The rules of engagement – How will your company retain key people in an upward moving economy?

May 8, 2018 | In Insights

The economy is moving in an upward direction. This much is clear when you look across most sectors- There are some GOLDEN RULES that are essential to retaining key people so that as a business you have a strong team and a succession plan for the future

The economy is on the moving in an upward direction.  This much is clear when you look across most sectors. Some will take a while to catch up but they will, and business needs to be aware that they will be faced with a more confident and forthright workforce.

For several years now people have sat back and been grateful for the jobs they currently have but for the first time in a long time, there is reason for people to be hopeful, to want for more and they are ready to start looking for new employment opportunities. Is your business going to be attractive enough to keep people for the medium to longer term?

Recruiting and retaining is no different to dating and marriage. You need to look after yourself/the company and be fit and attractive and offer career growth. You need to be financially secure/ have long term financial stability, enable autonomy/ allow for  independence and a life outside of you,  appreciate quality work/personal qualities which essentially makes you an employer of choice/good catch for the long term!

The whole concept of ‘letting yourself go’ by not trying anymore or failing to effectively communicate when you attract “THE ONE” is not an attitude that we would support in business or marriage! Are you able to keep the passion and retain your people?

There are some golden rules that are essential to retaining key people so that as a business you have a strong team and a succession plan for the future. And yes, this too can be linked back to dating and marriage but perhaps we will save that for another time.

“Read on for areas to REALLY consider and commit to”.

Ask yourself the following questions:

1. CAREER DEVELOPMENT/GOALS- Does our company support individual desires and interests in terms of career path? By support, we mean really enable ideas and values, passions and dreams to be heard and supported to become reality if viable.

2. VALUE PEOPLE- Does our company truly value its people? By value we mean, regular meetings to discuss how people are, not just quick, ‘hello’s’. Really ask them their opinions linking back to the first point above so that they feel they can MAKE A DIFFERENCE. Do not underestimate the mutual benefits of this!

3. PHILANTHROPIC BENT- Does our company have a vision bigger than ourselves? What we mean here is does the company actively consider the greater good? If not, why not. This is important, all people want to feel as if they are part of something that will help humanity whether they consciously know it or not.

4. FLEXIBILTY- Does our company provide some aspect of flexibility that suits what individuals want, not just what suits the company? Ie- Are people really able to drop kids at Day Care outside of a window of between 7am and 8am? Is there the ability to work from home where there is comfort and trust that work will still get done but that perhaps a casserole may also be able to bubble away in the background and perhaps a load of washing done as well. Doing chores all weekend does not make for long term satisfied team members. LONG HOURS DOES NOT = HIGH PRODUCTIVITY

5. PERFORMANCE RECOGNITION- Does our company truly recognise performance and provide clear SPECIFIC feedback to people? In the work that we have done, we have found that people (again relating to dating and marriage)- do not want to just be told that they look nice or in the case of business, that they do a good job. They want to be told more than that, how do they do a good job, what is the impact they have? How do they make a difference?

6. FREEDOM- Does our company actually trust people and allow for freedom of thought and individual style to find their own way and make their own impact? We are not all the same and will have behavioural styles that will feel comfortable with a number of diferent approaches- let you people BE AS THEY ARE MEANT TO BE

Lastly and not necessarily most importantly at all in our experience (assuming people are paid commensurately) is:

7. REWARD and REMUNERATION- Does our company really pay people based on their value? The best question to ask is- “if this person left tomorrow, what damage would it do to the company”. Don’t rely on remuneration to keep people but factor it in as a solid point of difference between your company and others.

“You will note that making a difference features heavily here, factor this in all that you do, your team will thank you along the way and for the longer term”.

As always, remember, ‘Energy equals outcome, so make sure that you are focusing on the right things’.

For HR that really makes a difference to your company and your people. Call us at Vouch for a chat, we’re here to help you.