New Year’s
Resolutions:
- Start
diet.
- Exercise.
- Update resume and
explore career options.
The New Year is
traditionally a time of self-reflection, self-improvement and new
beginnings. And while
the diet may already be blown and the exercise equipment is soon to
become an expensive clothes rack, you can bet that your team is
still keeping an eye on what’s out there . . . as many as 75% of them, according to
the most recent Wall Street
Journal/SHRM survey.
You can’t stop your
employees from looking, but there are steps you can take to keep
them from leaving. When employees are fully engaged with their
companies and jobs, they’re more likely to slough off the day-to-day
aggravations and keep their eye on the bigger picture. In "Employee Engagement: A
Review of Current Research and Its Implications," The Conference
Board reviewed and consolidated twelve major studies on employee
engagement, which they defined as “a heightened emotional connection
that an employee feels for [their] organization, that influences
[them] to exert greater discretionary effort to [their] work.” The board also detailed eight key drivers in that
report, which are described below:
- Trust and integrity – how
well management communicates and lives the vision
- Nature of the job – its
content and mental stimulation
- Line of sight between
employee performance and company performance – understanding
one’s contribution to the company's success
- Career growth opportunities
– future opportunities for career and professional growth
- Pride about the company –
self-esteem in being associated with their company
- Co-workers/team members –
the impact of the work environment
- Employee development –
opportunities for individual skills development
- Relationship with one's
manager – the value placed on their relationship with the
manager
All of the studies agreed
that the relationship with
one’s manager was the strongest driver of all. You can use this to your
advantage. Whether or
not your formal review cycle falls in January, it makes sense to
spend some one-on-one time with your key employees. Keeping the eight drivers in
mind, ask them how they perceive their position and status with the
company and assess their level of engagement. Are there areas where
the employee’s level of engagement could be stronger? Talk through strategies to
keep them on track. You
can also take the opportunity to let them know that they’re
appreciated—sometimes recognition and a kind word are all it
takes! (It’s easier to
take time today to recognize a key employee than to replace that
employee later.)
We’re not just talking about being “nice,” we’re talking
about making certain your key people are engaged and keeping them
engaged. Studies
indicate that engaged employees outperform their peers by more than
20% consistently, and Hewitt’s study on companies with double-digit
growth found that employee engagement at double-digit growth
companies exceeded that of single-digit growth companies by over
40%.
In today’s economy,
turnover is a fact of life—even the strongest managers and best
leaders will lose key players.
Being cognizant of your employees’ drivers will improve
retention, and if you do lose a key employee, you’ll be less likely
to be caught off-guard.
Unplanned turnover is at best an inconvenience, and at worst
it can negatively impact your company’s bottom line.
As always, we’re
interested in your feedback on this article and your suggestions for
future topics. Please
contact me at 410-529-7000
(As we discussed in
this article, there are a number of ways in which to keep an
employee engaged. In
next month’s issue, we’ll discuss the role that recognition plays in
the engagement process and how recognizing your employees on a
consistent basis can keep them happy and more productive. And best of all, it will
help you to continually raise your rate of
retention.)
