If anyone works for you or reports to you in your business, your most important job right now is making sure fantastic employees know they are valued.

Does that surprise you to hear that it’s your most important job right now?

Just two years ago, America was at the peak of a period economists coined “The Great Resignation.” Federal data indicates 50.5 million people voluntarily quit their jobs in 2022, primarily to take advantage of opportunities elsewhere in a hot job market.

A recent report by the Conference Board had a surprising finding about all of those resignations: those who switched jobs during the Great Resignation are slightly less happy at their new jobs than those who stayed put. Why? Job switchers pointed to leadership and culture at their new companies as their biggest areas of dissatisfaction. In some cases, the grass wasn’t necessarily greener on the other side.

We all know how hard it is to replace a good employee; recruitment and training of a new staff member is expensive, time consuming, and no guarantee of success. This is why smart business owners never want to let great people walk out the door, no matter what the hiring environment may be. These wise managers know the value of employee retention.

Before we move any further, let’s define the term. Employee retention means taking strategic action to ensure the people who work for you are focused and motivated to continue working for you to the benefit of your organization and its goals. Put simply, you want to keep great employees happy so they will stay.

Some employers make the mistake of thinking that employee retention boils down to one factor and one factor only: money. While salary, benefits, and/or wages are an important component of keeping great employees happy, they are part of a mix of actions and attitudes that affect how each person feels on a deeply emotional level.

Smart employee retention combines feelings of security, appreciation, satisfaction, and success. Let’s dive deeper into the keys for winning the hearts and minds of top-notch employees.

Individual Achievement

People want to succeed at their jobs. They want to know that they are making a positive and impactful difference on behalf of the company.

That’s why it’s essential that you set measurable objectives for each employee, and hold them accountable through regular check-ins on their performance. Objectives should be SMART – specific, measurable, attainable, relevant, and time-bound.

Organization-Wide Success

Just as people want to succeed at their jobs, they also want to work for a company that succeeds. They want to think of the organization they work for as being the best and brightest, a change-maker in the industry, giving back and doing good, or a combination of all of those.

Identify what sets your business apart from competitors, and communicate that unique advantage to your employees regularly.

Clear Commitment

Bringing someone on your team means you are making a commitment to them, just as they are making a commitment to you. Employees can sniff out a company that would lay people off at the drop of a hat, or revoke benefits or freedoms without a second thought.

Loyalty is shown in actions big and small. Honor your commitments to the people who work for you by maintaining consistency in how you treat them. Lead with integrity, and your employees will know you honor your commitments.

Mutual Trust

Despite making a commitment, when you hire someone new, they don’t fully trust you or your company quite yet. Trust has to be earned, and it’s a two-way street. It takes time and effort.

The best way to earn the trust of your employees is to trust them in return. Believe them when they say they will get the job done, and don’t micromanage their actions. If you give them space to accomplish a job well done, they will trust you more in return.

Two-Way Communication

Do you have avenues open for employees to give you feedback? As important as their performance reviews are, it is equally important to allow team members a way to share insights, ideas for improvement, and even what’s going on outside of work. Open communication will give you information about their job satisfaction, and how likely they are to want to stay or leave their positions.

Appreciation

It’s human nature to want to feel valued. Conversely, there’s no faster way to lose great people than letting them feel under-appreciated. Each employee needs recognition for their accomplishments, no matter how they factor into the big picture of the organization. Make sure that regular staff appreciation in the form of events, gifts, feedback, and even hand-written notes are part of your employee retention strategy.

At Celeste Giordano Coaching, I support my clients in growing their businesses with valued team members who want to be a part of building your thriving Legacy Business that can succeed for decades to come.

Contact me today to find out the practical steps you can take to “double plus” your income in 2024, while also taking care of your fantastic team.

 

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Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlus™” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with more than 40 years experience in direct sales and managing high-performing teams.

To learn more about Celeste, click here.

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