According to a recent study of 17,000 employees, 71 percent of employees are actively looking for new jobs. This means that a large percentage of your team is likely less focused on their job and heavily engaged in the pursuit of something better. This negatively impacts productivity and drives up employee turnover cost -- two factors that damage the bottom-line.
Can you blame them?
If they can get a 10-20 percent pay increase by changing jobs it seems like a sensible thing to pursue. However, you can go on the offensive against this job-hopping headwind with a few simple actions, retain your top talent, and increase their productivity.
1. Create an open dialogue about team member pain points.
Every team has pain points. The only difference is if the leader is aware of what they truly are. Leaders who are are willing to dig beneath the surface to uncover the deeper problems on the team can do something about it. Those who turn a blind eye to the problems will continue to suffer the consequences including employee turnover.
Ask your team to maintain a list of the recurring obstacles they encounter during their work day. See if you if you can dig a little deeper into the problem; then brainstorm a solution as a team.
2.Actively communicate the bigger picture.
People like to be on a winning team, yet often team members are kept in the dark about how things are going as whole. Highlight not only the in-team wins, but also share how the team is measuring up to the rest of the field.
Create a measurable way to track your team performance. Schedule a reminder to communicate it out to the team each week.
3.Share your vision and their role in it.
Share where you would like the team be 12-months from now. Go one step further and explain how much each team member's role contributes to make that vision a reality. When they understand your vision and their role in it, they are more likely to stick around to make it happen.
Take time to share individually with team members 2-3 actions they can take to move the team towards its goal.
4. Ask for their commitment.
After you share your vision for the team, do not forget to ask for their commitment to that vision. Their commitment increases the likelihood of their continuing contribution. It is better to find out now, rather than later, if your vision is not shared.
Create a periodic reminder to check in with your team to see if they are still engaged.
5. Talk up your future team opportunities.
Do not assume your team is aware of possible job opportunities or projects coming soon. Share potential ways they could grow within your team, and help maintain optimism about what's next.