How Do You Retain Top Employees?
When I attended a recent FOX Executive Council meeting, one common theme I kept hearing from members was how difficult it is, in this or any business environment, to keep the right talent on staff and not face flight risks. The most obvious answer is “cash compensation,” but sadly there’s not an infinite salary budget, so what else can we do to keep our best employees?
As managers, we should be asking ourselves, “What makes people tick? And what keeps them truly invested and engaged?” After all, anybody can put in a mini-fridge and call that a “fun” environment, but in the long-run, small “fun” gestures don’t maintain employees. What does? Meaningful work. So how can we best help people understand and appreciate the importance of what they are doing and how it fits in the larger context of the company?
Some managers I’ve spoken to are growing increasingly intrigued by the use of “thinking styles assessments” (also known as “personality tests”) to better understand both existing and prospective employees. With the insights you gain from these assessments, you are better positioned with a framework as to how an employee thinks and communicates. We can use that framework to talk with employees about not just their abilities as a great worker, but why they come to work every day. When a valued employee hears you asking those types of questions and sees you taking action to align the work environment with their interests and abilities, they are more likely to remain loyal to the organization—or at least less likely to flee to a competing organization.
Of course, you can’t just do a thinking styles assessment and then say, “OK! We did it! We’ve shown that we care!” You have to ultimately see the process all the way through and create an ongoing dialogue with your staff—one that goes beyond the traditional annual performance review—and regularly meet, talk with, and listen to your employees.
I will be moderating a discussion of topics such as employee retention at the FOX Human Capital (HCAP) Network breakout session at the upcoming FOX Financial Executives Forum, July 21-22 in Chicago. If you are interested in learning more about the FOX HCAP Network, please reach out to your FOX Relationship Manager (or non-members can click here to email us.)