In the corporate world, losing key talent at the highest levels of the company can be devastating to an organization. A CEO surrounds themselves with people they rely on to give valuable input on issues, and help to solve company problems. But in order to keep those people working for the company and offering their input, the CEO has to be proactive in their attempts to reduce turnover at the highest levels.
Charles Phillips of Infor built a large and successful company by following unique rules for interacting with his team. When CEOs recognize the importance of retaining key employees, they will the find the success and stability they need to help the company grow.
Check Every Reference
Some people will do anything to get to the top of the corporate ladder, and that includes lying on their resume. When CEOs hire new people, they hire those people based on the skills that are portrayed in their resumes. If that information turns out to be false, then it can create a ripple effect of dissatisfaction among the entire team. To avoid of these types of problems, a CEO needs to check every reference carefully for each key position applicant and make sure that the people they hire for their inner circle are who they say they are.
Create An Interactive Environment
When people reach the point where they interact directly with a CEO, they want to feel like their input means something. If a CEO asks for input from someone, that input needs to have value. It is important for CEOs to remember that if they are not taking the advice of their top people, then there is always some other CEO who would be glad to listen to what talented people have to say.
Delegate Responsibility
It is true that most CEOs tend to be hands-on types of people, but it is important for a CEO to delegate responsibility if they want to keep key people around. When someone on a CEO’s team comes up with an idea, then the CEO should allow that person to develop the idea into something that can benefit the company.
Take Responsibility
While delegating responsibility to people who have ideas is important to maintaining a strong team, a CEO also needs to take responsibility for their own ideas and actions as well. If a CEO does not take responsibility for bad decisions as well as good ones, then the team is going to feel like it is fighting an uphill battle to grow the company. By taking responsibility for their actions, a CEO can become a respected leader among their inner circle.
Every CEO has that group of employees they like to work with to solve problems and develop new programs. But if there is considerable turnover among that group, then it can be difficult for the CEO to get important work done. That is why every CEO needs to understand how to make their key employees happy and do what it takes to reduce turnover in their inner circle.