When it comes to a good job, your employees know they have choices. Your top performers have even more opportunities in today’s candidate-driven job market. In November 2021, more than four million of these workers left their jobs. Workers are no longer willing to put up with the poor working conditions or lower pay that they were experiencing in prior years. So, if you’re an employer worried about retention, that’s a realistic concern. Here are five behaviors that companies exhibit that cause top performers to leave.
What Causes Top Performers to Leave?
1. How to Lose a Top Performer as a Candidate
Ironically, companies lose top performers before they ever make it to orientation. We see it all the time. Not only can a company turn away good talent because their application process is unwieldy, but recruiters that fail to keep a candidate “warm” can also lose top talent before they make it to the negotiation process. Or, the recruiter fails to nail down the salary expectations of the candidate, which messes up the negotiation process. The recruiting process these days is fraught with peril. But best practices to engage your candidates can help you bring on top talent without losing them to a competing company.
2. How to Lose a Top Performer Due to a Failure in Leadership
Top-performing employees leave poor leaders. Companies with failed leadership see talent walking away all the time. What are your mission and values? How does your leadership articulate this vision? Are rules set arbitrarily with no discussion of why? All of these things will make your top performer feel devalued, which can lead to them leaving your organization.
3. How to Lose a Top Performer When a Manager Creates Conflict
A 2018 survey found that one-half of the people who quit their jobs did so because of a bad manager. Another two-thirds thought their manager lacked the necessary training to actually manage. The study chastised companies who promote bad managers, stating, “The single biggest decision you make in your job—bigger than all the rest—is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits—nothing.”
4. How to Lose a Top Performer to More Competitive Pay
U.S. companies are projected to pay 3.4% more in salary raises this year for talent. But with 11 million open jobs, is this even enough to retain your top talent? The first step toward retention is to ensure compensation and benefits are top-notch. Keeping track of the market and reinvesting in employees is a critical component for keeping your teams intact. Regularly review your benefits and perks and make sure they’re competitive. Make sure your employees have access to training and development. All of these steps are necessary—especially today. Recruiters are very active in the market, busy trying to steal away your best performers. Don’t let them.
5. How to Lose a Top Performer by Failing to Engage Them
The majority of American workers are disengaged from their jobs (85%). It’s a huge problem. That makes retention of the top 15% of performers who are engaged incredibly important for your organization. To do that, you must create a culture that rewards effort. Relationships must matter as should the work that the employees do.
Are You Losing Your Top Performers?
If you’re struggling to find and retain top performers, the Custom Group of Companies can help with a team of professionals to help you staff up. Call on us to find top talent today.
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