The Metiss Group's Blog

In a Wall Street Journal article on May 25, 2010, Joe Light wrote, “In February, the number of employees voluntarily quitting surpassed the number being fired or discharged for the first time since October 2008, according to the Bureau of Labor Statistics. Before February, the BLS had recorded more layoffs than resignations for 15 straight months, the first such streak since the bureau started tracking the data a decade ago.”

Leaders who have treated, or continue to treat, direct reports as though “they should be lucky they have jobs” are more likely to experience hearing “I quit” as the economy and the options improve.

Of course, the employees who are most likely to leave are the superstars, because they are most desired by other employers who promise to treat them like gold.

What’s important to understand is this isn’t all about money.  Have you been providing positive feedback and course corrections that allow your best direct reports to hone their skills and reach exceptional levels of performance?  Are you encouraging personal development plans and succession plans?  Are your goals aligned?  Even if there hasn’t been money to spend at review time, have you been providing candid, timely performance reviews?  And do you meet regularly with your superstars one-on-one to know what’s important to them, their success, and build a strong foundation for an on-going relationship?

Empower your direct reports for success to benefit them and your organization, as well.

Many, if not most organizations, promote their employees as being their “greatest asset.”  Unfortunately, most employees indicate they hardly feel like an asset, much less among the greatest assets of the company

According to the U.S. Department of Labor, the average employee stays at a company for 3.5 years and makes about $40,000 per year.  Therefore the average “employee asset” costs organizations just in wages $140,000.  How much effort do you invest in your employee assets as compared to your investments in other $140,000 assets?  Think about how much time you spend buying and maintaining your computer systems – how does that compare to the time you spend hiring and accelerating the performance of your direct reports?  Ask yourself these questions:

• Do you give your “greatest assets” daily, customized feedback?
• Do you invest 30 minutes of uninterrupted one-on-one time weekly with your “greatest assets” talking about their issues?
• Do you review your “greatest assets'” accomplishments, personal development, core value adherence, and future objectives at least quarterly?
• Do your “greatest assets” have clear job accountabilities specifying key activities, time percentages, priorities, and success factors?
• Do your “greatest assets” know what the organization’s goals are and do they have goals that are aligned to the organization’s?
• Do your “greatest assets” continually work at developing to be a better person – physically, emotionally, intellectually, and spiritually?
• Do you have a succession plan for your “greatest assets” so they don’t feel trapped in their role?

Remember, unlike most assets on your balance sheet, these assets should appreciate over time so the investment you make in them should continue to net you great returns.  Invest in your greatest assets regularly and empower them so you’ll all be successful.