Turnover is one of the most significant concerns that any employer will face – and there’s a good reason for that. Replacing members of your high-performing team is expensive, time-consuming, and frustrating. What’s more, if you happen to lose one of your best people, then your cash flow can start to suffer, and workplace morale may go down the drain too!
Various studies have shown that the cost of losing a single employee can be anywhere up to 2 times that person’s annual salary. That is because you do not only lose the money your hire was making for you, you also must pay out for on-boarding, training, and lost productivity among the rest of the team.
The good news? Managers who pay attention to their staff and watch for signs of discontent can potentially stop the problem occurring in the first place.
So here are five signs to watch out for that indicates your star performer is losing faith in your brand.
1. A Change in Performance
When your most impressive star suddenly loses their shine, it is easy to notice. If you suddenly find that an employee who used to deliver excellent work on time is struggling to hit deadlines or fulfill briefs, that is a sure sign that something is wrong.
One reason your team member’s performance may begin to suffer is that they know they are not getting paid what they are worth. If they continuously go above and beyond for your company, but they are getting below the standard market rate when it comes to remuneration, they may start to feel disenchanted with both their role and your company.
Remember that your star staff members can be up to four times more productive than average hires, so pay attention to when you need to offer a pay rise or promotion. If you are not sure your salary package is right, talk to your specialist recruitment agency for help. Hiring teams can tell you the average pay offered to talent with a set of skills.
2. An Irregular Work Schedule
If an employee with perfect attendance starts to arrive at work late and leave early, this is a sign that something is wrong. Sometimes, problems like these are caused by personal issues, but your hire may also be starting to review their career plan and look for other opportunities elsewhere.
A lack of punctuality is a clear sign that your talent is not as motivated as they once were. The problem here might be that there’s just nothing in this person’s role that makes them feel “inspired” anymore. For instance, when you first hired your new engineer, the projects you offered them might have been exciting and challenging. However, as years have passed, your engineer’s skills will have grown, meaning they need new things to keep them engaged.
If a staff member’s love affair with their position starts to fizzle out, look for new ways to reignite the spark with training opportunities or updated responsibilities.
3. Their Attitude Starts to Change
Imagine your IT technician Gary has worked for your company for five years. For the first four years, Gary always turned up to work on time and in a good mood. He was happy to lend a hand to his peers, and he might have even taken on tasks that were beyond his job role. For instance, Gary might have started to stay back late and work on your new cloud computing platform to improve his chances of a promotion.
However, if none of that effort pays off, you cannot expect Gary to keep offering it for free. Eventually, an employee that doesn’t get recognition and reward feel as though they are being taken for granted. Usually, high-performers will not ask for the acknowledgement they will want, they will directly look for new roles elsewhere.
Making sure you always pat your stars on the back and reward them for their efforts is key to keeping them happy and engaged. Send out a survey to find out how each of your people would prefer to get recognition.
4. They Contribute Less
When talkative and active employees suddenly grow quiet, this is an indication that they are on their way out. One reason a staff member might contribute less to brainstorming sessions and meetings is they feel that their opinions are never heard.
Communication is key to running a successful business. Many managers find that the more open they are with their team, the more positive their company culture becomes. Creating an atmosphere where your top performers can have their say can open the door to new ideas and out-of-the-box thinking.
For instance, if your telecommunications hire suggests implementing a new collaboration strategy, you can apply their ideas for a free trial run period and then discuss the results. This is a great way to show your people that you respect and value them.
5. They Seem Suddenly Negative
Finally, if your bright-eyed hires barely contribute during their development plan reviews, or seem as though they are always nervous about the state of the company, something is wrong. Even the most loyal staff member will abandon ship if they think that your business is sinking.
Negative attitudes throughout the organisation and an overall lack of transparency when it comes to news about your brand might mean that your top performers lose faith in your business. Fortunately, all you need to do to turn this problem around is to have a discussion with them about their job security and implement a new strategy for brand transparency.
Post a monthly newsletter that gets to the bottom of the positive and negative changes happening in your firm and opens your door to employees who seem nervous about their future with your brand. Job security is still an important consideration for top-tier talent.