Six Critical Steps to Saving Key Employees

Competitive pay may attract good people, however continuous professional development is key to keeping them on board. “The most powerful thing we have done is build a culture where people are learning and growing” says Dan Hoffman, CEO of M5. Last summer Dan initiated a monthly training program after learning that two key employees were thinking about leaving. The duo is still with the firm.

“Good at the technical side of the job, but terrible with coworkers and customers.” This is a comment that is more common than you may think. When people are elevated to management, they often lack the interpersonal or key “people skills” necessary to inspire trust and effective communication. Exit interviews consistently find that employees become disgruntled or move on because of poor management, not because of poor job fit. People leave people, not companies.

As the job marketing heats up, valuable employees are eyeing the exits. However, there are ways to keep your top people anchored beyond simply throwing them a quick raise. The secret to retention is not just money or perks, employees want to feel challenged, respected and recognized.

If employers are to have a chance of holding onto key staff, they need to follow on to as many of the following rules as possible:

  • Make sure there is room for employees to grow. The number one determinate for keeping an employee is the work itself. It’s critical for someone to feel that work is meaningful, fun and challenging.
     
  • It is crucial to avoid the urge to micro-manage. Most people will respond better to a broad set of goals and clear sense of expectations.
     
  • Promote from within – offer insiders the fist shot at interviewing for openings.
     
  • Team building keeps employees connected and vested, and gives them a sense of being grounded and responsible for others.
     
  • Offer continuous training. Training not only helps with retention, but also builds more valuable employees in the process. To keep employees, you must not only allow them to grow, but provide the opportunities for growth.
     
  • Make sure that wages and benefits are fair and competitive. Some employees may prefer their rewards in the form of additional time off, a more flexible schedule, or other create perks that best meet their personal needs.

    To find out what your employees think of your current company culture, consider conducting an anonymous employee satisfaction survey. These surveys are a way for employees to let you know how you are doing, providing a “snapshot” of where the company is culturally, and letting you know what areas need improvement – before you loose another valuable employee.

    If you have key employees that excel in their tasks or are technically talented, but have less than admirable skills in the areas of communicating with their people, empowering others or managing conflict, consider addressing these deficits by using a coach or consultant to set up a development plan that will support their growth in these critical areas. The process of growth starts with an assessment of needed competencies, powerful conversations between the coach and manager, and actionable steps that strengthen the practice.

    As a “good business” trend, the use of an executive coach or consulting psychologist is an investment in people that affects the bottom line in many ways well worth the ROI. When good people get better, everybody wins.

    To inquire about online employee satisfaction surveys, contact Margie Tosch at 707.933.0687 or email Margie@otlconsulting.com.

    To inquire about coaching and/or consultation services contact Holly Seaton, Ph.D. at 707. 939.3623 or Holly@oltconsulting.com.

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