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Money and fancy perks are simply not working as retention strategies. Be certain that you are paying fairly and equitably, but look beyond pay. Research shows that people stay in organizations for the following reasons: a chance to learn and grow, a good boss, meaningful, challenging work, and great people to work with. Beyond that, retention strategies include things like flexibility, fun on the job, and the feeling of being respected. So, before you jump to the "money as reward" solution, check to see if your people are getting those needs met. If they aren't, find out why and fix it. By the way, your idea of "finding new ways of solving 'X' and we'll award 'Y' would definitely work better for
talented people than the Mercedes Benz.
By the time your talented employee resigns and you move to the conference hall to conduct exit interview, it is already too late. His head and heart are almost out the door. However, it's never too late to try. The boss can start by saying, "You are so critical to me and to this team. What can I do to keep you?" Ask more questions, like, "What is
enticing you away? What is missing here? What do you want to do more of/less of? Was it just a matter of money, or something more? What can we do to fix it?" I've seen several cases lately where the boss made a last minute save (by asking the above questions) and the employee stayed after all. By the way, it's usually not about the money. If it's too late and there is no salvaging the employee, graciously say goodbye. Acknowledge the contributions he made to the team. The employee who parts on
great terms with you can be a strong ambassador for you and the organization. Who knows, he may even come back to work for you someday? As an old saying suggests, "It's a tragedy to have endured the test but missed the lesson." If this manager can't save this person, he/she can at least learn from it and try to prevent it from happening again.
Below I am suggesting some of the measures, doing so will enable you to create a work environment that gets employees excited about the company and eager to produce results.
1. Set clear expectations.
Just like the company, each employee needs a clear focus, especially during volatile or uncertain times. When employees see the economy turn sour or cutbacks occur, they naturally fear any change that could affect their own future. To keep those fears from surfacing, continually communicate with your employees and state your expectations of them. Tell them what you want, what they did right, what you expect of them, and how
you will measure their progress.
2. Show respect.
These days we needs employees who can run 100 meter races rather than marathon, that means we need people who can deliver immediately. Therefore, your people may stay up all night to finish a project, but over the long term they won’t sacrifice family and friends for the sake of their jobs. To respect employees’ time, consider flexible work schedules. Be creative about building in the flexibility. When people feel respected,
they’ll be more loyal over the long term.
3. Make the workday meaningful.
Employees today want more than just a job. They want to contribute to the big picture and help the company sustain it through the tough times. Therefore, leaders need to provide challenging and meaningful work assignments that stimulate their employees. When employees feel bored, their motivation declines and they lose focus on how their work fits into the big picture. Delegate meaningful work whenever possible so employees
can learn something new and feel challenged. Additionally, provide regular development and learning opportunities.
4. Give appropriate praise and recognition.
Recognise and celebrate even the small accomplishments, as praise and recognition inspire people to increase productivity. Employees appreciate spontaneous and positive recognition along the way instead of delayed recognition during a performance review. However, as you give praise and recognition, consider the receiver. Although praise is a great motivator, some people prefer to receive praise privately, while others like it publicly.
One simple way to give praise and recognition is with a simple “thank you.” It can be done in a moment in the hallway, by phone, or during a drop-in visit. “Thank you” is a powerful phrase that can make a person feel appreciated and valued. Whatever you choose to do, remember that rewards and recognition are great motivators, so use them freely.
5. Continually coach.
To keep morale high, coach and facilitate every day. The “I tell/you do” method of management simply does not work for motivating and retaining people. Instead, become a coach to your people and encourage them to try things their own way. Allow for mistakes to happen, as mistakes are often our greatest learning opportunities. When people know that mistakes are understood as a part of the experience, they’ll be more creative and take more risks. When you need to correct employees, do so constructively by offering information on ways they can improve, attain, and surpass desired results. Most people are grateful for constructive feedback. It shows that you’re paying attention to their progress.
Conclusion:
While the above guidelines won’t guarantee that valuable employees will stay with you through good times and bad, they do increase your chances for leading, motivating, and retaining key people when your company needs them the most. By partnering with your employees and creating a work environment that’s enjoyable, meaningful, and focused, your company can accomplish great results, even during uncertain times.
I think, I have written a long article, but then, the topic also is of utmost importance. I invite your queries and views on topic under consideration.
Have a great day.
K Jhaveri |
