Without wanting to sound too clichéd, we are fast approaching the time of year when people naturally start to reflect. Reflect on the past year. Reflect on what they have achieved. Reflect on what they want to change in the coming year. Unsurprisingly, when it comes to making changes, a change of role or company is often high on the New Year’s resolution list. Buoyed by a stronger job market, this year could see even more employees considering new opportunities.
The cost of losing talent
For organisations, any loss of talent is a real blow. And while it is possible to replace employees, the question, “at what cost?” is often overlooked. The truth is that it can be very costly indeed: recruitment costs associated with replacing the employee, loss of knowledge, disruption to teams, potential loss of customers, not to mention the additional investment required to successfully onboard a new hire. Far better to focus on retaining employees than to find yourself needing to replace them.
Worryingly, the most frequently cited reason given by employees during exit interviews is lack of perceived development opportunities. Delving a little deeper, this is regularly linked to infrequent or limited conversations about career development between managers and employees. In essence, it represents a missed opportunity and a failure to communicate.
While some employees will already have committed themselves to finding a new role in the new year, it does not mean all is lost. Organisations should not simply sit back and resign themselves to losing valuable talent. Now, in the run up to Christmas (yes, it is just a few weeks away) is potentially the perfect time to do something meaningful that could encourage those considering leaving to rethink their resolution.
Make time to speak with employees
As managers, it is our responsibility to know those within our teams; to know how they are feeling, what achievements they are most proud of and the areas they would like to develop. The reality is that, despite best intentions, these conversations often happen infrequently. Yet setting time aside now to speak with employees about their goals could make the difference between them thinking about leaving and actually taking action. Conversations do not have to be complex and including the following points will help employees feel valued:
Make time – simple but possibly the most impactful act a manager can commit to. Make time to speak with team members and find out how things are for them. Remember, it is not just about having a meeting, it is about being present at that meeting, so turn off your phone, leave your laptop behind, go off site and prepare some positive feedback to show them that their contributions have been noticed.
Say ‘thank you’ and mean it – we often forget the power of saying thank you, but these two simple words can be powerful and show that you genuinely value their efforts.
Get them talking – ask open questions, for example, how they feel the last year has gone, what they have enjoyed and how they think they have developed. It is amazing what you can learn when people open up. You can then use this information to better understand how to utilise the individual’s strengths and interests going forward. Remember, it is important that this is a two way discussion, so offer feedback. They will appreciate the objective viewpoint.
Ask them about the future – this can be a challenging question and one that often makes managers nervous, but if you do not ask you miss the opportunity to explore ways to support them. It also demonstrates that you and the organisation value them and want to retain them.
These steps may seem simple, even obvious, yet many managers still struggle with them. For an employee who is seriously considering their future with your organisation, this gesture, at this time of year, could be enough to make them reconsider. There is however an important caveat. It cannot and should not be done in isolation. It needs to form part of an ongoing conversation that happens regularly between managers and employees. So, give the gift of your time now, but make it an early resolution to continue doing so throughout the year.