The ITS Top Talent Newsletter

By Dr. B. Lynn Ware, President and CEO,
Integral Talent Systems, Inc

The average tenure of an employee is only 3.6 years, according to the U.S. Bureau of Labor Statistics. And with an improving economy, employers are beginning to see more job movement among their employees. The number of new jobs created in the past three months alone surpassed anything we saw in the past three years of the recession.

The hidden cost of voluntary turnover for your business is astronomical - often 150 percent of an employee's total compensation, not to mention the lost opportunity costs and the loss of intellectual capital and customer knowledge that leaves when an employee quits.

As the economy improves, we offer these tips for hanging on to your valuable workers:

• Watch for early warning signals that let you know the employee has become disengaged from the job. Look for increased sick time, a drop in productivity or quality of work, avoiding meeting with you unless formally requested, discontent from a noncomplainer, and any overall noticeable change in behavior pattern or attitude.
• If you notice one or more warning signals, take immediate action by meeting with the employee and asking him or her if their behavior represents a deeper concern about the company or the work they are doing. Don't wait. As time goes on, an employee is more likely to become more disengaged if no action is taken.
• Ask the employee for their ideas about improving their work experience and give your own suggestions. Work with any ideas they have that are realistic and can be practically implemented.
• Re-enlist the employee by giving interesting work assignments, training, or something new that will give the employee a fresh and challenging perspective on both the company and the job.
• When your company's business is improving, be sure to recognize and reward the extra efforts the employee made during hard times.
• Make sure to enthusiastically communicate the potential improvement in your business as the economy improves, so employees know what's in it for them to stay put.
  

Since 1992, Dr. B. Lynn Ware has been the CEO and President of ITS, an internationally known talent management firm based in Palo Alto, California. ITS claims 120 of the Fortune 1000 as clients as well as a multitude of small and medium-size businesses in many industries.