Ouch. Losing just one high performer can be painful. Losing more than one is a sign of serious trouble. As the Pareto Principle suggests, high performing workers contribute the lion's share of team results. Replacing their output can be quite a challenge. Does someone with their unique strengths and abilities exist in the external talent pool? Or will you have to grow and develop someone internally? Both of these options may be costly.
Speaking of costs, another often overlooked setback of losing high performers is a diminished reputation. According to CompData, a bad reputation can cost a company a minimum of 10% more per new hire. The increased wages are what's needed to convince people to overlook a bad reputation. Add that to new hire expenses and the losses continue to mount.
To stop the bleeding, find out how the current employees are feeling. The chances are high that others have similar negative experiences, and it's mission-critical to identify the causes of malcontent. A confidential attributed real-time survey will be like a tourniquet assisting you in getting the feedback you need to prevent further losses.
Next, take action. Get leadership buy-in to close the gaps that emerge from the survey results. Also, recruit a team of energizers who genuinely care about the organization and its mission. Then monitor the progress you made.
It hurts losing high performing people. There is no easy fix. The road to rebuilding reputation and creating a culture that makes you a destination employer is tough. The good news is with the right tools, a willingness to change, and great support; you can accomplish hard things.