Retention, Recognition, Reward
“Talent is now a critical driver of corporate performance and a company’s ability to attract, develop and retain talent will be a major competitive advantage far into the future.” ‘War for Talent’ Ed Michaels et al.
Unwanted employee turnover is one of the biggest and most costly business problems facing organizations today, despite the economy. Retaining top talent is what gives companies competitive edge. A company that uses global teams faces even more challenges retaining great talent. Managers and supervisors not only influence and impact employee retention, they also have a huge impact on the bottom line. Employees treat customers the way they are treated by their supervisors shaping the company’s reputation in the marketplace.
Effective employee retention cannot be defined as a recipe for all organizations to follow. For employee retention to be effective, it must be tailored to the specific organization. A retention strategy defines the way that your company will manage turnover and keep its key talent. A valuable component of your strategy should be a recognition program to help your employees feel valued and appreciated, one of the top employee motivators uncovered by major employee studies.
A retention strategy assesses the current turnover situation, defines retention goals, profiles your great employee, determines your employee motivators and creates innovations and interventions to provide them, makes managers accountable, and measures employee satisfaction.
With a clear understanding of their role in employee retention, managers and supervisors will be able to create a positive work environment, increase ability to create long-term commitment, increase motivation, reinforce desired behaviours, reward high performance and ultimately increase morale. Participants will leave with their own outlines for a retention strategy and a recognition program.
- Determine the costs of turnover
- Determine the reasons for turnover
- Build a retention culture
- Identify your leadership strengths
- Modify your approach as a virtual manager
- Identify your virtual team’s motivators
- Determine your team members’ recognition preferences
- Develop a retention strategy
- Develop a recognition program and recognize the differences between the two