Episode 276 4 Ways to Quit Losing Talent
On this episode of the Lead Up Podcast, Mike goes through the 4 ways to Quit Losing Talent, which happens to be the name of his new book. His book is available at quitlosingtalent.com
In 2021, 57.6% of employees turned over, with 89% of managers believing it was due to money, but in reality, 88% left for different reasons, meaning these losses potentially could have been stopped.
- Retention. We must learn to nurture with feedback to make people feel more valued. A way to do this is what Mike calls praise raise, but we have to be careful as it can have the opposite effect if done wrong. We need to be specific and avoid competition.
- Attraction. We need to compete through development. A staggering 94% of employees who quit say they would have stayed if their employees were interested in their development. It is vital to develop people's careers as not only will this aid with retention, but word will spread, and it will lead to attraction.
- Activation. Mike calls this onboarding for mastery. You need a robust onboarding plan to be implemented in the first 90 days of every new employee to create mastery in their job. Not doing this could lead to a 33% leave rate in the first 90 days.
- Releasing. When an employee does leave, you need to know why. You need to create a safe space for the employee to be able to truthfully explain why they’re leaving, and you need to be able to learn from it.
To get more in-depth information on all these strategies and more, grab a copy of Quit Losing Talent at quitlosingtalent.com
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