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19 October 2024Insurance

Leadership beyond strategy: the power of a good boss to keep talent

Companies may be getting it all wrong. While many are focusing on compensation packages, career advancement or office perks to attract and retain top talent, in Richard Griffiths’ experience, the real secret to long-term retention lies elsewhere: in the quality of relationships between employees and their bosses.

As managing director of recruitment company Meridian Human Capital, Griffiths has a first-hand view of why people choose to stay in their roles when offered a better package. 

“It’s simple really. People don’t leave companies; they leave managers. If you work with someone who trusts you, values your work, and creates an environment where you feel you can grow, that’s extremely hard to walk away from.”

Griffiths’ approach to leadership and retention places a strong emphasis on fostering personal connections with his team. 

He explained that employees who felt genuinely valued and supported by their managers were far more likely to stay with a company for the long term, regardless of the broader market pressures or tempting external offers.

“People don’t leave companies; they leave managers.”

Convinced that successful leaders are those who can form real, human connections with their team members, not just professional relationships, Griffiths explained: “Leadership isn’t about barking orders or demanding results; it’s about knowing your people, what makes them tick, and being honest with them. The more authentic you are, the more trust you build.”

Trust, according to Griffiths, is the foundation of a productive and stable workforce. 

“When people feel like they’re being listened to, when they know their manager has their back, they’re more engaged. They’ll work harder, and they’ll stay longer,” he explained.

This focus on trust is especially relevant in an industry such as re/insurance, where employees often face high-pressure situations, but Griffiths is certain that when staff feel secure in their manager’s support, they are better equipped to handle the stresses of the job. 

“The best thing a boss can do is to be there for their team when it matters most. That’s when you earn loyalty.”

All-important relationships

For Griffiths, retaining talent isn’t just about keeping employees happy—it’s about empowering them to grow. 

“People need to feel like they’re advancing in their careers. If they feel stuck or underappreciated, they’ll look for a way out,” he said.

Empowerment doesn’t happen in a vacuum and Griffiths believes it’s the manager’s responsibility to identify opportunities for their team members to shine.

“A good leader will see potential in their people, sometimes before they even see it in themselves. And when you push them to grow, they feel valued and are far more likely to stick around.”

Giving employees the freedom to make decisions and take ownership of their work is another key component of building trust and long-term retention. 

“Micromanagement is a fast track to losing people,” Griffiths stated. “Give them the ball and let them run with it.”

Personal investment is what sets great leaders apart, according to Griffiths. 

“You have to care about your people beyond their work output. If they’re going through something personal, you have to be there. That kind of support is what makes people feel that they belong, and when they feel they belong, they stay.”

Griffiths firmly believes that companies that prioritise leadership development will have a distinct advantage in the race for talent. “Good leaders create good teams, and good teams stick together. It’s as simple as that,” he said.

For companies looking to improve retention rates, Griffiths advises placing a stronger focus on the quality of leadership across all levels. 

“Your leaders are your biggest retention tool,” he explained. “Invest in them, train them, and make sure they know how to build real relationships with their teams. 

“That’s what will keep employees around.”

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