These days, retention of good staff is a vexing question. It is now a key component of any strategic thinking and as such needs to be considered in light of a range of factors.
Retention Factors
Motivational Fit
Challenge; meaning; autonomy; organizational fit; manager relationship; job clarity
External Rewards
Recognition; advancement; compensation; pay vs contributions; company responsiveness
Cooperation and Trust
Cooperation with co-workers; trust in workplace
Company Direction
Clear vision and strategy; appropriate selection practices
Home Life
Geographic location; work-life balance
Workplace Discord
Internal politics, stress, workplace volatility
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An overview of strategies that might help
Motivational Fit
Job enrichment; teamwork; autonomy and discretion; consultation programs; company information; clear JDs; management training and development.
External Rewards
Recognition programs; fair pay; career paths; training and development; effective services for employees.
Cooperation and Trust
Teamwork; communication; management and supervisor training and development.
Company Direction
Vision and mission; employee involvement in strategy; communication; effective selection processes -transparent, merit-based, culture-fit sensitive; realistic job previews
Home Life
Work-life balance policies; working time flexibility; telework and homework; travel allowances
Workplace Discord
Effective diversity policies; grievance procedures; opportunities for employee voice; management and supervisor training and development
Other retention tactics
• Internal surveys of reasons for quitting/ staying
• Improved selection practices
• Exit interviews
• Improved communication between management and employees
• Improved training and development opportunities
• Targeted strategies work better than blanket strategies
• Motivational Fit is critical
• Don’t underestimate value of good recruitment and selection… worth the investment
• Support for new hires is critical
How many did you tick?
Under 5: You are regularly in the job market and finding it increasingly difficult to attract staff. It is time to research the individual satisfaction and personalised retention?
Between 5 and 10: The retention practices of your company could be centred on financial reward and Friday drinks. This mass motivation which used to obtain better productivity may well have reached its limits. Time to rethink the strategies.
Between 10 and 15: You know what is at stake with retention and you are committed to answer your employees’ demands in a culture of engagement. Excellence is on its way!
Between 15 and 20: You are an employer of choice and everybody should know it!
What are 3 actions you need to take right now in refining your employee retention strategy?
I have a range of tools and processes aimed directly at improving attraction, retention and productivity in your organisation. Give me a call and receive free advice regarding your people issues and opportunities. Ross - 0409 459736