YOU are the Key to Retaining Your Employees
January, 2008. New Year’s Resolutions:
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Start diet.
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Exercise.
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Update resume and explore career options.
The New Year is traditionally a time of self-reflection, self-improvement and new beginnings. And while the diet may already be blown and the exercise equipment is soon to become an expensive clothes rack, you can bet that your team is still keeping an eye on what’s out there . . . as many as 75% of them, according to the most recent Wall Street Journal/SHRM survey.
You can’t stop your employees from looking, but there are steps you can take to keep them from leaving. When employees are fully engaged with their companies and jobs, they’re more likely to slough off the day-to-day aggravations and keep their eye on the bigger picture. In “Employee Engagement: A Review of Current Research and Its Implications,” The Conference Board reviewed and consolidated twelve major studies on employee engagement, which they defined as “a heightened emotional connection that an employee feels for [their] organization, that influences [them] to exert greater discretionary effort to [their] work.” The board also detailed eight key drivers in that report, which are described below:
- Trust and integrity — how well management communicates and lives the vision
- Nature of the job — its content and mental stimulation
- Line of sight between employee performance and company performance — understanding one’s contribution to the company’s success
- Career growth opportunities — future opportunities for career and professional growth
- Pride about the company — self-esteem in being associated with their company
- Co-workers/team members — the impact of the work environment
- Employee development — opportunities for individual skills development
- Relationship with one’s manager — the value placed on their relationship with the manager
All of the studies agreed that the relationship with one’s manager was the strongest driver of all. You can use this to your advantage. Whether or not your formal review cycle falls in January, it makes sense to spend some one-on-one time with your key employees. Keeping the eight drivers in mind, ask them how they perceive their position and status with the company and assess their level of engagement. Are there areas where the employee’s level of engagement could be stronger? Talk through strategies to keep them on track. You can also take the opportunity to let them know that they’re appreciated-sometimes recognition and a kind word are all it takes! (It’s easier to take time today to recognize a key employee than to replace that employee later.)
We’re not just talking about being “nice,” we’re talking about making certain your key people are engaged and keeping them engaged. Studies indicate that engaged employees outperform their peers by more than 20% consistently, and Hewitt’s study on companies with double-digit growth found that employee engagement at double-digit growth companies exceeded that of single-digit growth companies by over 40%. In today’s economy, turnover is a fact of life-even the strongest managers and best leaders will lose key players. Being cognizant of your employees’ drivers will improve retention, and if you do lose a key employee, you’ll be less likely to be caught off-guard. Unplanned turnover is at best an inconvenience, and at worst it can negatively impact your company’s bottom line.
This article was written by Debbie Harper and republished in the Rochester Democrat and Chronicle.
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