In today’s economy, every business executive, owner, CEO and president should be asking themselves one important question: “Do I have the talent to take this business to the next level?”
If the answer is no, you probably want to begin looking, but if the answer is yes, then employee retention should be at the top of your list. With employee retention statistics that prove your best employees may be sitting on your payroll while patiently waiting for the “right” job, you need to be sure that you are managing employee retention with specific individuals in mind and long-term goals in place.
Employees Are Not All Alike
A good manager knows the strengths and weaknesses of their employees, but do they know what motivates them? In employee retention studies, TTI has found that money is NOT the reason most employees leave a job, which seems contrary to popular belief. In our latest study of over 19,000 job seekers, only 19% said money was the reason they were looking for a new job. Instead, more popular reasons included stress, mismanagement, lack of room for advancement and lack of employee development.
In order to effectively manage employee retention, it is important to determine the core values of each individual. What drives them to take action? What keeps them engaged and motivated? What needs do they have that should be fulfilled on the job? For example, let’s assume Steve is a salesman for a medical device company that sells a new health care device to hospitals. What motivates Steve to get out of bed each day, put on his suit and give a great sales pitch? Perhaps he knows that each time he introduces better technology to a hospital, he impacts the lives of many every day. Or, maybe Steve’s personal goal is to be the top salesman in the company. Yet another possibility is that Steve comes from a family of salesmen and takes pride in following in their footsteps. Whatever the case may be, the important thing is to know what motivates Steve and ensure that employee retention strategies cater to his unique, personal motivators.
Employee Retention Must Fit Corporate Goals
Developing an employee retention strategy that is specific to each individual must start with an in-depth look at the company’s long-term goals and what it needs for success. What is the next level? What skills do you need to get there? Who has those skills and what skills are missing in the company? While it is not an easy task, it is an important step in the process of creating an employee retention strategy that will help you meet your long-term goals. Perhaps you will find that job roles should be re-organized, skills of certain employees are better utilized in another way, or certain employees are key to future success. Once you have determined how your workforce needs to adapt to meet company goals, you can implement an employee retention strategy that ensures your best talent is there to help you reach the top.