ITS Top Talent Newsletter
Your Top Employees
as the Economy Improves
Dr. B. Lynn Ware, President and CEO,
Integral Talent Systems, Inc
tenure of an employee is only 3.6 years, according to the U.S. Bureau
of Labor Statistics. And with an improving economy, employers are
beginning to see more job movement among their employees. The number
of new jobs created in the past three months alone surpassed anything
we saw in the past three years of the recession.
The hidden cost
of voluntary turnover for your business is astronomical - often
150 percent of an employee's total compensation, not to mention
the lost opportunity costs and the loss of intellectual capital
and customer knowledge that leaves when an employee quits.
As the economy
improves, we offer these tips for hanging on to your valuable workers:
for early warning signals that let you know the employee has
become disengaged from the job. Look for increased sick time,
a drop in productivity or quality of work, avoiding meeting with
you unless formally requested, discontent from a noncomplainer,
and any overall noticeable change in behavior pattern or attitude.
- If you notice
one or more warning signals, take immediate action by meeting
with the employee and asking him or her if their behavior represents
a deeper concern about the company or the work they are doing.
Don't wait. As time goes on, an employee is more likely to become
more disengaged if no action is taken.
- Ask the
employee for their ideas about improving their work experience
and give your own suggestions. Work with any ideas they have that
are realistic and can be practically implemented.
the employee by giving interesting work assignments, training,
or something new that will give the employee a fresh and challenging
perspective on both the company and the job.
- When your
company's business is improving, be sure to recognize and reward
the extra efforts the employee made during hard times.
- Make sure
to enthusiastically communicate the potential improvement in
your business as the economy improves, so employees know what's
in it for them to stay put.
Dr. B. Lynn Ware has been the CEO and President of ITS, an internationally
known talent management firm based in Palo Alto, California. ITS
claims 120 of the Fortune 1000 as clients as well as a multitude
of small and medium-size businesses in many industries.