All good business leaders know that their most valuable asset is their employees. Good people help businesses to thrive and replacing them is very costly and often difficult. In an ideal world then, we want our best employees to stay with the company for as long as possible. So how can we stop them from leaving?
Drum roll, please! The number one reason why employees leave is because they are unhappy with the management style. They may enjoy their job and feel passionate about the company, but if your employees are not being managed effectively they will jump ship sooner or later.
Managers define culture
Perhaps the biggest responsibility that managers have is to ensure they are creating a good working environment for their team. Too many managers, however, get wrapped up in securing their own position and self-promotion instead. If you can create a positive culture and focus on helping others to be successful, you will be a better manager and have a more successful business.
Leading with humility
According to research from the University of Washington Foster School of Business, humble people are more likely to make the most effective leaders. Leading with humility means focusing on helping others rather than seeking more power for themselves.
Good leaders should:
- Put their team first
- Admit their mistakes
- Be aware of their strengths and weaknesses and delegate accordingly
- Listen and encourage open communication and honest feedback
- Recognise and reward the success of their team members
- Genuinely care about their team and be empathetic
- Be authentic and trustworthy
- Encourage the growth and development of others
Being a humble leader does not stop you from being able to make tough decisions. It’s a mindset where you think of what’s best for your team before yourself.
Egotistical leaders may be able to produce short-term results, but they also cause a lot of damage along the way. If you are more focused on your own title and status, you will struggle to build a happy, productive and therefore successful team in the long-run.
Other reasons why your employees leave
The second biggest reason why employees leave is because they do not feel valued. This is another area where management style can make a big impact. If managers are recognising and rewarding the efforts of their team then naturally the team members will feel that they are valued.
The next biggest reason employees leave is for development reasons. If they don’t feel they are improving or going anywhere with your company, they will aim to take their next step up with another company. Ensuring that your team has personal development plans in place and checking in with them regularly should help you to avoid losing good people because of this.
Bringing it all together
Your employees may put up with a lengthy commute or some boring responsibilities, but they certainly won’t put up with a boss who treats them poorly for very long. The role of a leader within any company is to build a successful team and encourage growth. If you can lead with humility, you will achieve both.