KEEPING YOUR BEST PEOPLE IN TIMES OF CHANGE
Do I Don’t I?
When evaluating prospective business decisions one of the biggest fears is losing your best employees. You know that changes will be on the horizon perhaps including restructuring, redundancies, or a change in HR strategy.
How do you stop your best people from jumping ship?
Many business owners fall into the trap of providing financial incentives to keep your top performers on board. There are two problems with this approach. Firstly, when it comes to business change employees are usually more concerned about what it means for their career than just money. Secondly, you can’t ignore the core of your business by focusing on the high fliers.
We’ve got a better suggestion. Follow our HR advice on how to retain your staff, and where to focus your efforts.
1) Identify the irreplaceable
Don’t get fixated on your ‘star performers’ just because they bring in the money. The employees you need to focus on aren’t always the most ‘impressive’. You need to look behind the scenes. Who has the essential skills needed to keep you business running? Focus on the critical components for your operational needs, as well as achieving your long-term objectives.
HR Tip: Don’t overlook someone with a great skillset due to other attributes. Even if an employee’s performance or career potential aren’t as good as others, they may have the knowledge, networks, or expertise that make their retention crucial.
2) Evaluate on two levels
What impact will this employee’s departure have on the business? What is the probability that this employee may leave, both before the change and in the future? Depending on your organisational structure you may need your middle managers, or HR team to help you identify these issues.
3) Get personal
Change affects all people differently (read more on this subject here). Tailor your approach to retention to fit the individual mindsets and motivations of employees. Yes, certain staff may be all about the money. But others just want to know where they’ll fit in, how their role will change, and what this means for their future career. It’s about providing employees an offering that aligns with their personal goals, as well as your own.
4) Look towards the future
Keeping employees engaged in times of organisational change requires continuous communication. The biggest mistake is stopping this once the change process is over. You’ve retained your most important people, now you need to give them a reason to stay. Structure a team that will work together, give them opportunities to grow and provide opportunities for development.
Retention can be a real challenge for business owners. When you’re focused on your own work it’s hard to stay on top of who is really doing what. It can take time to work out who is essential to your team, and what they need to keep them happy. If you need to focus your efforts elsewhere in your business we can help lighten the load when it comes to your HR.