The Cost of Turnover: Three Steps to Retain Your Best Talent

Retention has been a topic of great discussion lately, and for a good reason.

It is one of the most significant challenges faced by modern corporate managers.

Turnover is a pain that many managers know all too well. It can wreak havoc on morale, hinder progress, and cost businesses an incredible amount of money.

In fact, the cost of voluntary turnover is so significant that I had to double-check how many zeros were in the figure – it’s an astounding twelve zeros in $1 trillion!

The pressure to solve a problem of this magnitude can be daunting, but all it takes is a bit of an expanded perspective.

Our perspective is limited to our individual experiences, and we tend to assume that everyone else is like us, thinks like us, works like us, and likes the same things we do.

However, this is far from the truth.

Team members show up at work every day, sit in meetings, work at their desks, collaborate, communicate, and bring their talents together to mobilize the mission of the organization. Yet, they are not all at work for the same reasons, and they are not all energized by the same motivator.

Each team member has their unique interests that align at their place of work. Engaging them uniquely at their points of interest unlocks a whole new level of investment from them.

To find out what team members are passionate about, one of the most successful tools that bring my clients’ success is the Maxwell Leadership and Communication Assessment.

With just a few directed questions, you can gain valuable insight into what excites your team members, where they thrive, what they need, and what they have to offer on an individual level. This tool is like a window into your and each team member’s motivations.

When you get to know your employees in such detail, you can ensure that each team member is operating in their area of strength.

Often, all the right pieces to the puzzle are present, but they’re not in the right spots.

Any team member can come alive in their lane, but it’s not always easy to determine which lane some of your team members belong in. Once you know their strengths and interests, you can position them for success – both yours and theirs.

It’s essential to ensure each team member is being motivated in a way that actually motivates them.

Just as different cars require different fuels to run, not all employees are inspired by the company’s vision, and not all of them are purely money-motivated.

Some might be in their role because of the schedule flexibility, while others might love the benefits package. Some might value their task list, while others might love the people in the office.

Connecting each team member’s precious thing to your organization’s strategic goals is where real progress is made.

Another critical aspect of retaining employees is to protect them from demotivational factors.

Remove all demotivational factors, including universal ones. If you hear your team complaining about something more than once, it is a morale-killer and a turnover trigger.

However, some demotivational factors are personal. When you remove the things that discourage or frustrate your top performers individually, you show that you value them individually.

Personal connection is the only foolproof retention strategy I know of.

If you’re looking for other ways to keep your top talent in-house, I have compiled some of my best strategies for retaining top performers in this free guide.

I spent several years in Volvo and Renault coordinating teams for projects, and these approaches helped me keep my teams – and my leaders – happy.

Until next time,


Get My Free Guide: 5 Strategies for Retaining Top Talent

Voluntary turnover it’s an ALARMINGLY preventable problem.

To combat this, I have outlined five leadership strategies that will keep your top performers leaned in and performing.