Feature Article Employee Retention: Love the One You’re With
by John M. Matraia, Vanguard Executive Services, Inc.
are phrases we hear every day. The economy shows signs of improvement. However, the environment is challenging – prospects may look up one day and down the next. Companies are searching for the best talent to ensure continued success. Without the right people growth will not occur with the speed needed to keep pace in fiercely competitive businesses.
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Companies pay lip service to the importance of retaining their most valued employees but many fail to take actions to minimize turnover and keep the employees that they have already invested in. Here are the keys to improving retention:
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alent acquisition. Recruiting tomorrow’s
leaders. Filling positions critical to success. These
Start at the End Unfortunately, most exit interviews do not identify the causes for employees leaving. Individuals usually leave without disclosing the underlying reasons for the departure to avoid “burning bridges”. It is vital to have a format that encourages candid feedback during the exit interview. This is the best opportunity to understand the cause of the resignation. Without understanding the reasons, effective actions cannot be taken and the seeds for continuous loss of human capital remain.
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Show Me the Money Although there are exceptions, most people do not leave a company to make more money. Similar job roles usually provide fairly standard ranges of pay so going to a similar role in a competitor typically will not change compensation significantly. Moves to obtain a promotion are sought not only because of the prospect of increased compensation but also for more responsibility. Ambitious employees who demonstrate the desire for greater responsibility may provide the biggest challenge when it comes to retention. Without promoting the best contributors to senior levels, the chances of them leaving increases. Do you have a plan for providing more responsibility and challenge to keep the top performers? Can they mentor or coach others without disturbing the manager employee relationship?
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Pacific Kiln & Insulation Co. Inc.
info@pacifickiln.com Phone: 909.875-6331 • Fax: 909.875-9331
Pacific Kiln & Insulation Co. Inc.
info@pacifickiln.com
Phone: 951-697-4422 • Fax: 951-697-4442 Contact your Ransom & Randolph Representative for details or go to:
For more information, visit...
WWW.PACIFICKILN.COM
Pacific Kiln & Insulation Co. Inc.
info@pacifickiln.com Phone: 909.875-6331 • Fax: 909.875-9331
Pacific Kiln & Insulation Co. Inc.
info@pacifickiln.com
Phone: 951-697-4422 • Fax: 951-697-4442
& Insulations Co. Inc.
info@pacifickiln.com Phone: (951) 697-4422 Fax: (951) 697-4442
22 ❘ February 2018 ®
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They’re Just Not That into You Anymore Chemistry between the employee and the manager or the employee and the company culture are the two biggest factors that can create turnover. Companies can change strategies frequently. The fit that was excellent between employee and manager or employee and company culture can change abruptly and influence decisions to leave. When ownership changes or managers change, there will likely be additional employee changes and resignations. Do you have a plan to stay connected to the high performers and let
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them know the changes taking place may affect them around the edges but that the fundamentals of their employment remain solid?
Room to Run Employees value understanding how their work fits into the company’s plan for success. Employees want an environment that encourages solving problems and having suggestions considered even if they are not approved. They enjoy the opportunity to question existing approaches they consider unnecessary or ineffective. Do you have a forum or a platform for individuals to speak out and contribute and is it active?
Keep it Real Employees want to be treated fairly, especially when it comes to incentives, recognition, and evaluations. Employees want actionable feedback and respect managers who provide constructive input for improving. They expect poor performance will not be tolerated and that low performers will be let go. Does your evaluation process measure performance and contribution on several levels including team work, idea generation, and loyalty? Do you use it on a formal and informal basis to coach and guide?
Look in the Mirror Retention is a complex issue but critically important for companies who want to thrive. Recognizing the issues that cause people to leave will not stop turnover. Holding managers accountable for their ability to develop and retain high performing talent as part of their performance evaluation is the only way to succeed. So, the next time a high performer leaves, ask yourself: what actions did you implement that were designed to retain your best people? A related question is what have you done to create an environment where people actively seek out your company as an employer of choice? If you cannot answer these questions you will continue to struggle with retaining your people.
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