The loss of an employee is usually not the way you want to end the week. Losing an employee to a competitor can be down-right frustrating. Figuring out why you are losing employees to competitors can provide you with a way to prevent it from happening again. Time to dive in and look at the company from the employee’s perspective to figure out the “why.”
Top performing employees are always in demand. They are contacted with employment opportunities an average of 4.3 times per year (Qualtics). High performers easily get frustrated and lose inspiration at work or feel held back when working under weak managers. High performers are honest and constantly improving. If you hire the great employees, make sure you stretch your leadership capacity to challenge and push the high performers.
According to entrepreneur.com, “You can throw money at employees, but it only goes so far. Healthy cultures lead to happy people, and happy people lead to happy clients. To create that happy culture, you don’t need to start Free Beer Fridays or let everyone leave after lunch. You simply need to improve your emotional awareness and give your employees the environment, motivation and perks that matter to them.” Asking, listening and following through on requests/initiatives gives your employees the sense that you truly value them as not just employees, but also as people.
Perks like fitness centers, food trucks, a fully stocked drink fridge, or in-house coffee bar are great. What employees love more is technology. Outdated technology causes headaches and leaves employees looking for something bigger and better. A cell phone used to be a cutting-edge perk, now it’s expected. If your technology is slow, not user-friendly, or outdated, start researching ways to make improvements that will keep up with the modern work environment.
Keep your friends close and enemies closer
Pay attention to what your competitors are offering. Know if they are hiring, what the positions are structured like, and figure out the benefits and perks they offer. You may find it’s time to re-evaluate your compensation strategy so you can match or even beat your competition.
On your way out
Conduct exit interviews. In the event you do lose an employee to a competitor, take advantage of an exit interview to figure out why they are leaving. Be candid and receptive to feedback about the employee’s experience at your company. This could lead to some valuable insight and potentially give you an opportunity to make changes that will impact current and future employees.
You want competitors to be weary of losing their employees to your company, not the other way around.