Why Top Talent Will Leave Your Company After The Corona crisis (And How To Avoid This)
Shining a spotlight on a potentially devastating consequence of the crisis — the loss of star talent
The corona crisis will have a potentially devastating consequence I believe has not yet received a lot of attention, but will nevertheless harm many companies (and consequently, people) in the long run.
Namely: the loss of top talent
Why do you need to read this?📖
1-. Knowing how to successfully retain employees will prevent your company from losing unthinkable amounts of productivity after the Corona Crisis. It’s the playoffs of the economic world & you’re going to need all of your star performers.⭐
2-. You need the right tools to keep your workforce engaged & feel appreciated. You’ll be using these tools long after the dust of this crisis settles, creating amazing amounts of competitive advantage over time.
We’re going to go over the following things:
1-. The reasons as to why you’re going to lose your top talent 🤷♀️
2-. The consequences of losing your star employees 📉
3-. The various methods of how to retain your star employees to prevent an exodus & keep productivity sky high 🚀
Let’s GO! 🔥
Why you’re going to lose top talent
I recently came across an interesting survey from Belgian company Randstad, conducted in 2018, as to the reasons why 175 000 people of various countries left their company:
What happens during a crisis? We experience a drop of bonuses/compensation, a lack of challenges and the disappearance of future perspectives (growth options). Unfortunately, it’s precisely in these categories that companies who are trapped under the pressures of the Corona Crisis lose out on. This is hugely frustrating for top employees who swear by the organization and the life of overachieving. They will use this crisis to reflect and make the decision to leave faster, in the search of new challenges & opportunities.
Sure, white collar workers receiving a bonus are in a minority, but this one top performer almost always outperforms 4 other peers on average, thus generating the main chunk of income for a lot of companies.
The consequences of losing your star employees
To put it pretty bluntly, you’re company is going to be extending its own recession if it loses a big chunk of its productivity. As retention is not a main focus for many managers today, the lack of effort in this area is going to come back and bite them.
The risk is real.
“We are receiving a remarkable number of calls from disgruntled employees who indicate that they want to change organizations. This displeasure stems from a sense of mismanagement and lack of support. If essential talent leaves, it can put a company at risk. It is precisely these high potential people that a company needs in difficult times and even more after the dust settles. ”
I don’t think anybody wants an extended recession! So, let me show you some neat tips & tricks on how to keep your star performers! ✨
Tips on how to keep your top talent
How do you prevent your highest producers from leaving? Here are five invaluable tools that I use to keep my team motivated, engaged and productive 💪
1- MobieTrain — Micro learning
So, you’re employees are stuck at home, bored to bits or feeling like they aren’t progressing towards anything. As stated before, this environment is a massive red flag for your top talent.
Some of our own clients at Nakama had amazing things to say about this tool! Using it together with our referral program increased employee engagement like crazy!
Keep your employees busy, learning and constantly evolving with mobile bite sized microlearning via MobieTrain, a company with a tool dedicated to increase productivity and sales of your workforce!
How does it work?
Focusing on knowledge retention by providing personal, mobile-first training, MobieTrain empowers your employees to drive their own learning and development. This awesome tool provides employees with personal learning paths to suit individual needs & creates engagement and motivation by gamifying the process and providing an efficient communication channel with feedback options.
Quick example: Let’s say you’re active in logistics and you changed the way your picking orders have to handle goods. Two choices: get everyone together and giving a boring 1-h lecture OR give bite sized, digestible learning moments, a few minutes in length each, via an app that your employees can access whenever they have free time…👏
2- Intuo — Talent Enablement
At Nakama, we believe that every employee has scaling ability. No matter the level they’re at within the company, talent can be found in just about anyone. All you need is a little push in the right direction.
Operating with this mindset brought us into contact with Intuo.
Intuo is another awesome tool that pretty much allows you to create the perfect work experience for your employees. From realizing an employees’ personal ambitions, to achieving organizational goals your company has set, Intuo offers an overall company process make-over, while still being able to focus on & personalize more specific steps of the organizational process. 💄
How does it work?
Intuo analyses your current company situation together with you & finds a way to integrate their platform with your vision and tool-set. For example, by measuring your employees’ performance against their engagement, you can find out who in your team is overachieving & who is at flight risk (they might leave).
Give your top talent the perfect tool for him or her to thrive, especially during these trying times.
3- Survey Anyplace — Job Satisfaction Surveys
Another tool that we personally love to use is Survey AnyPlace. We use it to survey & assess what the motivating factors are that drive employees to act as ambassadors. Surveys are also a good way to assess your employee satisfaction levels.
How does it work?
Survey AnyPlace follows a 3-step strategy:
1. Make a personalized & branded survey✍
2. Get it out there 📢
3. Learn from it 📊
With countless templates and company personalization options, the tool aims to drastically shorten the time of building a survey so that you can quickly get to the parts that are interesting for you.
Following their philosophy of giving back information to respondents in the form of reports, the tool helps to drive up engagement during & after team assessments.
With various methods of spreading the survey and various ways of presenting the data you’ve collected, Survey AnyPlace really ticks off a lot of boxes for me when it comes to finding out what my employees think!
4- Nakama — Employee Referral & Advocacy Program
Nakama is the best employee referral & advocacy platform ever created that allows you to engage your workforce as ambassadors towards potential job candidates and clients (since I’m the CEO and co-founder, I admit that this description might have been a little biased 😆).
So what is Employee Advocacy? Employee advocacy is the promotion of an organization by its own staff. Employee referral is a strategic part of employee advocacy. A custom & digital Employee Referral Program helps in the wake of a crisis (efficient & cheap recruitment), but also during one. Actively involving employees in the sourcing process sends out an important signal. You show them that you trust them.
How does it work?
Step 1: Create content✍
Step 2: share content
Your workforce can help you find a new colleague in 2-ways:
- Social Referral: Let your workforce easily share the content on the most popular social media channels such as Facebook, LinkedIn and WhatsApp
- Direct Referral: employees can refer someone directly in a transparent, user-intuitive and GDPR-compliant way.
Step 3: give feedback & show some love 🧡
Give feedback to your employees on their referred candidate and gamify the referral process by allowing them to collect points which they can exchange for rewards.
That’s it! You will now start receiving tons of applications by referred candidates. These applicants are more likely to be better suited for the job, tend to stay longer & are acquired much cheaper than with traditional recruiting methods!
To recap, here’s what we’ve seen in this article:
1. Not efficiently managing your workforce WILL result in the loss of top talent after the corona crisis
2. That the loss of top talent will EXTEND the recession — nobody wants this.
3. Several tools that you can start using today to increase productivity, motivation & engagement & RETAIN TOP TALENT during and after the Corona Crisis
So, what can YOU do to help?
The first step is to share this article with your network on Facebook, Twitter, LinkedIn or even via private message 😇
The more you share this article, the more people who will be aware of this threat to their top talent & how to combat it. More awareness & more action means less recession! 🚀
Please, also make sure to give 50 claps so it will get more visibility on Medium as well!
Love you all and stay safe. ❤️