With more employee turnover than ever and the cost of replacing workers going up, it's important to focus on retaining the employees you have.
Research company McKinsey and Co. released the results of a year-long study involving 77 companies and over 6,000 upper-level executives. They conclude that that talent is the most important factor in the success of a company. Meanwhile, trends show that talent is in short supply.
Attracting high-quality employees is only half the battle. Retaining the competent workers already employed by your company is an often-overlooked factor toward success.
What do Workers Want?
The same study concluded that employees almost universally seek the same things when describing “great” or “dream jobs.” And believe it or not, it’s not necessarily an astronomical salary and corner office. In fact, most of the items listed by workers are attainable goals for any position or industry.
Freedom and Autonomy to Make Decisions Even the lowest-level employee can work independently without each and every decision mandated by someone else. Micro-managing specifically should be universally eradicated. If goals are met, the method by which it’s achieved is moot. Additionally, more say in goals and company policy is important for employees to feel vested in the success of the company, thus leading them to feel more loyal.
A Solid Relationship Between Daily Activities and Business Results A daily sense of accomplishment works wonders on motivation. If a person’s daily tasks heed no results—or results are so remote as to seem insignificant—it’s natural to seek greener pastures where their efforts will be appreciated. Everybody wants to matter.
A Challenge that Can Be Met Something to work toward, but not a goal so overwhelming as to be construed impossible. Again, mindless work can seem insignificant. Challenging employees is good for the individual and the company—put the talent to good use by asking them to go above and beyond.
New Projects on a Frequent Basis A little variety will spice up the monotony or drudgery. Finding new projects isn’t difficult. Asking team members to consult on different areas may be all you need.
A Good Relationship with Colleagues Hire good people who get along, and going to work each day will become a pleasure for all. A lot can be forgiven in a job if there is a Jim Halpert or Pam at the front desk to laugh with.
In “The American Dream” a Roper Starch Survey of two thousand U.S. adults, half of the respondents would choose a low-paying job they love over a higher-paying job they hate. Thirty-eight percent would choose more time over more money.
With enough creativity and flexibility, it is possible to create a dream environment for your employees, making them happy to remain employed with your company.
