It’s been studied. Raises alone can no longer bring out the best in every employee, let alone get them to stay for 10, 20 and even 30 years at the same company, like your grandfather probably did. With more than 70% of workers actively on the hunt for another job, your battle to find and retain the “best” talent may already be an uphill battle for you and your competitors. Is there a ‘magic’ formula?
Take heart. There is hope for part of this quest.
Once you find the talent you need, the retention equation does not have to be the Holy Grail. An obvious yet overlooked factor is that your employees are still people who have “feelings”. While assembly line managers in the industrial revolution would have scoffed at this notion, most employees today want more than to be paid well – they want to be seen and heard, recognized and respected for their contribution to your company’s success.
The solution, according to our May 6 panel of experts, is a recognition plan that isn’t transactional in the traditional sense.
Cindy Ventrice, author, Make Their Day!; Brenda Pohlman, Senior Recognition Strategist/Consultant, Globoforce; and Sherri Goldberg, Global Recognition Lead, SAP, describe a rewards system that recognizes – and satisfies – employees who deliver a great performance along with behavior aligned with company values. Whether in the form of gifts, flexible work schedules, prizes, badges or a blush-inducing company-wide “Bob is a rock star!” announcement, taking the time to show your team that you sincerely care has been found to be directly related to their likeliness to stay at your organization.
Sound time-consuming and expensive? Try losing a good employee and not knowing why – and you’ll know learn what really matters.
For more insights on this growing work culture movement to get employees to stay, click here.
Top memorable insights from this episode:
Top #CrystalBall Predictions for 2020:
The next episode of HR Trends with Game-Changers Radio explores HR & Sustainability: Bridging the Gap with HR thought leaders and experts. Stay tuned and please follow us on Twitter at #SAPRadio.
Co-edited by Bonnie D. Graham