Management often play a key role in employee satisfaction which is linked to retention. Staff turnover is an issue faced by all businesses, and there are some simple changes we can make to improve turnover rate.
There is no greater myth in managing a team or company than believing financial compensation is a sufficient incentive to engage, motivate and retain top talent and drive high performance. Empowering and motivating your staff to work together as a cohesive team for a common cause is the best way to get results for your business and improve employee satisfaction and retention.
Employees generally leave companies because they feel they have no future there, don't feel valued, or don't like their manager. The ability to train and engage talented employees is a critical skill for managers. It's also important that organisations invest in training their management staff to ensure they're good leaders – which does not necessarily come hand in hand with management.
12 things you can do to become a better leader and retain more staff:
There are bosses and then there are leaders, and generally people prefer to work for the latter. Here some tips for being a better leader that will make your staff want to stick around.
1. Correct in private and praise in public
Positive reinforcement goes a long way to help inspire employees.
2. Give credit where credit is due
Acknowledge good work from the team and individuals. Show appreciation.
3. Remunerate your staff well
It helps attract and retain good staff.
4. Address misunderstandings and apologise quickly when you get it wrong
5. Keep a sense of humour – even when things go wrong
Maintain a balanced and positive perspective. Embrace failure and what can be learned from it.
6. Identify and resolve conflict calmly, quickly and constructively
7. Lead by example
Be passionate about why you do what you do. Be a positive role model
8. Empower your team by giving positive feedback and constructive advice
Encourage new ideas or ways to do things better – enhanced problem-solving and greater productivity. Don't micro-manage.
9. Have empathy
Know your team and be sensitive to different personality types. A one-size approach does not fit all when dealing with your team.
10. Provide challenges – build confidence and competence in your team
It shows you value them as part of the organisation.
11. Set clear expectations and standards
Be fair and balanced.
12. Find a mentor to help refine your leadership skills and invest in your own leadership training
Closing thoughts: An Employee Engagement Survey by Gallup found that
"The best workplaces give their employees a sense of purpose, help them feel they belong, and enable them to make a difference". Increasingly people want to work for a company that is enduring, sustainable and that has values that align with their own. On top of this, a recent article in NZ Business magazine by F.Stephson stated that this alignment of values and emphasis on sustainability is most important to Millennials, and businesses who intend to hire Millennials in the future (which is most of us), should seriously consider this.
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