In this engaging discussion, Kate Tyler, a Development Manager at Shell with expertise in employee engagement, teams up with Rachel Spivey, the Director of Google's Stay and Thrive team, focusing on talent retention among underrepresented groups. They tackle the critical question of how to keep your best employees from leaving. Key insights include the importance of personalized career development, open communication about motivations, and recognizing employee contributions to foster a more engaged workplace.
Regularly checking in with employees about their job satisfaction can help identify potential turnover risks and improve retention.
Co-creating tailored career paths that align personal and professional goals reinforces employee commitment and reduces the desire to seek other opportunities.
Deep dives
Understanding Employee Engagement
It's crucial for managers to gauge how their employees feel about their work to ensure retention. High-potential employees might not always express dissatisfaction directly, and managers often miss key opportunities to engage them. Regularly checking in and initiating conversations about job satisfaction can provide valuable insights into potential turnover risks. Engaged employees are less likely to leave for other opportunities, so fostering a strong connection is essential.
Importance of Career Development
Career progression plays a vital role in employee retention, and managers should co-create tailored career paths with their team members. It is not just about professional growth; personal aspirations should also be considered when mapping out a career trajectory. By aligning employees' goals with their company's development opportunities, managers can reinforce their commitment to the organization. This approach reduces the temptation for employees to seek other job offers when they feel their future is secure and defined.
Focus on Open Communication
Transparent communication is key to understanding employee motivations and needs. Managers should openly discuss what is in their power to offer, particularly during times of organizational change or uncertainty. Regularly providing updates about opportunities and the potential for career advancements builds trust and reassures employees of their value. Engaging in these authentic conversations can help managers identify underlying reasons for an employee's consideration to leave, allowing for timely interventions.
Navigating Financial Incentives
While financial compensation remains a significant factor in employee retention, it should not be the sole focus for managers. Understanding the deeper motivations behind employees' requests or expressed dissatisfaction provides a more holistic view of their needs. Strategies such as retention bonuses and proactive conversations about compensation can effectively address concerns without relying solely on offers from competitors. Balancing monetary incentives with recognition and purpose-driven work can create a loyal and satisfied workforce.
Do you know how your best employees feel about their work?
Are they actually engaged and motivated? Or are they already looking for a better opportunity? If so, what would it take to make them want to stay?
In this episode, you’ll learn how to retain your best employees for the long term, including tactics you can use to help the people you manage feel valued and respected. You’ll also learn what to do when a valuable employee says they have another job offer.
HBR On Leadership curates the best case studies and conversations with the world’s top business and management experts, to help you unlock the best in those around you. New episodes every week.