Imagine this scenario: your company is operating at an optimal level with record numbers in your first quarter then suddenly your top performer tenders their resignation. Learning to cope with and reduce turnover risk is critical for your company’s success. On average, an employee will remain in a position for only 4.4 years and will hold 11 positions over their lifetime. Turnover is expected but the resignation of a top performer has a greater impact since their contribution usually affects the top line.
Companies can reduce turnover risks if they are prepared and the following are some suggestions:
- Identify the critical operation points and key positions that are the core of your business and consider cross-training other employees to perform the role in the event of an absence. In addition to cross training, job sharing and rotating job responsibilities can expose groups of employee to critical operating areas. This sharing can also eliminate protectionism as well as the tendency to work in a silo.
- Create and routinely update job descriptions and responsibilities. Clearly outline and describe the position’s duties so that a new person can begin performing more quickly. This works well for lower level positions with more routine responsibilities but not necessarily for an executive position that makes more thought based decisions.
- Create a benchmark for the ideal employee in each key role and identify potential challenges finding a replacement.
- Don’t wait until everything else has failed – the cost of a vacancy is high but the cost of a bad hire can be even higher. Immediately call in an executive search firm and leverage their experience, professional network and performance to save time and valuable resources.
It is equally important to have an environment in which those A players want to work because it is where other A players work and they will be surrounded by the best. A workplace that makes each employee feel they are a part of something larger and that their work is important for that larger purpose can attract high performers and create significant retention.
Have an opening or want additional information about how JK Consultants can help you replace a star performer? We are an executive recruiting search firm with decades of experience and a very extensive professional network. Give us a call, we understand that quality and speed are critical and we guarantee our results!