‘What do you want to be when you grow up?’
A pilot!
A computer engineer!
It is so fascinating to ask kids this question and listen to their amusing responses. In fact, as kids, we too have faced this query time and again, and answered it proudly. Categorically, human beings have an intrinsic behavioral feature which makes them attach themselves to a professional ambition and work dedicatedly towards it. Monetary gains are only a deliberate by-product. This desire becomes a cherished identity we love to associate ourselves with.
Things change dramatically when we step out of the academic world into the employment world. Do you think people bond with their employer’s mission to align themselves with his vision? Well, they may, but very briefly. This is the scenario today. A recent survey in the US shockingly revealed that only 34% of employees felt ‘engaged’ with their work. Other countries show similar analytics. 75% of employees said that they wouldn’t want to stay with the company for more than five years. For an employer, it is alarming.
Can you answer the following questions with a ‘YES”?
Well, as a manager, you need to do some contemplation:-
1. What kind of work environment are you providing your employees with?
2. Is there room for healthy growth?
3. Are the employees feeling attached to your company’s mission?
The objective of this approach is to ensure that employees are motivated enough to feel attached to contribute to its success. At the same time, they must have an enhanced sense of personal wellbeing to feel engaged and incumbent.
Nine steps you must take today
It boils down to simply creating an atmosphere that keeps workers happy. Organizations need to implement retention strategies to increase incumbency concurrently with a maximum return on investment.)
1) Rewarding
When you go to a restaurant and like a dish you ate, you summon the chef and tip him- be the good samaritan. But do you reward your cook at home if he serves you a new recipe? No, because he is just an employee… Does it mean the restaurant chef means more to you than your homeworker? Probably yes. You are taking your employees for granted! Yours may be a small business or large, make it a policy to include incentive schemes to actively reward them for commendable work. When the company recognizes a worker, in return he feels motivated and proud to be a part. For accurate and autonomous calculation, invest in a good Payroll ERP. You can enter the incentive criteria in the system. This ERP Payroll software also provides you with a self-care login app for employees. The employees can view their incentive & salary calculations and are happy that incentives are calculated fairly making the HR policies transparent and friendly.
2) Appreciation
The sure-fire way to drop down engagement levels is not recognizing hard work. According to a survey in the US; more than 65% of employees said that they did not feel recognized at work. They could be receiving incentives as per Payroll policies but the management’s attitude was contradictory. This propagated feelings of disengagement. A mere ‘good work’ or ‘thank you’ meant more to them than cash awards. Add a word of appreciation here and there, hear them and value them. Not only will you retain the hard-working employees but it will convert into increased revenues.
3) ‘Engage’ the employees
Engaged employees show up to work with a bounce in their step! An “engaged” employee is one who has job satisfaction, involvement, and organizational commitment. These three acquire a greater meaning when combined make the employee ‘engaged’ or attached to the company’s mission. An engaged employee is an incumbent employee.
4) You grow- I Grow
Professional growth is important especially important to the younger generations. Opportunities for career growth are undeniably a crucial criterion for incumbent levels. If employees do not see a future in your company, you will not see them in the future as well. You should be able to visualize where you can place them after the training and experience you equip them with. Remember, your company would grow too.
5) Pay at par- hold on to your top talent
An effective way to attract and retain top talent is to pay them at par or more than your competitors. When you interview candidates you can informally inquire about their salary details with their former employers. If this is not possible you have to hire a consultant for advice on putting up competitive offers to hire and to retain employees already on your payroll.
6) Inculcate a company culture
Managers should focus on creating a company culture which is an amalgamation of discipline, values, ethics and a corporate feel. A healthy corporate culture and incumbency go hand in hand. Factors that contribute to a healthy culture- how people react to change, b) how people interact, c) flexibility, d) stability, e) enjoyment, f) caring, g) a disciplined but stress-free atmosphere and h) authority.
7) Consider geographic location while hiring
Retaining out-of-town workers can be hard. Very soon you will find them looking for jobs closer to home. Be prepared to dole out increments to stop them from leaving. If you have to hire them anyway, make it worth their while.
8) Star-performers or Non-performers? - Discriminate, if you will!
Many companies misallocate the funds meant for annual employee merits by dividing them evenly. Believe me, it is a misguided attempt to keep all employees happy. Focus on your star employees and make it a priority to motivate and retain them. Grade the awards as- highest award to top performer down to no award for those below the par levels.
9) Non-financial rewards go a long way
Managers must consider organizing monthly as well as annual activities besides cash. Such remuneration is very beneficial to keep your staff motivated and independent for longer periods.
Unpretentious execution of the above retention tactics gives you what you need- engaged employees. And ultimately their “engaged” attitudes will reflect positively to increase incumbency.