Stop losing talented people:  Effective leadership is the key to retention

Stop losing talented people:  Effective leadership is the key to retention!

Are you watching your best people leave, resigned to the fact you can’t match ever-increasing salaries or benefits?  Don’t give up!  Effective leadership can be far more powerful in retaining team members than a quick-fix financial incentive.

Why is retention so important?

The aim of retention is to reduce employee attrition rates. We use the word attrition to describe the departure of team members, often without reflecting on what it truly means.

Every time we lose a talented team member, we reduce our strength or effectiveness as an organisation. The time and financial cost of rehiring and training new team members can be as much as 30% to 500% of their annual salary, through both direct and indirect (morale and loss of productivity) costs.  Add to this the loss of corporate memory, increased competition for skilled employees, a dynamic economic environment and it’s clear we need to hold onto our most valuable asset: our people.

Effective leaders can retain talented team members

The key to retention is employee engagement! Did you know those team members who are actively engaged in the workplace help their organisation perform better? Engagement is characterised by the amount of energy, involvement, and positive interactions a team member contributes to the workplace. Team members who are engaged in their workplace are not only 87% less likely to leave their organisation, but more than 40% more productive than their disengaged counterparts (Employee Engagement Survey, Boyle Consulting, 2021).  In fact, engaged team members will advocate their employer to others, attracting even more talent to your team.

Effective leadership is the number one influencing factor of engagement levels of the workplace.  That’s something you can control. Your team is your number one asset.  Hold onto them, nurture their capabilities and empower them to succeed.  Their success is your success.

“Employees who believe that management is concerned about them as a whole
person – not just an employee – are more productive, more satisfied, more
fulfilled. Satisfied employees mean satisfied customers, which leads to
profitability.”
- Anne Murphy ex-CEO, Xerox

How can leaders lift the engagement of their team?

Engaging team members requires a commitment from you, as a leader, to invest in and develop your interpersonal skills. Whilst there are literally hundreds of skills leaders can choose to develop, use the RETAIN acronym to focus your attention on these top six skills:

• Reciprocal feedback
• Emotional Intelligence
• Trustworthiness
• Accountability and responsibility
• Inclusive and meaningful communication
• Needs and motivation

Commit to the change and learn to lead

Effective leaders create environments that attract and retain good people. At Boyle Consulting we’ve supported thousands of emerging and experienced leaders develop these critical interpersonal skills and engage their teams. Established in 1988, our supportive and insightful leadership development team and blended learning options help us fulfil our mission – Developing Leaders.

Talk to us today to find out more about our:

1. Employment engagement strategies for all levels of leadership and organisational structure,
2. Engagement surveys to identify key issues within the teams,
3. Development programs for leaders, and
4. Frontline and operational training programs and consulting solutions.

Make the commitment to stop losing talent now!

by Stephanie Louie