How much do you invest in your staff?
According to most Senior HR Managers, the single biggest issue facing their businesses is, finding a way to increase their staff’s engagement and retention.
When unemployment is so low this challenge increases as there are more vacancies and less candidates. A simple law of supply and demand.
There are many businesses advising you on different quirky solutions:
- A good pension scheme
- Medical cover
- Social nights out
- Weekends away
- Working from home
- Install a Pool table or table Tennis table
- Gym Membership
- Performance prizes
- Provide Healthy Snacks
- Duvet Days (very 1980’s)
You get the picture.
The truth is that an employee who naturally enjoys their role is three times more likely to be successful and stay with you. So, the key is to ensure you have the right people doing the right jobs. The above options can act like a sticking plaster, it helps for a short while. They are nice to have but not essential.
Dr Dan Harrison, a world leading Occupational Psychologists, sites eight Employee expectations that if met have a significant impact as to how engaged your staff are or will be. These are different for each individual. Some are more important than others depending on that individual. The key is to satisfy the ones that are relevant.
- How are they going to be developed, what plan do you have for them?
- What are their pay expectations? No one is solely money motivated.
- Do they want authority, do they want to lead, or would they prefer to have a leader?
- Do they enjoy social opportunities or prefer their own company?
- Do they feel appreciated, are their opinions appreciated?
- Do they like frank communication, diplomatic or a mixture of both?
- What are their personal expectations? Do they need to be informed, have a capable leader, need help or need a stable career?
- Work life balance. Do they like flexibility, structure, low stress, high stress?
Each of the above is different for each individual and the key to increased engagement and retention is to understand your true employee needs and satisfy them. To understand the above is less costly than adding perks and far simpler than you might imagine.
Your staff are your most important asset, so please look after them and they will run over hot coals for you and their colleagues.