I found the key to employee retention!
My morning reading included an article that listed the two secrets to keeping high performing employees. What a way to start my week!
I’m privileged to be working with several companies (and in discussion with several more) on employee retention and engagement issues so the timing of my discovery is perfect. Lowering employee turnover has long been a goal of just about any business but today’s improving economy makes the exodus of employees more likely than ever. According to a recent report from The Hay Group, “The global employee turnover rate will see the sharpest increase in 2014” and continue an upward trend for the next few years.
So how do organizations keep good employees? Related to this critical business challenge is how to help low-performing employees move to star status, thus avoiding even more turnover and the resulting recruiting expenses. Well, thanks to this morning’s article, I can now approach companies with the following strategies they’ve been waiting to employ:
- Engage employees
- Encourage professional growth
Hmmm . . .
Wait a minute. As I write these strategies, they sound familiar. Have I really uncovered the secret to keeping high performing employees?
Sadly, no. A quick check of my article library uncovers the following:
- 4 Reasons You Should Care About Employee Engagement
- How To Reengaged High Potentials
- It's Time To Rethink The 'Employee Engagement' Issue
And the list goes on and on and . . .
And the list goes way, way back.
In case you’re not getting my point, let me state it clearly:
There is nothing new under the “Let’s-attract-and-keep-good-employees” sun.
So why do I keep reading new articles about employee turnover and low employee engagement? Because, I believe, too many organizations look at employee engagement and development as an expense rather than an investment. When viewed against a quarterly financial spreadsheet, the cost of an employee development program is often seen as too expensive.
Fortunately, I’m working with a few companies that choose to look at the horizon of next year rather than next quarter. Two organizations in particular, one a manufacturer and one in the energy business, are already very successful but realize the business environment is fast-paced and always changing. To remain successful, they are investing in their corporate cultures and in their employees.
This investment requires money, time, and energy. But like most investments, if you look past the immediate costs, this payoff comes later on in the form of high performing and satisfied employees.
These high performing and satisfied employees make for happy customers.
These happy customers lead to a happy – and growing – business.
Maybe that’s the secret: Satisfied Employees = Growing Business.
Of course, this isn’t a secret. This relationship has been recognized for years. So hopefully, as the economy continues to improve, more organizations will begin increasing their investment in people and put an end to more “The Two Steps To Employee Retention” articles.
Darren K. Ford
I've enjoyed a great career. Worked in many different industries with great coworkers and customers. I talk to a lot of people while drinking a lot of coffee. I read constantly. From all of this, I have much to say.