Preventing the exodus of talented and qualified personnel in advance is better than overturning those who have already decided to quit. At stake is the motivation of employees to work for the company.
The most talented and stable professionals who will identify with the company and channel all their energy into their work are those
- Whose basic needs, such as security, competitive pay, and sufficient resources to get the job done, are met, and those
- Who find their work purposeful.
It's more or less clear with the former, but how to make work purposeful?
Help your employees constantly develop
Stagnation and lack of career prospects are among the most common reasons employees change jobs. Opportunities such as professional development can attract and motivate employees.
To understand what influences employee loyalty to the company, let's take a look at one of the largest companies in the world, Google:
- Google is in the top 5% of similarly sized companies for its ability to retain quality employees.
- 57% of employees wouldn't leave Google if offered a better-paying job, and 81% are happy to go to work every day.
- Overall, 70% of Google employees believe the company is doing its best to retain them, while 30% may be considering new employment.
Google has assigned employees the right to learn, and they can do this even during working hours.
But the most remarkable thing is the way the training takes place. Up to 80% of all training activities are conducted through an employee-to-employee network called g2g (Googler-to-Googler), which is based on employee interaction.
In this way, some of the best and most experienced experts in the world working at Google help newcomers and those who want to learn, to become better. Thus, senior employees develop their mentoring skills, and newbies gain new skills and constantly progress.
As a result, the company's employee retention rate is one of the highest in the peer group.
Discuss performance and goals
Employees lose enthusiasm and don't feel valued if they don't get regular feedback on their work. Individual growth and company goals are usually discussed during the performance review.
But in addition to professional aspects, it is also important to discuss personal ones. A good option for this can be 1-on-1 meetings. This is where trust is formed and goes to a deeper level.
The 1:1 meeting is an ongoing feedback strategy that allows the manager and employee to stay aware of current events. The manager can build a trusting relationship with the employee. For the employee, it provides an opportunity to develop skills and discuss workplace issues with the manager.
A Google Project Oxygen study found that employees who are talked to more often about their work outcomes have higher performance. Besides, it reveals ways to conduct 1:1 meetings effectively.
Make the company's goals and mission clear
Employees need to feel connected to their work and the mission it supports.
Goals and mission help create a culture for employees. People who come to the company understand not only their tasks, but the overall goal of the whole team, and become more involved and responsible.
Make it clear to employees how exactly their work affects the achievement of the overall goal and their area of responsibility in reaching it.
At the same time, employees are not required to know the absolute amount of profits or other details. It's enough to put the financial goal into specific indicators clear for each employee: man-hours, the number of upgrades released, or the number of products sold.
This way you also increase employee engagement.
Employee engagement plays one of the key roles in shaping the motivation system. Thus, according to an engagement study conducted by Gallup:
- Engaged employees try to show up to work and do more work – high-involvement units have an 81% absenteeism gap and a 14% productivity gap.
- Units with high engagement achieve a 10% difference in customer evaluations and an 18% difference in sales.
- Engaged employees are more active and productive. Taken together, the behavior of highly engaged divisions leads to a 23% difference in profitability.
Make work enjoyable
According to a Korn Ferry survey, one of the top reasons people look for a new job is boredom.
What about productivity? Mere 29% of bored workers experience accomplishment about work done (a soft measure of productivity), compared to 85% of those who are interested in their work.
People who find their jobs boring are four times more likely to leave their jobs than those who are stressed. (FridayPulse)
With all of this evidence, it is clear that interest in work is one of the most important factors in motivating people to work. How to make work more interesting?
Don't be afraid to involve employees in short-term projects as it helps them show up in different areas, making work more interesting.
Alternatively, allow employees to showcase their knowledge so they feel valued for their contribution.
Here again, Google is a case in point. Many have heard of the "20% rule" which allows Google employees to spend up to 20% of their time working on personal projects. This has led to the development of products such as Gmail, AdSense, and Google Maps.
How does it work?
Every week, employees can set aside a whole day to work on something they find interesting and important for the company.
This way, employees can dilute their regular tasks with something else while still being efficient.
Such seemingly small things result in the 1st place Employee Net Promoter Score for Google among its competitors.
In the end
A subtle thread running through the article was the question of what needs to be done to positively impact the productivity and effectiveness of both the company as a whole and the individual employee.
Creating and maintaining employee commitment to doing quality work and achieving overall company goals requires a masterful combination of both standard methods in the form of fair pay, benefits, and the methods described above. If you do it right, you will be a champion in the race for talent.