You may attract the perfect worker to your business, but can you make them stay?
Did you know that turnover costs can range from 93 to 200 per cent of a departing employee’s annual salary (Griffeth & Hom, 2001)! It is one of the most devastating and hidden costs of employment. So how can we mitigate the chances of this happening?
It comes down to really understanding what drives your workers. Knowing them really well and understanding their internal drivers. Do they respond better to praise, a strong team, a feeling of belonging, money, a feeling of self worth, personal challenge – what is the key driver?
The answer is rarely just one item, but a mixture of items that the employee rates in a preferential order. Furthermore, that order will change depending on the employees life cycle and current needs. Therefore, it is to be expected that you may employ someone who has clear cut drivers and then those drivers change and you are left out in the dark. As a boss or supervisor, you need to have your finger on the pulse all the time. How, though, do you keep your finger on the pulse?
Developing employee engagement is a key priority for all supervisors. It is through this employee engagement that loyalty is driven. Managers need to keep workers engaged and motivated to work harder for the business. This cannot be achieved with out being a part of your employees work life. Managers who sit siloed in their office with spreadsheets may be high on stats, but their inability to relate and motivate their team will lead to a decreased level of employee engagement.
Simple steps like assigning time to meet with employees one-on-one. This can be outside the normal performance review type meetings and could be as simple as a coffee catch up and an informal chat. How will you ever know what the employee is thinking if you do not ask?
Try these simple, yet highly effective managerial questions:
– How is your job going?
– What aspect of your job do you enjoy the most?
– What aspect of your job do you enjoy the least?
– What can I do to support you to achieve better outcomes?
– How do you find your co-workers?
Motivating the employee with a common goal is another effective strategy. To do this you need to ‘share’. Yes, share your dreams for the business or team, share the metrics around why you are doing or not doing well, share your goals, and share the vision of the future!
If you are not the manager of your team, upskill your own managers to be better managers and inspire loyalty form the team. It is rarely just about money; employees look for a range of actions to inspire loyalty and some of the most simple could be … a smile and a thank you!
Need help with management training? Contact CIRCLE Recruitment & HR on 1300 923 000
Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.