It’s a satisfying feeling when we know we have completed something and done it well. It’s a good feeling that goes beyond the immediate returns.
If feeling good about a job well done is so simple, why do we need to be concerned about job satisfaction? Because, if you have a great team, you need to understand them in order to retain them. What is it that motivates your team? Is it rewards? Is it encouragement?
Here are four key areas to concentrate on when aiming to retain your staff:
- Gaining the right staffing – To know how to attract the right people in the first place, you need to know why your current staff work for you and why they might leave you. You can find this out by undertaking anonymous surveys, having informal conversations, asking the right questions during performance reviews, and conducting exiting interviews.
- Training your team to be their best – Research shows that your business will gain a return on investment of more than 30% through targeted training. It will also mean that your team will feel more confident in what they does. There are many forms of training, including: Formal and informal learning, on the job learning, project/action based learning, and through community of practice
- Sustaining your team’s motivation – Your leadership style plays a big part in how you can motivate and sustain your team. People are more motivated by intrinsic motivators (eg praise, autonomy) than extrinsic motivators (eg money, holidays). So consider this when you are using carrots to motivate your staff versuses when you are using a stick approach.
- Retaining your team saves you money – Replacing a staff member can cost your business almost two years of salary in fixed and hidden costs, as well as the time and energy involved in recruitment, so it’s crucial to realise just how important it is to retain your staff. Great ways to retain your staff include offering things like Rewards programs, Employee Assistance Programs (EAP), social activities and sharing good news stories through regular team notifications and emails.
Keep in mind that there are many reasons why people stay in a job, including: personal ambition, being recognised, having rewarding challenges and flexible working hours, having a supportive environment and the opportunity to be trained/given responsibility.