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"Successful leaders understand that people are the most important and powerful aspect of an organization."
- Peter Barron Stark
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Although the final verdict hasn't been delivered yet, we're weighing in with those who say the recession is over. The market has reached its highest mark since October of 2008: housing values appear to be slowly on the rise, and there is a general atmosphere of cautious confidence among our clients, most of whom think the worst is behind them. There's a lot of good news these days, but with the good news comes new challenges, namely, employee retention. As the economy continues to recover, are you ready for the new reality?
Mark Zandi of Moody's Economy.com forecasted in February, 2010, that approximately 2.5 million jobs will be added by the end of 2010. If that prediction is even close to accurate, that will mean a lot of choices for your best employees.
What's your retention strategy? When opportunity comes knocking, will your employees stay or leave for better opportunities? Read on for tips on how you can best keep your employees on board during and after the recession, or contact Peter@pbsconsulting.com for further information.
Strive for excellence, not perfection,
Peter B. Stark and Jane S. Flaherty
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The Gates Are Going to Open: Will Your
Employees Stay or Will They Stray?
As always, the best retention strategy is based on a solid, effective working relationship between employees and their leaders. When people hire on with you, they come for a paycheck and opportunity. When they leave, it is most often because of a poor working relationship with their supervisor. A survey conducted by CareerBuilder in November, 2009 indicated that nearly a quarter of the employees surveyed rated their corporate leaders as poor, or very poor. These employees noted company leaders' inability to address employee morale, not enough transparency and major changes made without warning as having eroded their trust and confidence in leadership.
The same study found that approximately 20% of those surveyed intended to switch jobs or industries when the economy improved, noting that they would be looking for more interesting work, higher pay, more career advancement opportunities and increased job stability. A similar study conducted in 2009 by Development Dimensions International (DDI) found confidence in leaders at a ten year low and that the disparity between stagnant and contented workers is growing wider.
Now that the worst of the bleak economic downturn appears to be behind us, and it's becoming apparent that employees will once again have more employment options, it's time to shift the focus back to the people that have helped you survive these turbulent times. Right about now, you may be tempted to think that when employees leave, it's just for more money. As you can't pay them more, you are not responsible for their departure. We'd argue with you about your assumption that employees only leave for more money. Having conducted employee opinion surveys for the past twenty years, our data consistently indicates that what matters to employees more than pay are the following aspects of their employment:
- Having a good working relationship with their immediate supervisor
- Ability to learn and grow in their jobs
- Doing work that is meaningful
- Feeling like they are a valued, respected member of a team
- Being recognized for the contributions to the organization's success
- Having autonomy and the authority to effectively do their job
- Having flexibility in hours worked
It is clear that you've got to be paying people a fair market wage in order for them to continue to align their efforts with your organization. However, beyond pay, which you typically have little control over, there are a multitude of other variables that are within your control. Consider the following tips to help ensure that you're putting as much focus on your people as you have been on your own survival during these turbulent economic times.
Put People First
More than ever before, today's workforce values a balance between work and life outside of work. Acknowledge your people as unique contributors and value their time away from work. Entertain flex schedules and allow for telecommuting. When possible, provide comp time after an extensive project. Try to promote a happy, productive, stress-free environment that acknowledges the fact that people have a life beyond work. Make it a priority on a daily basis to touch base with team members, asking them, "How is it going today? Do you need any support from me?" On a regular basis, let your people know how much you value them. Be visible, approachable and accessible.
Keep People in the Loop
We've never done a survey that resulted in employees saying that they received too much information. Now, more than ever, over-communicate. Give people all the information you can, and often. Talk about what's going well, your organization's vision, goals, and where there are challenges: in emails, formal and informal meetings, and most importantly, one-on-one conversations. If you can't answer their questions, respond honestly, then try to get them answers.
Provide Training Opportunities
When you provide training for your employees, it is a win-win for everyone. The organization will have employees who are more knowledgeable and efficient, and the employee will be able to increase his or her value to the organization, improving their future chances of moving up in your organization. This will result in fewer feelings of stagnation and frustration which translates to a more committed workforce, during and after the recession. Investment in the training your employees need is an investment in the employees' future and shows your long-term interest in him or her.
Create an Exciting Environment
Focus on keeping the tempo up. Get to know what type of work excites particular employees. Give more opportunities to do challenging work. Delegate something meaningful. Get people involved in determining the team's vision and setting goals. Be both the coach and cheerleader!
Spend More Time Leading and Less Time Managing
Employee trust in management is at an all time low. Help rebuild trust by giving employees more opportunities to direct their own time and work. Be open to creative approaches for accomplishing work. Listen to your team members and use their input about how to improve a process, handle a customer challenge or increase efficiencies. Serve as a mentor. Model what you want to see. Look for opportunities to praise and recognize work and behavior that adds to the team's efforts and the organization's overall success.
Make Retention an Organizational Commitment
Now, more than ever employee retention is critical to your team's success. Know your employees and what's important to them. Don't assume you know. Ask and listen carefully to the responses. Ask them to tell you what they like about their jobs, and what they’d like to change. Get their input and use their ideas, where possible. Conduct "stay interviews," asking your team members about what retention factors are important to them. Make changes, based on what they say is an important "stay" factor to them.
Conduct an Employee Opinion Survey
Now is a great time to get in touch with the pulse of your organization. More than ever, you need to know, from your employees' perspectives, what's working and what's not. Before the floodgates are opened and employees have the choice to leave, get a current read on employee engagement and take action to address some of their concerns. Taking this proactive step may well avoid losing the top talent in your organization.
Most leaders know what to do, but often become too busy to focus on what employees say is important to them. But...if you are too busy now to focus on creating an environment that keeps employees, how will you find the time to replace people when they leave?
Need help? Peter Barron Stark Companies has been building organizations where employees love to come to work and customers love to do business for more than twenty years.
Our Services Include:
Please visit our website,www.peterstark.com, contact us via email, peter@pbsconsulting.com or call us toll free, 877.727.6468.
WWW.PETERSTARK.COM
WWW.EMPLOYEEOPINIONSURVEYS.COM
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