Think of the excitement you felt when you made that perfect hire. There was the outstanding résumé, the impressive interview. You felt, almost immediately, that this individual is a perfect fit for the position, and you were right. The first few years proved the decision was a good one. Now there’s another important matter to be addressed: You want this employee for the long haul. As a hiring manager or a business owner, don’t just assume they’ll stay. Keeping good employees takes thought and effort.
What Kind of Bosses Make Employees Flee?
One of the greatest challenges facing any company today is retaining good employees, but why?
There’s no one-part answer to that question, but a Forbes magazine article by Lattice CEO Jack Altman cites a Gallup Poll finding that 50 percent of employees quit because of dissatisfaction with their bosses. That’s a big number, too big for those in management positions to dismiss.
My time in the corporate world informs my belief that when employees are unhappy with their bosses, it usually isn’t because the manager is belligerent or a tyrant. The majority of instances of dissatisfaction stem from workers not feeling supported.
It’s surprising, but acts of omission, not commission, often make the biggest difference in the fight to retain good employees. Even if there is no motive driving the neglect, there are tangible consequences that jeopardize overall function and morale. People and operations suffer.
Sure, tyrannical and belligerent bosses can drive off good employees, but a more common culprit is the manager who lacks self-awareness.
Employee Retention Efforts Are Cost-Effective
To boost managers’ self-awareness, assess how your company invests in managerial processes and employee development and see whether you can help up its game.
Investing in training for yourself and your employees will take time and money, but the alternative is an unsupportive workplace where people enter and then exit too quickly. That’s what burns too much time and money, with no return on the investment.
It’s Your Call: Stagnate or Flourish
Let’s face it, the time is gone when employees stick with the same company for 40 years. These are ultracompetitive times, and staying ahead of the employee retention game means not forgetting that:
- Companies that operate without a good managerial system for their workers do so at their own peril.
- Capable employees in search of career fulfillment will exit stagnant workplaces.
- Investing in employee retention isn’t a luxury, it’s a necessity.
The goal is to create the kind of environment where employees flourish, loyalty grows, and the company thrives.
At USF, Higher Education Includes Private-Public Teamwork
The USF Office of Corporate Training and Professional Education is taking a prominent role in creating a world-class workforce in the Tampa Bay area. Contact us if you want one of our advisors to develop a plan for you.
To learn more about USF’s dedication to the art of managing people, interacting with professionals, and advancing careers, explore the university’s Office of Corporate Training and Professional Education. Visit the CTPE website or contact us.
Mark Koulianos is director of USF’s Office of Corporate Training and Professional Education and a 20-plus-year veteran of the corporate world. Read Koulianos’ full bio.