Never Gonna Let You Down

Posted by Evan Fort on April 18, 2016

Happy

Let's face it: in many parts of the world today, it's a job seeker's market. Deltek has an office in Richardson, Texas which currently has an overall unemployment rate of 3.4%. The average technology worker is getting contacted every week about other positions. And these days, we even see exciting Silicon Valley firms traveling to set up interviews elsewhere. Employee retention is key, but how do you go about keeping your top talent?

Never Gonna Run Around and Desert You

First things first: you need to face facts. You are in competition to keep your employees. Most employees don't want to make waves and it's likely easier for them to leave than it is to take on the daunting task of fixing their current situation.

  1. Take the time to really understand your compensation package versus your competition. Use of a compensation software solution can help you put this on auto-pilot. Remember to consider the whole package: benefits, vacation, retirement, etc., and not just pay. Many employees also value learning; putting a good employee on a learning plan will help you keep him or her longer.
  2. Make sure your employees are really happy. Most employees will tell their direct manager that they are happy, even if they aren't. Make sure you give them opportunities to give feedback to people other than their direct manager. The main reason that people leave a job is their direct manager. You need to be looking for patterns and encouraging more than just performance appraisals from top down. Also, don't give up the great opportunity of the exit interview. Give the ex-employee a safe place to share real feedback without fear of retribution.

And on that note...

Never Gonna Say Goodbye

Be ready for turnover; career paths are for people, succession plans are for jobs. Be thinking of who is ready to advance in the event that an important member of staff chooses to exit. This planning also helps your current staff know they are appreciated and lets you plan for exits instead of scrambling at the last minute. Consider using a career development and succession planning tool to involve everyone in the process. If it is a normal part of management, it's easier to have the important conversations with employees you may have to replace in the future instead of scrambling if they do leave you.