While keeping top-performing employees should be a key business goal in any economy, some firms may feel that today’s high unemployment rate will protect them from serious turnover issues. This mind-set could be short-sighted, however.
Just as businesses look for new opportunities when conditions improve, so do employees. Forty percent of workers surveyed for Workplace Redefined: Shifting Generational Attitudes During Economic Change, a recent report from Robert Half, said their experiences during the downturn have made them more inclined to look for new opportunities outside of their current firms.
You simply can’t afford to lose your best people, especially now. Losing top talent could leave your firm unprepared to take advantage of new business opportunities as the economy recovers. You need to take steps to ensure your retention efforts are still on target.
Compensation is the first place you should look. If your salaries and benefits are not in line with your competitors, your best people may seek greener pastures. Respondents to the Workplace Redefined study rated salary and benefits highest among factors they consider when evaluating an employment offer.
But clearly it’s not all about money. Here are some tips to help you enhance your retention efforts and keep your best performers on board.
Emphasize your firm’s stability
When asked to rate work-environment factors most critical to them, Workplace Redefined respondents ranked working for a stable company as number one. If your firm has fared relatively well during the recession and has a history of emerging strongly from previous downturns, talk about this in meetings with your team. Recent experiences have given many workers a new appreciation for their employers’ chances of short- and long-term prosperity.
Start with onboarding
Don’t miss the opportunity to build workplace satisfaction from the beginning. A comprehensive orientation program — now often known as onboarding — will help ensure new hires are smoothly integrated into the company. To be most effective, the onboarding program should include both practical information and a broader overview of your organization’s culture and how employees’ job responsibilities tie into company and departmental priorities.
With an effective onboarding process, you ensure that employees develop a clear understanding of expectations, policies and operating procedures from the outset. This allows them to immediately begin making contributions to the firm and also avoids any lingering misunderstandings, which, if never corrected, could cause frustration and dissatisfaction weeks, months or even years later.
Listen to your team
One of the best ways to show employees that you value their contributions is to simply listen to them. Make an effort to really understand the challenges they face. Meet frequently with them to gauge their feelings about their jobs. When you conduct performance reviews, ask what you can do to improve the work environment. What do they like best? Which benefits and programs might be changed?
Also keep track of your team’s workload. What do staff say about how they’re handling it? While people understand they must rise to the occasion for special projects, it is ultimately counterproductive to expect them to give 110 percent on an ongoing basis. Rather than making a habit of overburdening your staff, think of ways to reprioritize responsibilities or consider bringing in interim assistance.
Encourage good working relationships
Employees polled for placed high importance on working with people they enjoy. Look for opportunities to strengthen ties with your staff and help them bond with each other, such as by assigning mentors or organizing team-building events. Workers who enjoy interacting with one another not only make the office more pleasant but also produce better work.
Understand that information is power
Keeping your team well informed of shifting company priorities and approaches is the best way to empower them. People react positively when they feel “part of the action” and not continually relegated to the sidelines.
Let all of your employees know as much about operational or strategic changes as soon as you’re able to. While certain information may need to be limited to individuals working on specific aspects of a project, try to avoid creating an “inner circle” to whom you consistently divulge the latest information exclusively. Operating in this mode too often will polarize your workforce. It will only serve to make the rest of the staff feel like their contributions and input are not appreciated.
Collaborate on establishing career paths
The most talented professionals want to work for managers who show a personal interest in them. Don’t wait until performance reviews to lay out potential career paths. Even if you are unable to offer promotions at this time, it’s helpful to explain the next logical career step and talk about what it takes to reach that level.
Together with each employee, brainstorm ways you might restructure job descriptions to accommodate and advance an individual’s professional priorities. Consider revising titles for positions to more accurately describe what the person does. A title change not accompanied by a pay raise can still be rewarding, especially as individuals interact with their contacts in the local business community.
Additionally, ask about the least enjoyable aspects of each job so you gain a better understanding of factors that might cause a staff member to leave. This applies to both junior staff as well as more tenured employees. This latter group, in particular, may seek new opportunities if they sense their careers have stalled at your company.
Don’t wait until your best people tell you they’ve received an attractive offer from one of your competitors to show them how much you appreciate their contributions. Continually emphasize why your company is a great place to work. Ultimately, your job is to ensure your team feels good about coming to the office each day and realizes your business is the best place for them to be.
Jennifer Arenas is a regional vice president with specialized staffing firm Robert Half International and oversees several area offices, including the company’s location in Hartford. Reach her at 860-278-7170 or through the company’s website at www.rhi.com .Download a complimentary copy of the Workplace Redefined guide at www.roberthalf.us/WorkplaceRedefined.
