Monday, February 4, 2013

No budget for employee retention?

Employee retention could cost you As you can imagine, we’ve heard this a few trillion times before. Our training budget is too small, we can’t afford executive coaches or team away days, we’re too busy, and more. But ask yourself … can you afford not to? As someone who has been burnt out before – I can tell you, it doesn’t happen overnight. You don’t suddenly wake up one morning and think ‘aw, gee, from yesterday to today I’m completely burnt out and exhausted and unable to go on another day’. It happens gradually and it can be stopped dead in its tracks by having a manager and an organisation that decides to truly care and do something about it. And it starts right at the top with your most senior executives caring about the team, caring about retention and listening.

Everyone is different – we all have different motivators for why we work. And in our experience…news flash…money is not the main reason most of us come to work. This is just so incredibly important– money is not the main reason most of us work. So retention strategies are not the same as budget planning. You need to find out why your people come to work, and do more of that. So for example, if your team members like to be recognised – introduce a recognition scheme that works for your culture. If you have team members who like to be intellectually challenged – offer time off to study. If your team likes socializing together … introduce pizza Friday. Its not brain surgery but it is a top priority and it will use some budget. But not as much budget as a recruiter would invoice you for if you had to replace someone. What do recruiters charge now … up to 21% annual package in some instances. What do a few pizzas cost?

But there is also a way of enhancing employment retention which doesn’t cost money. It’s called Communication and is a subject close to my heart. Most people are happy to be busy if they get why they’re busy and they’re learning. So share with them your business strategy, share with them more about what other teams are doing, talk about culture and your employer brand, take them offsite for drinks and presentations quarterly. Make it personal, because when it comes to quitting, it often is.

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