You’ve heard, probably read, about companies losing their best talent all the time. You might even have experienced it first-hand. You know, having a managerial role, that one of the biggest challenges every company faces is retaining top employees, especially in a competitive labour market like Singapore’s.
Why do companies lose their valued employees? Most of them wait until it is too late before attempting to salvage the situation. Most of them ignore the red flags that have been evident from the get-go.
What can you do, or what should you do, to prevent this from happening before it does?
1. When hiring, factor in the team’s culture
Sometimes, star employees aren’t the ones with the best resume and experience. During the hiring process, your focus should be finding a candidate who, as well as being competent for the job, would gel well with your team. The last thing you want happening is having your new hire hinder your team’s growth. Or, worse still, drive your best talent away.
2. As with matters of such, communication is key
Every employee likes to be kept informed, and every employee likes to be heard. As a manager, you have to encourage a two way conversation, and one way to do so is by having open communication lines with your employees at all times. Without it, they might feel undervalued, underappreciated and without a sense of belonging in the company – feelings that prompt them to think of leaving.
3. Check your management style
This might be difficult for you to hear, but your management style might be the reason your employees intend to leave. The truth is nobody likes working under a dictatorship. Work on giving them their space and tools they need to do their jobs while being available if they need your help. Think of it as an act of empowering them.
4. Find out what your employees’ goals are
There are goals that a company wants its employees to achieve. Then there are personal career goals each person has for themselves. Remember, they are not the same. If the company doesn’t provide its employees with opportunities for personal growth, they will end up leaving. Performance reviews can and should be leveraged to discuss what your employees’ goals are and how you can work together to obtain them.
5. Remember old promises
Promises you made with your employees might be the only reason they’re staying. There are certain circumstances that might not allow you to fulfil them, yet. Especially during an economic downturn, employees might compromise what they want for a package the company can afford to provide. Never forget to revisit these promises and make good on them.
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