Show Them That You Love Them

As we enter the dog days of summer, economic signs continue to point to the fact that the US economy is as hot as the current weather. In June, 285,000 jobs were added according the US Bureau of Labor Statistics and overall unemployment stood at 4.9% which is full employment by most economists’ measures. Moreover, according to Fierce Biotech, VC funding in the life sciences is on course to be the second highest ever recorded. In a tight labor market with loads of venture money being used to create even more jobs, one might be bewildered on how to attract the best talent when candidates have a plethora of opportunities to choose from.

One answer might be preventing top talent from marching out the door altogether. And despite how expensive the drug development process can be, the simplest and most effective solution to employee retention won’t cost you anything: it all revolves around praise. Yes, praising and recognizing employees for their contributions irrespective of their tenure or rank within your organization. In these candidate driven times, praise can be that ounce of prevention that allows you to retain your impact players.