I’ve been in many client companies where I hear about the one that got away. That key employee who left the firm, and shocked everyone by their departure!
In one of my client companies, Mike was an up and coming employee. He really had it all together – he was technically strong, had good client relationships and all of the other employees liked him. In fact, the owner of the company had quietly identified Mike as a potential person to someday take over the company. One day, Mike walked in and handed in his resignation. To say the owner was blindsided was an understatement. Management had no idea that Mike was looking for another job. What could they have done differently to avoid Mike’s departure?
First of all, even though the owner had been considering Mike for a potential leadership position, he had never told Mike! No one bothered to give Mike feedback that indicated there was a growth path for him in the company. He did receive occasional feedback that indicated he was doing a good job, but nothing to indicate he had a very bright future. In Mike’s mind, he was in a dead-end job. As a motivated, hard-working engineer, he decided to look elsewhere. By the time he turned in his resignation, it was too late. Nothing the company could say at that point would be believable to Mike.
Feedback is critical to an employee’s performance. Periodic, on-going feedback should be the norm in every organization interested in retaining their employees. This feedback should be multi-dimensional and very targeted. I recommend occasionally conducting a “stay” interview. We all know what an exit interview is – as an employee leaves, we have a conversation to tie things up, get some feedback and wish the person well.
A stay interview has the objective of enticing an employee to STAY with the company. You won’t call it that of course; you will actually treat the stay interview as a casual conversation. Do this outside of the formal review process and take the time to have a meaningful conversation with your employee. Figure out what they love about their job, what frustrates them, and where they see this job fitting in with their future. If you see potential for this person – go ahead and let them know! You aren’t making any promises – you are just letting them know what you see in them that bodes well for their future with the company! In the formal review process, you’ll reinforce these ideas, but start with the STAY interview! If you have a valued employee – PLEASE let them know they are valued!
