New Report:  50% of your employees are planning to leave!

It is true! 52 percent of employees are planning to look for a new job this year — a concerning 43 percent increase from 2020 and 2019.  That’s according to Achievers’ fourth annual Employee Engagement and Retention Report. 

Not enough to freak you out…ask 10 friends if they would like to find a new job this year.  Do you think 5 will say yes?  I recently asked 10 friends and 5 said they are already actively looking.

Companies spend thousands of dollars on proactive maintenance of machines to save millions of dollars annually in replacement costs.  We also need to spend thousands to proactively engage our talent to save millions of dollars annually in replacement costs.

The cost of losing your high potential talent could be as much as 200% of their annual salary, according to the Society of Human Resource Management.  So let’s say you take 25% of that cost and proactively spend it.  Spend 25% to save 175%!  For someone making $100K, that is spending $25k investment vs. $175K in recovery.

3 ways to keep your High Potential Talent for under $25K TOTAL!

1. Hire an Executive Coach.  Coaches don’t cost $25K so you will have plenty of money for the other two actions, too.  The investment in your direct report’s development over a six-month coaching engagement will keep them engaged, keep them committed, and prepare them to take on bigger roles in the near future.
2. Give them a pay bonus…now!  These individuals most likely helped save the company during the pandemic.  Thank them now by giving them a bonus or a salary increase.  No, not to everyone, but to those who you just can’t live without.  Remember, you are paying to keep them which is cheaper than paying to replace them.
3. Buy them a new chair.  Yes, send them a new office chair to their home office with a note that says, “I appreciate you and it is critical that you continue to have a seat at the table.  Let’s talk soon about your ideas.”  Giving them a voice will keep them engaged and focused on your common goal of driving the business. 

Proactively spend 25% to save 175%!  For someone making $100K, spend $25k investment to keep them vs. $175K in replace them.  Don’t wait.  In the time it took you to read this article, your employee may have received an email from a recruiter.