When the economy is slow and unemployment rates are high, it's easy to think your employees will happily stay put in their current jobs. But that's a dangerous assumption. Research shows that voluntary turnover rates increase as consumer confidence builds. This means, as a manager, you need to figure out ways to retain your top performers, even if your company is still in a slump.
There is no doubt that as a manager the pressure is on. As Jay Conger, the Henry Kravis Research Professor of Leadership Studies at Claremont McKenna College and author of The Practice of Leadership: Developing the Next Generation of Leaders, points out, "The largest predictor of whether someone will stay with a company is their satisfaction with their immediate boss." Your employees are likely looking to you for inspiration and guidance during these tough times, and you may have little, or nothing, to offer them in terms of advancement or compensation. Many companies have reduced or stopped giving bonuses or merit increases until the economy shows greater signs of recovery. Fortunately, as a manager, you have many other levers available to you that can motivate your stars and keep them happy. Relying on those other levers may cost you and your company nothing, but often they have huge value to your stars.
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