As a student of business history, I believe the current economic climate will improve, as it has in the past. Thus, the job market will become more positive. As a result, top aftermarket talent will seek better career opportunities, as well as more positive company cultures.
When the current economic climate improves, will your key employees (winners) stick with you?
Multiple research reports from The Wall Street Journal indicate that the job market will improve and thus some top talent that exists in organizations will be looking for better opportunities.
Most employee dissatisfaction has little to do with money. Generation X (ages 32-44 years) seek recognition for a job well done, open communications, a positive company culture and being involved in the overall vision of the company. The key is to align your employees with objectives and goals. Your employees want to be confident about the company’s future, even with blemishes. Give employees the opportunity to grow and enhance their personal value.
Have you ever considered how many of your employees are actively seeking new employment? [Are they] networking, updating their resumes, looking forward to the day when a new company and manager appreciate them?
The reality is, the best people will be the first to go. They are valued in our industry and your competitors know who they are.
Of course, when the economy turns around, the employment market is a whole new ball game. In recent times, employee turnover was viewed as a positive thing – it reduced costs! Yet, to put it in another way, voluntary turnover is a clear and present danger.
According to Deloitte Consulting, LLP, “Retaining people is far less expensive than replacing them. Every knowledge worker we lose costs us at least $100,000 in lost time, productivity, relationships and know-how.”
It is common to hear leaders today say, “Our employees should be happy just to have a job today!” The fact is, none of us like to be taken for granted. Remember: Some employees quit and leave, and some employees quit and stay!
Loyalty is a two-way street. Employees have long memories and remember how they are treated during different times.
The Millenials (the 80 million born between 1980 and 2000) are entering the work force and demand a much more collaborative leader. They seek intellectual openness and involvement.
Employees seek a culture of “truth,” candid communications and individual recognition for both effort and achievements.
If we listen, we can hear the tsunami coming!
It is time to enhance communications and bring back management development programs. Remember when most organizations had them?
Achievers seek to be aligned with the strategy and company’s vision. There is little doubt that leaders influence employees’ behaviors, decisions and career choices. It is paramount for leaders to be self-aware and to examine the consequences of both their long- and short-term actions on employees.
As I traverse the automotive aftermarket today, I see leaders in the quest for profit, market share and increased sales, who view concern for employees and empathy and compassion as a sign of personal weakness. People and profit are members of the same family. Now is the time to prepare for the resume tsunami!
Starbucks CEO Howard Schultz said, “People aren’t interested in how much you know…it’s how much you care.”
Employees “stick” with leaders who display their human side. Try it, you will like it.
Keep your employees top-of-mind. Indeed, they are your company’s differential capability, the reason customers buy your goods and services. They are the reason why you stand above your competitors. Create a culture that ambitious people can buy into. Most of our opinions, feelings and attitudes concerning our jobs are in direct proportion to how we relate and trust our leaders.
Give your star performers a reason to stay with your company – YOU!
