When a star employee resigns, it can often bring a department – or the whole company, depending on size – to an unexpected halt. Their duties are shuffled off onto others, their expertise is lost, morale of other employees goes down, and your business loses time and money getting back up to speed. Hiring in today’s environment is hard and expensive. It takes time, money, and keeps your key employees from performing their job duties.
How can you avoid this scenario? By keeping the people you have – especially A-players.
Paying a little more to retain A-players (salary, bonuses, benefits, training, perks, etc.) will save you money in the long run, as it costs far less to keep the people you already have than to hire new ones who may or may not perform as well.
Above all else, the manager relationship is critical. It is said that “employees join companies and leave managers.” No matter how much an employee likes the company, if there is no mutual trust and respect with the manager, they will leave.
This blog from Robert Half details ten employee retention strategies that I agree with:
- Onboarding and orientation – Many good hires are ruined by doing this poorly
- Mentorship programs – New people won’t ask “dumb questions” of their manager
- Employee compensation – Important to some, and appreciated by many
- Recognition and rewards systems - Not always public recognition
- Work-life balance – Work is important, but family is more important
- Training and development – Learning is motivation for many
- Communication and feedback – Honest discussion needs to occur more than yearly
- Dealing with change – Unsettling for many, so clarity is powerful
- Fostering teamwork – Most humans want to be part of a supportive community
- Team celebration – Reward success = win/win
These strategies will work differently depending on the employee. The generalization is that Millennials are not motivated by money. The reality is that some are, and it isn’t just Millennials. Everyone has a unique combination of these factors that will motivate them – their “Driving Forces.”
The TTI Assessments that we use will lay out a strategy for individual employee motivation based on what drives the individual.
When it comes to employee management, if you’re not assessing, you’re guessing.
Click here to learn more about TTI Assessments, and reach out to schedule your complimentary Assessment!