In the January 22nd edition of the Kiplinger Letter there was a disturbing fact stated. “As a business owner or manager, you should be worried about losing critical employees as the economy recovers. Some companies are now working to pick off the cream of the crop. Surveys show 20% of all employees want to switch jobs as soon as they can.” The letter goes on to explain that when the unemployment rate drops to under 7%, the floodgates will open.
Now is the time to act to take preventative measures. There are several actions you can take to ensure retention- and more importantly- engagement of your employees.
Survey the employees to find out what the current climate is
- Do the employees feel like their opinions are valued?
- Does your team understand their role in the mission of the company?
- Do the employees feel like their contribution is vital and valued?
- Does your team feel that they are working for an ethical company that reflects their personal values?
Develop your leadership team to understand the impact they have on employee engagement
People don’t quit companies, they quit their managers. One of the most common statements in exit interviews are “My manager doesn’t talk to me.”
The top three most often cited problems in management communication are:
- Employees don’t know what to do
- Their problems are not heard by management
- High employee dissatisfaction and low motivation
Once you have identified where your challenges are as a company, you can address them. The good news is changing your culture to reflect a company that attracts and retains top talent is something that can be done. The challenge is, it takes time and a concerted effort to change a culture. You must start now. People are the life blood of any company. Happy, engaged, loyal employees treat their customers with the same respect they are treated with from their managers. They, in turn, develop happy, engaged, loyal (i.e. profitable) customer relationships.
For more information on how you can better understand your current company climate and create a culture that engages your employees and your customers, please feel free to contact me at jdphillips@psd3.com.
