Karen Tippett – We are in an employee-favoured market which is a global issue, as we work to understand why good employees leave. We’re unlikely to see change anytime soon.
We expected an exodus of Baby Boomers, creating a considerable labour gap in manufacturing, business, supply chain and healthcare.
Why Good Employees Leave
Housing prices in many regions of Canada have skyrocketed over the past few years while income growth has trailed behind the cost of living rise for years. The pressure is on employers to “pay up.” More than ever, it makes sound, financial sense to keep your most valuable asset – PEOPLE!
A Proactive Strategy is Required
To solve the issue of why good employees leave, we must think about the following:
- There’s an old saying, “people don’t leave jobs, they leave managers.” If organizational leaders are perceived to manage badly, staff moves on.
- People look for more challenging roles within their current company, so without opportunities, staff look outside your organization.
- Social media gives recruiters the ability to proactively reach out to potential candidates, resulting in employees becoming aware of what seem to be “greener grass” jobs, without actually looking.
How can an employer take steps to improve its retention rate, and what are others doing in the marketplace from which we should observe and learn?
Develop a SMART Succession Plan
Build your plan for succession to unfold over multiple years, with goals that are specific, measurable, agreed upon, realistic and with a target date.
Opportunities to Consider
Make human resources transition (due to growth, retirement, resignation etc.) as seamless as possible. What positions are you planning to fill?
- Is there someone currently in the position or is it newly created?
- Are you splitting an existing job into multiple roles?
- Do you have an updated job description?
Consider your talent pipeline strategically when planning your succession:
- Who are your most qualified candidates for career development?
- What are the gaps in skills training/professional development?
- Are you meeting with your talent one-on-one to understand if your plans align with their career expectations?
Here are some final thoughts from Peter Drucker to consider when mapping your retention strategy:
“Good employees quit when management is bad. Bad employees quit when management is good.”
TAC has survey tools to measure employee satisfaction.