How to lead and be the best you can

Probably, the most difficult task for businesses today is to keep hold of the best professionals out there, and it is projected that it will get even harder in the future, when the competition to keep the best of the best increases even more.

The most successful companies will be the ones able to keep their best people; their leadership capabilities and management expertise will become as crucial for success as their products and services are. A company's culture and its brands will be intimately connected.

Many managers highly underestimate the costs of constantly hiring new people. It has been proven that by retaining the best people, an organization can increase its profits up to 50%, and the cost of hiring new people can mean an increase of between 25% to as much as a full year's salary. This is due to the fact that it is hard to estimate the impact of customer dissatisfaction and retention, as well as the inferior competence for everyone who works with the new employee, trains and supports him or her.

In companies where employee rotation is high, there is a serious problem that revolves around a vicious cycle. They don't invest in good people because they know these individuals may leave and take with them the valuable training provided; however, if they don't invest in good people, most probably these individuals will not remain after a better offer comes their way, and that will probably be sooner than later.

Twenty years of research performed by the Saratoga Institute testify that 80% of personnel rotations have to do with inadequate relationships between the employee and his or her boss. In the current and future business arena, talent retention and commitment are a huge priority, because companies' survival depends on them.

There are three main areas businesses have to center on to keep the best of the best working for them:

1. Employee development Companies must support their employees' learning and growth. It is important that your people's talents are developed, that their jobs and lives are enriched and cheered up by making their tasks challenging, creative, and rewarding.

It is the company's job to help employees identify growth opportunities as much horizontally and vertically, and to connect them with mentors, leaders, motivational coaches, and colleagues who are able to guide and support them.

2. Management approach Managers must inspire loyalty. Communication is vital to understand what employees want and what will make them stay. Offer valuable and regular feedback; do it with respect, speaking the truth, and in a clear way, and be open to listen attentively.

Find significant ways to reward employees, and encourage an inclusive culture, one where every race and gender, thoughts, experiences, and attitudes are welcome. Make managers responsible for retention and give them the training and means to act.

3. Work environment Create an environment that people will love. Allow for fun, sharing, and personal space for people to achieve goals while working as it suits them, from schedule, to clothing, to method.

There are many reasons why some companies are more successful than others in keeping the best of the best with them, nevertheless, leadership has been found to be a common cause.

A survey by WorkLife Design showed that 80% of people see work environment as the most important aspect when choosing a company to work for, 56% said flexible benefits were crucial, and only 34% mentioned pay as the decisive factor.

Probably no one has said it better than Winston Churchill: "A leader will only command the level of loyalty he or she is willing to give to others."