2012-10-15 12:23:57
Approximately 80% of Fortune 1000 companies report that retaining talent is a
major issue for them, and nearly half are planning to offer more generous
compensation packages next year to keep employees on the payroll. While money
certainly plays a part in building employee loyalty, it's clearly not enough in
today's work environment. Compensation is important, but most employees
consider it a right - an exchange for the work one does.
Study after study has shown that praise and recognition tend to build employee
loyalty. People want to feel that what they do makes a difference. Money alone
does not do this; personal recognition does.
Employers often fail to realize that some of the most effective things they can
do to develop and sustain motivated, committed employees cost very little or
nothing at all.
Consider the power of "the five I's":
Interesting work. No one wants to do the same boring job over and over, day
after day. And while any job will always require some boring, repetitive tasks,
everyone should have at least a part of their job be of high interest to them.
Information. Information is power, and employees want to be empowered with the
information they need to know to do their jobs better and more effectively.
And, more than ever, employees want to know how they are doing in their jobs
and how the company is doing in its business. Open the channels of
communication in an organization to allow employees to be informed, ask
questions, and share information.
Involvement. Managers today are faced with an incredible number of
opportunities and problems and, as the speed of business continues to increase
dramatically, the amount of time that they have to make decisions continues to
decrease. Involving employees in decision making, especially when the decisions
affect them directly, is both respectful and practical. Those closest to the
problem typically have the best insight as to what to do. As you involve
others, you increase their commitment and ease in implementing new ideas or
change.
Independence. Few employees want their every action to be closely monitored.
Most employees appreciate having the flexibility to do their jobs as they see
fit. Giving people latitude increases the chance that they will perform as you
desire - and bring additional initiative, ideas, and energy to their jobs.
Increased visibility. Everyone appreciates getting credit when it is due.
Occasions to share the successes of employees with others are almost limitless.
Giving employees new opportunities to perform, learn, and grow as a form of
recognition and thanks is highly motivating for most people.