How Does Good Leadership Improve Retention?

»»How Does Good Leadership Improve Retention?

One of the best ways to improve retention is by improving organizational leadership. Cybersecurity and data management talent are more likely to stay at a job where they trust and respect their managers. Here are some of the essential elements of how good leadership can improve retention.

Communication and Strategic Planning

While good leadership has been shown to increase retention, it is not always a matter of leadership among first-line managers that has the most impact. Often there is a disconnect between c-level executives and first line manager and contributors. If c-level executive leadership is disconnected from the daily grind of contributors, then change won’t happen. Companywide connection, communication, and effective feedback is key. Lack of these elements will lead to higher turnover. It is important that feedback from managers is accurate, transparent, and informative. It should give the employee an idea of how their performance contributes to companywide goals, while also indicating what areas they can improve on. Without good communication, contributors may feel like their issues aren’t ever considered. Contributors also need to know the true feedback of the clients in order to be strategic in their planning.

Sharing Market Data

It’s essential that market data be shared between leadership and the team. Leadership needs to be more informed about the trends to make the necessary changes to attract and retain more talent. In the Cybersecurity and Data Management industries, jobs tend to be flexible to geography. Trends have shifted, and tech jobs tend to include a mix of remote and on-site talent. While smaller companies may only have one location, larger companies often have multiple offices. Yet the geographic location of the company headquarters is not necessarily where most of the industry’s talent is. Executives have to be aware of this. Does everyone need to be on site? In this market, candidates may not want to move for that. Leadership needs to be aware of what is going on in the candidate pool in their marketplace and make decisions accordingly to attract the best talent in the industry.

Compensation and Expectations

Another integral part of good leadership is understanding the going rate for similar compensation plans across the industry. This involves knowing your employee’s market-worth and staying informed about market compensation trends. An important part of this is keeping realistic expectations. Unrealistic expectations will cause people to quit. For example, if a salesperson knocks it out of the park, they can become relegated to a specific geographic range or a specific number of accounts. They might have maxed out at how much they can sell in that market. In this case, there would be no need to double their quota the next year. Managing and setting expectations will help the employee’s realistic goals while still leaving them room to grow.

Ultimately, the better managers communicate with their team members, the more connected c-level executives are to their managers and employees, and the more leaders understand industry trends, the easier it will be to create a work environment that will entice talented candidates to join and get them to stay.

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2018-11-02T14:41:08+00:00