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Add You - Employee Retention: The 9 Key Strategies To Keeping Your Most Talented People
Researcher, Nancy Adler conducted a monumental study in the mid 1980’s to address myths about women and international business. Her study investigated if commonly held myths about women in international business were true including: women are not interested in International business, women were not willing to travel overseas for a variety of reasons namely family responsibilities and women would not be viewed as credible in overseas business due to the local perception of women. Her study results revealed that many of these false perceptions were i
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the work
What does your business image say? Every business has its own professional image in the marketplace. When you stop to think about your image, what would you like it to be? Does your customer perceive it the same way as you do?Business image is an opinion or concept. The opinion or concept can be from a customer, supplier, manufacturer, advertiser, creditor, banker or anyone your home business deals with. It is determined by appearance and verbal or nonverbal communication. It can be how your phone was answered, what an email sent looked like,
Extensive research into employee retention shows that people leave jobs for a combination of factors. Factors which may include limited opportunities to develop, being in the wrong job, not feeling valued, that the job no longer fits their lifestyle or indeed a sense that they no longer trust and have faith in their employers.
So, to retain your most talented people, you require a strategy that seeks to limit these factors.:
1. Recruit the right people in the right way
If you have hired the wrong person, then you are always going to struggle to keep them. You may have hired someone who has the skills and knowledge to do the job, but do they have the right personality and attitude to fit into your business? Is your business able to match their career aspirations or are they going to be looking for the next job very soon?
Similarly, if you have failed to “wow” a new employee during the recruitment process then the seeds of doubt may already have been sown by the time they join you.
2. Effective induction, training & development
Inducting people effectively – in whatever format - is fundamental. Get it wrong and you have started to sow those seeds of doubt in their minds in the first few weeks. Beyond that, one of the keys to retaining people is ensuring there are opportunities for people to grow, learn and develop themselves.
3. Involve & empower your people
Gone are the old days of telling people what to do. Modern leaders set the business’s vision and direction but fully involve their teams and empower them to make decisions. Once again it makes people feel valued and feel more connected to the business.
4. Ensure fair & consistent performance management
Performance management is not a one-off activity at the time of an annual appraisal. It is the ongoing process of giving feedback to align performance day in, day out. It is about being generous with your praise whilst being constructive and honest in conversations about underperformance. The key is to do it consistently.
5. Provide honest & realistic career management
Career management is all about managing people’s expectations. Listening and understanding their aspirations, offering realistic career options and then delivering on your promises. When the goal posts do move (as they often do) and you cannot deliver, being honest enough to communicate this openly will maintain the trust of your people and help retain them.
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the worki
Every business stores items in boxes or drawers. Most businesses have a plethora of storage containers stacked on shelves and, perhaps seldom have to locate these stored items. But when an employee needs to locate one of the items in storage, can it be found quickly? After all, time is money.Usually, the employee stands in front of a stack of storage containers wondering, "What is in the storage container…or the one underneath?" Time is wasted pulling down containers only to find that the critical object is not in that container but in some o
Similarly, if you have failed to “wow” a new employee during the recruitment process then the seeds of doubt may already have been sown by the time they join you.
2. Effective induction, training & development
Inducting people effectively – in whatever format - is fundamental. Get it wrong and you have started to sow those seeds of doubt in their minds in the first few weeks. Beyond that, one of the keys to retaining people is ensuring there are opportunities for people to grow, learn and develop themselves.
3. Involve & empower your people
Gone are the old days of telling people what to do. Modern leaders set the business’s vision and direction but fully involve their teams and empower them to make decisions. Once again it makes people feel valued and feel more connected to the business.
4. Ensure fair & consistent performance management
Performance management is not a one-off activity at the time of an annual appraisal. It is the ongoing process of giving feedback to align performance day in, day out. It is about being generous with your praise whilst being constructive and honest in conversations about underperformance. The key is to do it consistently.
5. Provide honest & realistic career management
Career management is all about managing people’s expectations. Listening and understanding their aspirations, offering realistic career options and then delivering on your promises. When the goal posts do move (as they often do) and you cannot deliver, being honest enough to communicate this openly will maintain the trust of your people and help retain them.
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the work
Who should apply for a credit card merchant account online? Why, you should, of course, if you want to grow your business and maximize sales volume! In this day and age, more and more business functions are moving into cyberspace, which means that business owners must be ready to travel to this relatively unknown domain if they want to maintain strong customer ties and stay a step or two ahead of the competition. Don’t worry if you’re not Web savvy; most online processes that are geared to the general consumer are not hard to perform. In fact, most
3. Involve & empower your people
Gone are the old days of telling people what to do. Modern leaders set the business’s vision and direction but fully involve their teams and empower them to make decisions. Once again it makes people feel valued and feel more connected to the business.
4. Ensure fair & consistent performance management
Performance management is not a one-off activity at the time of an annual appraisal. It is the ongoing process of giving feedback to align performance day in, day out. It is about being generous with your praise whilst being constructive and honest in conversations about underperformance. The key is to do it consistently.
5. Provide honest & realistic career management
Career management is all about managing people’s expectations. Listening and understanding their aspirations, offering realistic career options and then delivering on your promises. When the goal posts do move (as they often do) and you cannot deliver, being honest enough to communicate this openly will maintain the trust of your people and help retain them.
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the work
Pay Per ClickPay Per Click Advertising is a really original way to make money from search engine traffic, but you need to do it right if you want to make money from it. In any internet business venture, the biggest and most difficult part is getting started. Know that it is possible to make $500 or more a day from pay per click advertising. But it must be done correctly and effectively.To be effective, you have to track every single transaction made on your website. You need to track your sales and how much money you make from
5. Provide honest & realistic career management
Career management is all about managing people’s expectations. Listening and understanding their aspirations, offering realistic career options and then delivering on your promises. When the goal posts do move (as they often do) and you cannot deliver, being honest enough to communicate this openly will maintain the trust of your people and help retain them.
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the work
That little tag line under your signature has a distinct purpose, and you can use it to your advantage. Whether you’re signing an email, a letter, or a blog post, your signature tagline should be brand specific. It should tell your reader who you are, what you do, and why you’re an expert.After many years of education, those who have earned them often settle for tagging on PhD. after their name to alert their adoring public that they know what they’re talking about. Years of experience give you the same kind of knowledge, ex
6. Offer a transparent system of pay & benefits
How you structure your pay, benefits and bonus depends on your business and your market – the key is that it must be clear and transparent. How much emphasis you place on these financial factors depends on the position the business is in, your marketplace and how well you promote all the non-financial benefits of working for you.
7. Develop & promote non-financial benefits
Retaining people is not just about financial benefits – but about becoming better at developing and promoting all the non-financial benefits of working for your business. Anything from the working environment, facilities, the culture, working hours and the management style can give you an edge. Provided these benefits meet the needs of your people it gives them another reason to stay.
8. Deliver fantastic service to your employees
The key to retaining customers is to provide world-class service to them. Providing your own people with world-class service motivates them to stay. See them as internal customers. Treating them as individuals and delivering to a high standard on the above steps will make a real difference.
9. Create systems to deliver consistent results
Creating systems means that these steps become embedded as weekly, monthly, quarterly and annual activity. They happen as a matter of everyday business - consequently retaining people becomes the norm. Something your customers will thank you for.
Remember, employee retention is a key factor in the long term success and profitability of your business.
Take some time today to think about what YOU could do motivate and retain your team. Then choose at least one tactic to implement this month. It could be the biggest addition you have made to your retention efforts this year.
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