Is the grass always greener?
Why do people leave your business? Is it due to lack of opportunity, lack of flexibility, unachievable targets coupled with low bonus pay-outs? Maybe it’s a change in culture due to an acquisition, maybe it’s because the culture hasn’t changed when it was said that it would. The list is very, very long… Of course, it’s not always negative reasons that people leave businesses. Maybe it’s for a change of career or a change of country, maybe someone has won the lottery.
Whatever the reason, it’s vital that you strive to understand what it is. And, it’s important to understand where they are going and why. Are people going to a rival business in your sector or perhaps another business in the local area? Are your competitors aggressively targeting your staff and offering them bigger incentive schemes and potentially lucrative stock options?
If people are leaving your business when you would prefer that they didn’t then you need to understand and address as much of this as possible. Have you been building a business that people want to work for and does it remain so? Have you developed a hiring strategy which is in line with the culture of your business and do you have a compensation and benefits strategy which aligns? Businesses with clear visions and defined cultures with aligned development and incentive schemes stand a far greater chance of recruiting the right people for the long term and a greater chance of retaining them.
Understanding your people and understanding your competitors on an ongoing basis will enable you to ensure that you are remaining one step ahead. Employee feedback will give you the insight into any areas that might need working on internally. Providing you address things effectively your people will see that their opinion is valued and will feel confident that you care about their perspective. Competitor insight will enable you to make decisions on how to avoid people even entertaining the idea of joining another business. Even if you have better products and services than your competitors are you ensuring that your business is the one that people want to work for? Listen to your people, acknowledge your competitors’ strengths or weaknesses, adapt your employee experience accordingly and ensure that the grass on the other side is a dull brown colour, dusty, thinning, in need of some nourishment!