What's now surprising many senior executives and HR staff is that the key to retaining talent is often right in front of them: Current employees—after being re-evaluated—are frequently proving to be the solution to both finding and retaining vital mission of staffing.
Revealing a Competitive Blind-spotEmployee turnover has commonly been viewed as a challenge resulting from outside forces, as your trained and valued employees leave for better offers at other firms.
But as executive search and staffing expert Gary Heinrich recently observed, "...we have found that candidates are searching for more than decent pay and benefits. They are looking for mutually respectful relationships...".
In-fact, Forbes recently cited a study pointing to surprising key motivations for employee retention, which include:
- manager quality
- job-interest relationship
- people management
What's missing from this list? The conventional answer and excuse: salary and benefits.
While these are undoubtedly still important to employees, research has revealed that many HR departments have entirely missed the priorities of most employees' concerns. This blind spot has led many business leaders to miss the very people best placed to meet these needs, namely, their own staff members.
Leadership Development Begins at HomeFrom study to study, employees are consistently telling researchers that training and leadership development opportunities are a crucial factor in deciding whether or not to stay with a company. And as businesses become more aware of this, they're quickly discovering the hidden gems that have been in their midst all along.
As internal leadership development programs become more prevalent, employers are seeing benefits in both employee-job satisfaction, and as a result, retention rates. These programs have been shown to:
- significantly increase employee engagement—driving higher levels of employee satisfaction and as a result higher customer satisfaction,
- Unlock employees full potential—both you and your employee begin to see their hidden skills revealed,
- Enable employees to perform to your standards—internal leadership development programs allow employees to both see and invest in your perspective. And they typically then become more deeply engaged and perform accordingly,
- Demonstrate that you appreciate and value them—the fact that you've asked an existing employee to participate in a leadership development process sends a strong signal that they are respected and that their experience matters to you.