The Secret to Employee Retention
Employee retention is a hot topic right now and has been for a few years. Whether you’re a small company and lose a handful of people or run a large corporation and lose hundreds per year, the cost of this revolving door can be staggering.
Look at the following scenario and ask yourself if it sounds like what’s happening in your Human Resources department:
Post job openings.
Interview dozens of candidates.
Hire.
Invest enormous amounts of time and resources in training new hire.
Promote employee engagement and institute several employee recognition events/programs.
Send surveys on job satisfaction.
Conduct exit interviews.
Rinse. Repeat.
According to the 2015 SHRM/Globoforce survey, two of the top three challenges faced by HR organizations today are turnover and employee engagement.
Let me be clear. It’s not the fault of your HR managers. It’s no one’s “fault” really.
There are key factors missing, that I believe without fail, are essential for every organization to embrace in order for them to thrive. Without them, the results can be disastrous:
Distrust
Decreased employee engagement
Declining team morale
Disinterest in results
BOTTOM LINE: YOUR BOTTOM LINE SUFFERS
What is happening in your organization is very common and is happening in tens of thousands of companies around the world.
Want to know what’s missing?
APPRECIATION + COMMUNICATION = CULTURE
“More than ever, companies are focusing on culture as a competitive differentiator. They’re seeing first-hand how cultivating the right culture can engage, nurture and attract employees and ultimately, increase bottom line business results. And for more companies than ever before, that best-in-class culture is predicated on recognition and appreciation.” 2015 SHRM/Globoforce Employee Recognition Report
By implementing values-based employee recognition programs with an emphasis on appreciation, businesses are seeing significant contributions to bottom-line organizational metrics. These programs are helping to create a stronger culture and more human workplace.
It isn’t an easy fix. Handing out plaques for years of service or trophies for highest team sales are good, yes, and fall short of creating a solid culture of engagement and community.
Appreciation in the workplace is based on an individual’s needs and preferences in terms of being acknowledged for their contribution or performance. In order for values-based employee recognition programs to be effective, the organization needs to be aware of the kind of appreciation that each employee responds to in a positive manner, otherwise, the efforts fall flat and have no effect on morale and retention.
According to the work of Dr. Paul White, there are five languages of appreciation:
- Words of Affirmation: words used to communicate a positive message to another person about their performance, character or personality traits.
- Quality Time: giving a person your focused attention; empathetic dialog with another, sharing thoughts, feelings and desires in a friendly, uninterrupted context.
- Acts of Service: offering to help a colleague with a project or task or asking how you can help
- Tangible Gifts: giving of a gift to someone that values receiving them and making sure the gift is something of value – tickets to a sporting event in the company’s box seats or dinner at their favorite restaurant
- Physical Touch: a firm handshake or high five for a job well done. Some small gesture that shows appreciation.
Knowing what each team members’ language is and using it effectively, gives the manager a road map to creating a team culture that is nurturing, cohesive and productive.
When employees feel appreciated for their performance and/or character, engagement rises. When engagement rises, people feel better about themselves and the contributions they make in the work they do.
CULTURE + PRODUCTIVITY = PROFITS
That’s the true formula for success.
If you’d like to know how implementing this program can positively impact your organization’s success, contact me to set up a needs assessment call today.