Five Essential Ways to Retain Great Employees
By Steve Hayes, Sr., partner & founder, The Human Capital Group, Inc.
Retention of great employees (human capital) tops the list of crucial challenges faced by business leaders. Loss of great employees is a financial, logistical, and emotional drain on the resources and sustainability of any company or organization.
Great leaders keep great talent by creating a positive, respect-based work environment. Here are five leadership practices that are essential to creating this atmosphere in the workplace. Absence of these practices will result in the "absence" of great employees.
1. Lead by example - The Golden Rule. Intimidation, threats and arrogance are behaviors that will guarantee failure for a business. Treat your employees the way you want your customers or loved ones to be treated! If you don't have a Golden Rule foundation for how you treat people, money and benefits won't matter; great employees won't stay. To paraphrase a respected role model, "Lead at all times -- if necessary, use words!"
2. Know and respect your employees. Know about your employees' families, interests, hobbies, capabilities and goals. Demonstrate that you care with your time and your ear. Coach managers to model this behavior.
3. Share success. Everybody wants to be on a winning team and to be acknowledged for their contributions to achieving the win. Be certain to pass along the praise when your company scores "points" with a customer or on a project.
4. Recognize top performers. Thank employees for their efforts personally, publicly and repeatedly. Recognize outstanding performers with on-the-spot awards, gift cards, dinners or weekend getaways. The ROI will be hundredfold!
5. Acknowledge mistakes. How you handle mistakes sets the example for employees. Consider the wisdom in the words, "I reserve the right to get smarter." Be humble, admit you are wrong, and laugh at yourself from time to time. This is how a leader earns credibility. A leader who does not acknowledge mistakes will not sustain success.
A focused, values-based commitment to acquiring, developing, and retaining great employees has proven to sustain success for businesses advised by The Human Capital Group. Try it. You have everything to gain -- especially the continued services of great employees.
The Human Capital Group, Inc. is a retained executive search and leadership consulting firm with offices in TN, OH, GA, and FL. To learn more, visit www.HumanCapitalGroupInc.com.