Losing a top performer hurts! It’s not only a hit to the gut but it impacts team morale, quality of customer service and the lost time & money. A study by SAP and Oxford Economics revealed that one in five high performers are likely to leave their jobs within the next six months — and less than half are satisfied with their jobs.
How can you avoid this tragedy?
Start by taking a step back and objectively analyzing the causes of voluntary turnover. Understanding why top performers are leaving is the first step in preventing other employees from leaving for greener pastures.
Here are a few tips:
- Start by gathering some intel through exit interviews
- This doesn’t have to be a formal sit down interview
- You can create a survey or a form for this team member to complete. This will help you identify any internal problems or leaking pipes that exist and what can be done to repair this issue. Asking such questions:
- Reason for leaving
- Was there an event or series of events that prompted their departure?
- Was your performances or growth hindered by company policies, procedures or management?
- How can our leadership or management improve?
The information provided may not be pleasant to read but if you continue to ignore these issues-- this internal problem will continue building, growing, and infecting the rest of your team resulting in future casualties. It's time to be proactive!
- Audit your systems and team environment
- For the answers provided by the existing team member, what areas need to be improved?
- Think about the changes you want to implement and the desired outcomes
- Have a team meeting to review the changes and discuss WHAT needs to change and brainstorm HOW you will all make those changes happen
- Have individual meetings to check in with the rest of the team
- Take a pulse check to see how everyone is feeling about the recent and upcoming changes
- Goal setting
- Schedule a performance review
How does this help?
Your team will feel like their feedback is important. They will feel valued and become more invested in the success of your practice! When someone quits, it affects the ENTIRE business…there is more stress, increased workload, and anxiety to find & hire the right person to fill in the shoes of your former Rockstar! You need to motivate them and empower them so they can get through these hard times. When you get them involved and they see you resolving the issues, it will get them to stop the thought of “maybe the grass is greener on the other side” and start thinking of looking for another job themselves!
This will also improve team morale, create a better office culture, and stop those issues that lead that top performer to quit to continue growing and infecting the rest of the team.
It's time to add these documents into your HR library to help you avoid losing your top employees!
Need help? Let's connect to learn more about your immediate needs and practice goals to see how we can support you! Contact us today!