverse impact on cost, quality, or delivery and do harm to your business, they qualify as a key employee.
With that in mind, here are some ideas for retaining your most key employees.
- For starters, have you even identified your most key employees? I know everyone will say yes but unless you’ve written their names down on a list entitled “Key Employees you must retain” you really can’t develop a comprehensive retention strategy.
- Have you talked to them; even better, have you listened to how they view their current challenges and immediate career prospects? Lack of challenge and the lack of career opportunities are two of the top reasons why key employees depart for greener pastures.
- How often do your key people get an audience with senior executives to understand and as importantly, discuss the company’s performance, immediate challenges and long term strategy? Key employees like to be in on the action and to see ways they can influence the future direction and success of the enterprise.
- How often do your key employees attend mind expanding seminars or work on special projects outside of their day to day job? Key employees need to experience growth opportunities.
- How well and how often do key employees get rewarded for their extraordinary contribution? It’s been said that this 20% of your workforce does 80% of the work – you better be sure they feel rewarded and recognized. It’s not always the money but don’t kid yourself, the money matters and some other firm would be more than happy to give them a nice increase and signing bonus to steal them away.
- Do you know how your key employees feel about their immediate Manager? A weak manager is one of the top reasons a key employee will leave an organization.
- How often do you sit down with key employees to review expectations, performance and get to know them? Key employees are wired to exceed expectations. The more they can see how their contribution makes a significant contribution, the longer you can keep them engaged. And don’t minimize the importance of building a relationship. It’s the relationship you develop that will keep the lines of communication open and avoid surprises.
- How do you show trust, commitment and respect for your key employees? These are the behaviors that build loyalty.
- How do you ensure accountability for retaining key employees? This can’t be an HR Program. Each executive needs to be accountable for retaining these most valuable assets.
- Do you have a key employee retention plan that gets reviewed at least quarterly? Without a plan with clear outcomes, the retention of key employees is left to chance.
We’re wondering what all of you are seeing in the workplace. Do you get the same sense that we do that key employee’s are waiting for the right opportunity to make a move? Let us know what you think.