Shyam is a very competent project manager at a software development company. He was recruited a few months ago, and he is already thinking of looking elsewhere. “I get no feedback whatsoever from my manager,” he said. With no sense of how he fits into the company’s overall goals or how he is performing, his motivation is down. “The hours are much better at this company,” he concedes, “But I am not as engaged in the Work, I just don’t care as much.” This story is not unique, as many managers know. So here are some tips and strategies for retaining valuable employees.
Many of the following recommendations may sound like common sense, but you’d be surprised how many managers neglect to follow them.
Make sure that your vision is provided as a roadmap for your employees and that they know each twist and turn.
Don’t just assume that each one of your employees has all the tools, training and support from their supervisors which they need. It is better to check with them personally and find out.
Training sessions, memos, newsletters, FAQs and regular meetings can all be used to present your vision to your employees. Make sure to ask questions and if they are confused, redesign the way the information reaches them.
Figure out a way to get all your employees engaged in planning and decision-making. That way the project becomes their baby, which will be something they will be willing to fight for.
Feedback is another great motivator. Don’t wait for the periodic reviews; instead, offer feedback as often as possible.
Use your judgment, wisdom, and experience to create a supportive environment. When problems arise, examine the circumstances, understand the context and only then pass a judgment. Respect and trust your team and you will get the same in return. If you make a mistake, apologize and admit you were wrong. This will allow your employees to relate to you better and they will appreciate your honesty.
Good bosses pay attention to the bigger picture and the details They care about both the product and their employees. A good way to show the care is to be involved in the creation process and to pay attention to what is going on. Do all these with a smile on your face. Lighten up! Making work fun really pays off, since people often get a lot more done when they enjoy themselves.
Even in a tough economy, high-potential employees have other opportunities. During an economic crisis, employees who are anxious about their future can negatively affect a company. The reason is simple and obvious – they are less engaged in their jobs and they may be making plans to leave. So, managers need to pay special attention to their high-potential employees.
No matter what kind of business you are in, you should certainly consider the incentive programs. They have been shown to be highly beneficial in motivating employees and a major benefit is that the cost can be based on the actual performance and paid out only after an employee has reached the desired goal. “Do good and you’ll get rewarded” makes a positive impact on the company with employees working harder to meet the target.
When it comes to job satisfaction, financial rewards may be lower on the list than most people think. Being happy with your job seems to depend more on the intangibles, like feeling part of a team and being valued and appreciated consistently outrank money when employees are polled about job satisfaction.