If you’re a business owner or manager, this blog may cause you to lose some sleep tonight. 

In the last cycle of workforce reductions, only half of those who left companies were ‘underperformers.’  The other half were top performers who knew something was coming and left for better conditions or better jobs before the ax fell.  They’ve been successful elsewhere, have started their own companies and are probably still performing well for the same reasons they performed well at your organization.  And they aren’t coming back. 

Now the ‘survivors’ – your current top performers who have stuck with you during the tough times - are feeling over-worked, stressed out, underpaid and under-appreciated.  They’ve  carried extra loads, managed around barriers, skimped on expenses, produced more with less, begged for budgets and worked the hours that were required.  And they will be the first to go – when your competitors are hiring.  

Here’s the reality: many of your current top performers and key employees are just waiting for the right opportunity.  But there’s no ‘rule book’ that says they have to go somewhere else for opportunities, is there?     

A college football coach who won a national championship once shared his secret to success with me.  The simple formula: knowing his players personally, along with frequent 1-on-1 communication and lots of positive feedback.  He shared this little poem to illustrate his point:  ‘Do you love me, or do you not?  I know you told me, but I forgot.’ 

Whether the economy is booming or crashing, great people are hard to find.   Top talent always comes at a premium.  Your people are your most valuable asset in any competitive marketplace.  

Are your best people engaged and committed?  How do you know?  And what are you doing – NOW – to plan for their replacement if (or more likely, when) a few of them do leave for ‘greener pastures?’  After all, an ambitious, smart competitor can grab market share and hurt you – all at the same time – by poaching your top employees.  And when they do, they take your intellectual property, proprietary processes, specialized experience, customers and contacts, other key employees and a lot of other things that are difficult if not impossible for you to replace quickly.

Do I have your attention now?  Are you aware of the situation described above, but unsure about what to do?  There’s a better way.

By getting to know your employees, what motivates them and ‘makes them tick;’ by placing them in the right jobs based on their abilities, personalities and interests; by providing them with opportunities for growth and development; by compensating and recognizing your top performers for top performance; by truly understanding them and coaching them in ways that are meaningful, helpful and positive for them – you’ll keep your best people engaged and motivated. 

A wise man once said that the best time to replace the roof is when the sun is shining.  Look at your employee engagement levels.  Learn about your employees so that you won’t have to miss them when they go.  Create an employee development program to develop ‘bench strength’ for succession planning in all key positions.   

Here’s the happy ending: it’s far easier – and less costly – to keep your top performers stable, happy, committed and working at your company for the long run than it is to ‘crisis hire with your hair on fire’ while trying to control turnover costs in a competitive talent market. 

If you need some help, give me a call.  And let’s talk before the well runs dry.