5 Employee Retention Plans You Can Use Right Now
Employee Retention Plans can seem expensive and complicated. These five are quick and go into place with hardly a moment’s hesitation. _
Employee Retention Plans May Seem All the Same._
Try these 5 Quick Easy – and Different
Fixes to Keep Your Talent Happy!
Employees don’t come from cookie cutters. Keeping the best workers in place can’t always follow the same plan either.
Smaller companies who want to compete against bigger, richer competition shouldn’t (and often can’t) simply imitate their much bigger rivals. But a “unique, personalized culture” – though it may make executives want to cry – is simpler and easier to cultivate than it sounds at first.
Don’t run from feeling like a small-company. Embrace it. Promote it. Develop it – as your best chance at really competing for talent.
Many of the rules and regulations that bigger organizations depend upon just aren’t necessary for smaller companies. That’s a distinct advantage when it comes to Employee Retention Plans. You can compete better by offering more and better freedoms, room for growth and experimentation – and learning! And best of all – no competition will come close to you.
1) Define Your Core Values.
See our previous post on Defining Core Values. Get some wacky new ideas in there and bang them around all your best people. Get people inspired that they are working for something bigger and better. Become a values-centered enterprise! What are you now anyway? An old-fashioned money-making enterprise?
2) Forget Years of Service
Tie everything to productivity, engagement and business objectives. Get your Employee Recognition tied to your Core Values and shine the light where it belongs. Is there something in the world that you and all of your employees hate? Racism? Poverty? Ignorance? Then fight it! Take your company in the right direction and everyone on your team will follow.
3) Recognize Success and Recognize Often
Annual reviews are totally – grossly – inadequate at this stage of the game. You need to be engaged with what employees are doing once a week. Twice a month if you’re short-staffed, but that’s really at a minimum. Reinforcing behaviors with ongoing feedback and training would be the wave of the future – if it weren’t already happening now. Make sure every team leader knows and understands this.
4) Revise your Organizational Hierarchy
Make at least some of it “open to debate” and give your teams a voice in deciding the best way to organize workflow, decision making and procedure. Encourage interaction, teamwork and, yes, engagement. (You should have learned something about interacting with the entire organization by Defining Your Core Values, above.) Organize more group breaks and group lunches and encourage the discussion of topics relevant to every corner of your business. If your employees feel that they don’t matter, that what they think doesn’t matter, and what they do and don’t do and succeed at doesn’t matter – then don’t cry a river when they walk out.
5) Reward Success
This is the part that sounds way more expensive than it actually is. But top talent expect to be treated like people. Re-work your system of rewards so that top performers get the freedom they want. Flex-time, paid time-off, half-days and paid training and travel. It’s all going to make more sense (think about it) than bonuses and cash outlays.
No employee retention plans in the world are going to fix everything overnight. But a good one will be difficult to duplicate and copy in the other shop across town. The rewards are tremendous, and growth nearly limitless! Remember, your best employees are not only ready to help you out, but many of them are anxious to get going, too.