SalesSpire Blog

What It Takes to Retain Top Talent

Oct 2, 2017 2:47:32 PM / by Bill Waham

Employers have always faced the problem of finding—and retaining—quality personnel. But over recent years, this traditional challenge has evolved into a critical dilemma.

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-spot

Employee 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
  • respect
  • 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 Home

From 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.
The key takeaway is: effective leadership development from within is proving to be a game-changer for many companies that have faced chronic employee retention and satisfaction issues. Resolving these challenges quickly affects the all-important business bottom line.

Topics: leadership, employee retention

Bill Waham

Written by Bill Waham

Bill founded SalesSpire after a successful career in sales spanning more than 35 years. During this time he never missed a sales target and ran a $2.5 billion sales organization with incredible results. His teams saw a rate of voluntary turnover of less than 1% and the highest customer satisfaction scores in their class. His expertise is not theoretical—it is a lived experience. Before his career in sales, Bill served in the Marine Corps and earned a BS in computer science via the GI Bill.