A WSJ article yesterday talked about a growing concern for businesses to retain top talent. The author indicates that based on historical data workers will look elsewhere as the economy improves. This would pose a significant problem to those employers who may have weeded out weak performers while keeping top performers during this recession. A survey from last winter cites pay and benefits as the most important factors employees' value. Normally I would not concur with this but can understand with this recession why compensation is a top concern for workers.
While some companies struggle with how to financially reward their employees others are finding ways to involve their work force more in the business.
"We will not retain our staff if we can't get them to believe in us," Mr. Stack says. "If you value your employees, their trust will grow and they will not look around for another position."
According to the DOL, employee turnover cost American businesses about $5 trillion each year. Employee recognition is still one of the powerful strategies to combat turnover. A recent HR Daily Advisor Tip covered eight keys to successful retention. The advice includes exuding confidence in employee's ability, including significant others in praise, knowing what motivates and inspires employees, encouraging employees develop new skills, and simply saying thanks. Successful companies learn that you get what you reward.
In Lean retention and recognition come under the respect for people pillar of TPS. Respect for people comes from organizations building employee relationships that are fulfilling for their people as well as for the business.
How does your organization value employees and show appreciation?