Boost Retention with Intention: 3 Tips for Managers to Retain Top Talent
Managers: Your best team member just gave you their two week's notice. What would say or do to keep them?
If you lead a team, chances are pretty good you've been in this situation in the past two years. The Great Resignation/Attrition/Renegotiation kicked off by the pandemic led to 30% attrition in some industries. At one point in 2021, 57% of global knowledge workers said they would consider taking a new job within the coming year. And so, even though the Great Reshuffle seems to have cooled since Summer 2022, the above scenario isn't out of the realm of possibility.
Let's dig in to what that means for managers. Let's say you have four people on your team. Two of them are looking for a new job this year. One will leave. It will cost you between 0.5-2x their salary just to hire a back-fill. That's not even taking into account lost productivity and client engagement while you're looking for, onboarding, and training a replacement. Oh yes, and the extra burden that puts on the three remaining team members. The added work load leads to burnout, which in turn drives even the most engaged workers to start looking for greener pastures.
Why are folks checking out, by quitting or just by disengaging in situ? Topic for another time. For now, let's just remember that a manager's skills (or lack thereof) account for 70% of employee engagement, and it takes next to nothing to lure disengaged employees to a new role. Today I want to give Managers three tips to avoid the stress of losing and replacing their top talent.
Be warned: these are not quick tips.
1. Don't wait until they tell you they're leaving to take an interest in their career growth.
By the time an employee tells you they're leaving, it's too late. They've made up their mind and no amount of bonuses, trips to the next biggest industry conference, or a shiny new project are going to change it. These offers feel transactional. What they needed was for you to put the work in on the front end. Show that you value their growth and potential from the beginning. If these practices aren't already a part of your manager toolkit, start now.
Consistent 1:1 meetings. Don't just talk about project updates; go deeper. What are they excited about? What is challenging them this week? How can you support?
Career conversations. At least quarterly, check in with their career growth. Do they feel fulfilled? Are they challenged in an exciting way? Do they feel like their skills are being put to good use? If they could design the perfect role on your team, what would it be? Are there any skills they want to learn, professional certifications,
2. Don't expect your top talent to pick up the slack for the rest of the team.
I get it, you've got that one exceptional person on the team who just seems to be naturally skilled in every area you need, can deliver on time and exceed all of your (and your customers') wildest dreams, and they don't complain about the extra work! Let me tell you, this is the perfect recipe for burnout and resentment, and will eventually lead to you scratching your head with how to replace a person who does the jobs of three without breaking a sweat. Instead, you can load balance projects across the team, step in with coaching when you see one person is taking on the majority of work, and provide opportunities for every team member to develop the skills your top talent already has. Bonus: review their compensation to ensure you're at least paying your top talent what they're worth. Because someone else certainly will.
3. Recognize great work.
In one study, employees cited two of the top reasons they'd quit were they didn't feel valued by their organization (54%) or by their managers (52%). Recognition comes in many forms and can be deeply personal. Ask how your team how they'd prefer to be recognized (one-on-one, in front of others, with bonuses, awards, email, etc). You can be generous with your praise, even on a shoestring budget. Here are some great options:
Shout out at the team meeting, in team Slack, or newsletter
Make sure your leaders know who was responsible for the good work
Send a hand-written card
Take them out for a coffee (or adult beverage of choice). Send a gift card for coffee or lunch if you lead a remote team.
However you choose to recognize your people, be consistent and tie their contributions to the impact they've had on your business or customers. Feeling seen and valued by leaders for what you bring to the table is priceless.
Managers can boost retention with intention
When I put in my resignation notice at the CIA, I was suddenly a valued employee they couldn't lose. I remember wondering where that energy had been the previous eight years. All they had to offer was too little, too late.
It takes more than a 20% pay raise to lure most employees away from a manager who engages them, and next to nothing to poach most disengaged workers. -- Gallup
Managers: It takes sustained investment every day to build trust with your team. While this isn't a quick fix, it's worth it. Don't forget the power of creating a connected team where folks feel valued, respected, and like they belong.
Want to get started building your team connection with intention with a SIMPLE tool? Download my free Manager 1:1 Template today.
