Don't Lose Another Top Employee
According to kornferry.com, the top five reasons employees are leaving their current jobs (in majority order) is because they are bored and unchallenged; not a fit for their current company culture; expecting to lose their job in the near future; are looking for a higher salary or are unhappy with the current company political scene. And with approximately 2 million new jobs added in 2017 alone, there is plenty of opportunity to switch.
Retention Strategies:
Marcel Schwantes, Inc.com, recommends the following three strategies:
Give employees development and advancement opps - when employees grow, their productive capacity increases. When their productive capacity increases, the capacity of the organization increases. Creativity and learning feed the need to engage with an employees current role creating a loyalty which will encourage your high performers to stay.
Give employees autonomy (Seth Godin said: "Leadership is the art of giving people a platform for spreading ideas that work." ) After hiring the right people with the right skills for the job, set clear goals and expectations with known deadlines and benchmarks. Then give your people entrepreneurial rights; let them make decisions and own their work, and let them determine how to move forward. This will encourage trust and intrinsic motivation.
Create a feedback culture - All too often employees have to wait more than three months to receive feedback from their manager and by that time, the feedback is too removed from the action item leaving the feedback feeling stale and useless. In a recent study 62 percent of employees wish they received more feedback from their colleagues and when a culture of feedback is encouraged throughout your organization it leaves everyone helping everyone get better. Your results will radically improve as well. Feedback has been shown to reduce turnover rates by 14.9% and 82% of those employees who receive regular feedback say they appreciate it.
“When you help others to do their jobs and set them up for success...you -- the leader -- will set yourself up for success.” - Marcel Schwantes
Rod Brace, Ph.D.
Managing Partner
Rod Brace, Ph.D. is the managing partner for Relia Healthcare Advisors specializing in culture assessment, operational excellence and leadership development in High-Reliability Organizations. He is a faculty member at the University of Alabama at Birmingham and the ACHE.
Relia Healthcare Advisors
502 W. Montgomery, #155
Willis, TX 77378
U.S.A.