How to Retain Employees
As someone who has started up and expanded a variety of organizations, from retail to high technology, I’ve found that six tactics can increase retention:
- Offer competitive compensation.
- Culture fit.
- Manage by walking around.
- Solicit input.
- Establish advisory groups that represent all operating divisions.
- Revamp reviews.
I send potential employees through a battery of interviews, ask hard questions and do everything I can to make sure they’re a solid fit.
Get to know each of your direct reports. Talk to them about their family, their hobbies and their work. And encourage them to do the same thing with their reports. Good managers relish the attention and additional input. It makes their job easier.
It doesn’t matter how you do it—weekly "all hands" meetings, suggestion box, e-mail forum, open-door policy, whatever. Just make sure everyone knows you’re sincere and that you welcome their input.
Hold monthly meetings, and rotate group members every six months. Set the agenda in advance, and have the meetings in the late afternoon ... but on company time. Serve pizza, burgers, etc. and get everyone involved. Urge everyone to participate, but don’t force them. I’ve found that the vast majority can’t wait to have their turn in a group.
Because many people hate reviews, my approach is to find out if individuals are contributing the way THEY want to contribute. I ask them how their job is, and how their department, division or company is doing. We also cover their accomplishments and career path. When we conclude the session, both of us leave the table more informed and confident regarding the future.
SOURCE: Global Perspectives. Copyright © 1999 by RAY & BERNDTSON, Inc. Web site at www.rayberndtson.com.