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Retaining Your Best Leaders Post Pandemic
One of the biggest challenges CEOs have had in the past has just gotten bigger. Due to the biggest economic crisis since The Great Depression, companies in many industries are starved for cash. Many companies have not been selling their products at the level they need to sustain their operations.
If your best people start to believe that their company could run out of cash, they are going to be open to other options, and recruiters have a lot of pent up demand. One of the biggest risks is that of losing your best people to other companies.
The Solution to Keeping
Your Best Leaders
If your leadership development has just been cut because you consider it a nonessential, that is a mistake. Here’s why — your best people want more than just the challenge to turn the company around. They want to learn and grow in ways that bring them fulfillment and purpose. They need a place they can trust will provide learning opportunities.
You cannot ignore the need for your high performers to learn, grow, and change. If they are worthy of being with you long-term, you will need to find a way to invest in them.
Bigger bonuses? Perhaps. Why not? There is a lot of research showing money is a short-term motivator. If your retention strategy is only about compensation, you will be susceptible to companies who will try to “buy” your leaders. “Golden handcuffs” help, but they don’t win over hearts and increase engagement. The best companies will use an emotional and mental appeal.
Good leaders are learners and want to be better. To develop people in a meaningful way can be a competitive advantage. There are ways to create meaningful development without it consuming a lot of money or time. Engagement can be improved if the development experience scratches the right itch.
Copyright Don Frericks