Retention of quality staff is one of the single biggest factors affecting future success in today’s business world. The success of an organisation is very much dependent on their quality employees.
Businesses are losing bright women to entrepreneurship and self-employment due to a lack of flexibility in the workplace. Thirty-five percent of all Australian business owners are women looking for flexibility in working arrangements. Imagine the cost of losing this experience to businesses.
What can businesses do to improve staff retention?
- Create a work environment where employees share the knowledge and have influence in the business, as well as the content of their work.
- Offer opportunities for growth and recognition based on respect. People like a challenge and they like to feel proud of where they work.
- Maintain a healthy work environment based on balance between work and personal life. Pay attention to the quality of the workplace, including health and safety and understanding how to motivate employees.
- Offer attractive compensation and benefits programs rather than base level or lower.
- Recognise the importance of good business leaders, good managers, and positive relationships among co-workers.
There is ample research to show that people are more motivated by recognition than money. Despite this it is rare that a business has a systematic process for thanking staff, let alone some other accomplishment above and beyond.
‘Good Boss’ environments make sure every individual receives continuous feedback on their performance and areas for improvement, both positive and negative. They in turn must be able to send their feedback to team leaders, supervisors and management. The benefits for the ‘Good Boss’ environment when knowledge is readily available are considerable, particularly in terms of promoting ownership and identity.
In the best workplaces, every employee is seen to have something to contribute. There is no distinction between managers and specialists or ‘gatekeepers’ of information. Everyone is keen to understand the details of the work processes that impact upon their life. People know that standards relating to customers, the community and environment need to be met and exceeded wherever possible.
Employee commitment and ownership - the emotional and psychological attachment to an organisation - is what delivers high performance, as employees are prepared to put in the effort and go that extra mile.
Leading edge organisations understand that the right people are important and they know what they want. There are broadly six motivational strategies for retention:
- Establish performance goals
- Remove obstacles
- Recognise and correct appropriately
- Individualise the recognition
- Reward equitably
- Provide effective feedback
These are some basic strategies, though the final mix will vary from workplace to workplace. Essentially, there is a gap between an individual’s actual state and some desired state, of which the manager tries to reduce the gap. ‘Good Boss’ businesses set out to keep people, to find out what motivates, stimulates and challenges them.
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Effectively Find, Inspire & Retain Talented People