5 Reasons Top Performers Leave and How to Retain Them

Top Talent is hard to come by. Over 50% of biotech companies think so, according to BioTalent Canada’s labour market report, Sequencing the Data.

In Canada’s highly competitive bio-economy, the overall cost and impact of employee turnover is significant. Think of the time and money invested in recruiting, onboarding, and training a new employee, not to mention the lag in productivity; and these are only a few of the challenges.

Recognizing key issues causing employee turnover, and taking proactive steps to keep your workforce engaged will not only help with retaining top performers, but will also keep you ahead of the game.

Toxic Workplace Culture
The modern workplace has evolved, and companies that struggle to adopt a strong and diverse culture will have difficulties retaining top performers. Find ways to promote values of fairness, equity and respect within all aspects of your business and demonstrate a commitment to diversity and a willingness to accommodate differences.

Lack of Challenging Opportunities
Employees are motivated by more than money to remain in a company. Offer employees the opportunity to work on challenging projects that are of specific interest to them. Top performers are looking to develop their leadership skills and make a difference. Provide opportunities to enable them to impact the success of the company and shine.

Feedback Only Goes One Way
Provide clear articulation of the company’s objectives, and how your staff’s activities support those objectives. Have an open door policy where employees can speak with you when they need to, meet on a regular basis with employees to share information and obtain their input/feedback, and be open to doing things differently. When speaking with employees, develop and share clear work plans and timetables, breaking down projects into manageable components.

Employees Don’t feel Valued
When employers fail to demonstrate that they value their employees, it can result in a perceived lack of commitment of your organization towards its employees. Show workers that you are committed to them and involve them in decision-making activities. Let your staff know that they are doing useful work and making a positive contribution to success of the business. If employees perceive that their employer is genuinely committed to and supportive of them, they will tend to return the commitment and support to their employer.

No Pathway for Growth and Professional Development
Top performers look to develop their skills and advance their careers. Your best talent will leave when there’s a lack of growth and advancement opportunities. Invest in employee professional development/training and offer mentoring and coaching opportunities to reinforce the value and importance of the skills employees are developing in their current job, and to demonstrate how these skills are transferable to other jobs.

A high-performing team is a crucial contributor to any company’s success within Canada’s highly competitive biotech sector. Top talent is hard to come by, make sure you’re taking the steps to keep them.

Newsletter Issue:
HR Microscope July/August 2016