Lessons From the World of Fashion: Retention

Dec 11 2015

In his book Always in Fashion, Mark Weber discusses another important lesson—retention. He writes, “Smart companies lose their people to themselves.” I have always tried to rotate my direct reports to different assignments every year or two and to stay one step ahead of them regarding compensation. My goal is to prevent powerful performers from proactively seeking other opportunities or to make leaving for other opportunities very difficult for top performers from a career and compensation perspective. Too often, managers are more concerned with keeping a high-level performer under her/his direction rather than allowing that person to explore additional career opportunities in another area. I have seen this repeatedly during my business career. Strong, confident leaders are unselfish. They realize their job is to develop other outstanding leaders and to allow them to move to other areas of an organization to learn new skills while managers continuously fill the pipeline with new talent. Mark Weber, Always in Fashion: From Clerk to CEO—Lessons for Success in Business and in LifeFor more information: Jeff Giampalmi