Keeping Your Best Employees

By David B. Hooton, Ed.D.

With today’s economic challenges, keeping your best employees can make a real difference in how you position yourself for the future, or if you even survive.

Sustaining the best possible talent pool through an economic downturn is "Job 1," no matter your company’s size. When key talent walks, you lose customers, increase operating costs and overall employee performance plummets. As best-selling business author Jim Collins says, "People are not your most valuable asset…the RIGHT people are."

But keep in mind that up to 91% of your best employees are looking for better opportunities, all the time. And right now, smart companies poach your high performers because it makes such a huge difference in their viability.

For high performers, keep in mind that intent-to-stay does not revolve around salary and benefits. It revolves around emotions.

Emotional commitment drives over 50% of your employees’ intent-to-stay decision. Emotional commitments stem from opportunities, perceived value, relationships and contribution.

To keep your top talent from creating their own bailout package, launch these three low-cost, high-yield, activities:

• Embed Assets-Based Thinking Everywhere: Dr. Kathy Cramer, founder of Assets-Based Thinking (ABT), explains that Asset-Based thinkers consistently focus on opportunities rather than problems, strengths more than weaknesses, what can be done instead of what can’t. Contrast this to Deficit-Based thinkers who focus on what’s wrong, not working, or problematic; personal gaps and weaknesses; what’s bothersome or irritating about others. When things are difficult, it’s paramount that you promote Assets-Based Thinking throughout your organization. Doing so makes a huge difference in how your entire company performs, overcomes obstacles and stays in the game. Your top employees are often ABT sources that need to be leveraged. Use them to lift everyone else. You’ll see better retention of your leaders and key people.

• Conduct "Stay Interviews" with Key Talent: Stay interview outcomes include feeling valued and recognized, reduced desire to jump ship, and recommitment to the company. Train your managers in how to conduct "stay interviews" with a positive presence. Then, conduct the interviews over lunch or breakfast when possible. Ask key talent questions that spark commitment, engagement and performance. Why are they committed to the company? What performance barriers need to be managed? What new relationships in the company would they like to cultivate?

• Engage Key Talent in Meaningful Activities: During economic downturns, your best performers frequently get loaded with tasks and projects that have minimal impact or are axed due to rapidly shifting priorities. Worse, they are excluded from development opportunities and future-oriented planning activities. They feel left out and lose their line-of-sight to the future. Engage them. Put your key talent on important projects that can result in quick wins and make a real difference during the recovery period. Ensure their performance and contributions are recognized by leaders. And provide them opportunities to dialog with your company’s leaders in meetings and briefings.

There are synergistic benefits to completing these three activities that touch everyone in the company. Overall employee engagement increases, innovation happens and group performance improves. The return on investment is huge. Bear in mind, opportunities abound for key talent. Make sure the opportunities are in your company.