If you’ve been following this series on Insuring Employee Retention, so far you’ve read about working with your employees to understand their goals, aligning them with your company’s, tracking their progress, and insuring you, as the manager, keep your promises.
In this post, we’ll wrap up the series by discussing what it means to share the benefits of your employee’s success in achieving their goals.
You recall the last three of the steps to insure employee retention are the following:
- Employees actually realize the benefits of the employer’s decisions (the management’s promise to deliver comes to fruition)
- The organization is constantly growing, thereby gaining new business and providing new employee opportunities
- The benefits of the company’s success are shared with employees
All three of these focus on sharing benefits the company realizes once employees reach their goals. You as the manager, and the company, benefit from your employees reaching their goals as the company efficiency, productivity, and customer satisfaction increases. All these result in higher revenue and profit margins, a portion of which should be shared with the employees that directly affect it.
All employees reasonably accept that the profits of the company belong to the company. So, even if the employees gain the equivalent of 1% of the profits, they’ll be ecstatic.. What is that portion should be determined during the goal setting sessions after considering what effect each of the employee goals will have on revenue and profits.
Keep in mind, the benefits could very well be the sharing of recognition for a job well done. Sometimes, nothing beats a public recognition of an employee who was able to streamline your processes, bring in additional business, or deliver a high quality product or service. So, don’t forget to thank them profusely and publicly for insuring the project and company success.
The next factor is employee growth within the organization. Lack of growth opportunities certainly drives away employees. If you plan to keep your organization small, you’ll have to accept that you’ll loose your star employees at some point once they reach the limit of what you can provide them. You’ll possibly even have to help them find employment elsewhere, but who really wants to do this after making such a large investment in their employees?
Alternately, you’ll have to insure that as your company grows you align your employees goals with that growth so that they may eventually fill larger roles. This is, once more, the sharing of the benefits, i.e., insuring your employees grow with you and get the larger responsibilities as well as the associated salaries and bonuses.
You now have all of the ingredients to help you retain your employees and, potentially, drive your attrition rate to zero.
What are you waiting for?
What Do You Think
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Photo Credits: AMagill