September: The Most Popular Resignation Month For Employees

According to research from Resource on Demand more employees will hand in their notice this week than during any other week of the year with 37% of the year’s total resignations occurring in this week!  The second most popular week for resigning is the first week of February.  Both of these popular periods occur about four weeks after the end of a traditional holiday season when people have had time to contemplate their future and think about what they really want in life.

So how do you retain key employees during such turbulent times?

Too many companies approach the retention of key employees during turbulent times by throwing financial incentives at senior executives and star performers.  However, the money is rarely well spent because it’s short-lived and often the issues go far deeper.  McKinsey have developed three suggestions for businesses that want to adopt more sustainable and less expensive approach to retention.

• Find Hidden Gems:
  HR and line managers need to work together during times of major organizational change to identify people whose retention is critical. Yet too often companies simply round-up the usual suspects—high-potential employees and senior executives in roles that are critical for business success. Few look in less obvious places for more average performers whose skills or social networks may be critical—both in keeping the lights on during the change effort itself as well as in delivering against its longer-term business objectives.
• Mind Sets Matter:
  One-size-fits-all retention packages are usually unsuccessful in persuading a diverse group of key employees to stay. Instead, companies should tailor retention approaches to the mind-sets and motivations of specific employees (as well as to the express nature of the changes involved).
• Retention Is More Than Money:
  Cash does help but cash alone isn’t always the answer.  Praise from one’s manager, attention from leaders, frequent promotions, opportunities to lead projects, and chances to join fast-track management programs are often more effective than cash.

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