Are you retaining key managers?
Many business owners talk about hiring top talent and retaining them as key components to build the business with. Nevertheless, the process for training, developing and retaining a strong senior management team seems often elusive.
Why do key managers leave and cause owners to restart the expensive talent search for replacements?
Here are a number of factors that may cause management turnover.
· Lack of challenge
It is important to ensure you gain commitment from senior managers and one way is to ensure their aspirations are aligned with corporate goals. Challenge senior managers so they don’t slip into a boring job routine.
· Skill development
Development is a continuing process and there should always be ways to use a manager’s creativity to ensure additional growth and development occurs. If you limit growth the manager is only more encouraged to seek challenges elsewhere.
As owner or president, do you lead? If owners fail to provide leadership and that includes listening so other managers have a voice to express ideas, then strong managers will leave for a place where their talent is more appreciated.
· Recognition – Rewards
The best organizations don’t take credit for success they give credit to key people and then reward them for special contributions. Failing to recognize this is only a step away from asking a manager to leave.
Successful businesses spend time developing, training, and recognizing key employees and the bi-product is that they are less required to spend time and money acquiring new talent. Turnover is expensive and counter-productive to growing the business.
Those are my thoughts. Yours?