Six Articles to Fix Your Employee Retention Issue

Love your Job

“An employee’s motivation is a direct result of the sum of interactions with his or her manager.”

~ Bob Nelson~

Client Joan Asks: We’ve been really struggling with an employee retention problem.  I’d like to help my managers determine where the problem may lie and come up with some solutions we can implement to keep our employees productive and happy.

Do you have some articles I could recommend to them that would help?

Coach Joel Answers: I like the direction you are going, Joan.  If you allow your managers to read up on the way other people have resolved this problem, you get some buy in.

Then when they come to the table to discuss their ideas and solutions, you already have them taking ownership of the problem. They will be more interested in working toward a solution.

Here are six articles that will get you started.

1. How Managers Can Improve Their Workplaces for Employees.  Joan, the fact is, most employees leave because of their boss and the management.  The great thing about the suggestions in this article is that you don’t need to bust your budget to accomplish these strategies.

You’ll find seven simple steps you and your managers can take immediately to help retain more employees. Read Employee Retention Article.

2. Ten Ways to Keep Your Star Employees.  Anytime you have top talent, you want to have them happy and secure with you.  One of the issues that surfaces with rising stars is they will not stay if they don’t feel they are doing fulfilling work. Also, if they feel they are totally inundated with work they may become discouraged. Read Star Employees Article.

3. Highly Engaged Workplace.  Sometimes you find workers just “biding their time” at their job.  They don’t feel committed to the work. They stick it out because of the down economy, but don’t feel any loyalty to your company.  This article helps you identify the key things that bring your employees fulfillment.

When you find those benefits and work situation that engages your workers, you change them from “waiting to leave,” to “wanting to stay.”  It changes the entire workplace environment. Read Engaged Workplace Article.

4. How Men and Women in Leadership Can Help Employees Succeed.  When employees are properly trained and feel they are using their skill sets to succeed, they enjoy their jobs more.

Use this article to examine the training opportunities you have in place. Do your workers need tutoring, mentoring, coaching or on-the-job training to feel more valuable?  Are your employees confused about expectations and how you define success? This article will help you evaluate your workers better. Read Help Employees Succeed Article.

5. Give Employees What They Need. Sometimes as you evaluate your employee retention issue, you may discover that you have not given your staff the tools they need to succeed.

When workers stand on uncertain ground, they seek the security of another job.   With this article you’ll find six tips to strengthen your employees’ commitment to succeed at your job instead of looking elsewhere. Read Keep Employees Motivated Article.

6. Why Did They Leave? How to Retain Workers by Surveying Employees After They Resign. What’s the best way to determine whether your employees are happy or unhappy and why? Ask them! This article explains the importance of surveying current employees and provides examples of questions to include on your survey. Read How to Retain Workers Article.

Joan, as your managers look at these employee retention articles, they will see where they can strengthen the workplace and their management skills.  When employees enjoy their job, their manager, their work environment, and their pay you will find your retention problem disappears.

Looking for the solutions to your employee retention issues? Contact Joel for options specifically designed for your situation.

Talkback: What articles have you read lately that could help managers keep their workers satisfied? 

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Get the Most Out of Corporate Executive Coaching?

04

“Management is doing things right; leadership is doing the right things.”

~Peter F. Drucker~

Client Jakob Asks: I’m in upper management in an international corporation and I want to move higher in my company.  My peers have leveraged corporate executive coaching. Sometimes I see great results, but sometime I don’t see that it made a dramatic difference for them.  What can I do to make sure my executive coaching boosts me up the corporate ladder?

Coach Joel Answers:  Executive coaching is a significant investment, not only in money, but in time and commitment. You want it to be meaningful to you.

What you get out of it depends on how much effort you put into it.

Be an Active Participant

A tepid response to coaching will produce weak improvement.  To get the most from your coaching you need to approach it with goals in mind.  Discuss them with your coach and then focus on them.

1. Build New Skills. The skills and traits that have gotten you to this point are not sufficient to take you to the very top of the corporate ladder.  Your coach will help you build skills sets and habits for the level of management you will be doing.

2. Be Present.  When you meet with your coach, close off all distractions.  Don’t answer the phone or email or search the web. Focus.  Give your entire attention to presenting issues and seeking solutions.

3. Be Teachable.  Humility sometimes seems at odds with confidence that comes with a top corporate job. But true confidence allows you to be humble and teachable. Jakob, when you resist criticism or new ideas, you stop your progress.  Be willing to accept ideas without rebutting or rationalizing. Consider their merit.  Be eager for growth. Then you set the stage for great progress.

4. Be Committed to Success.  In the beginning, you gave me the top 3 goals you wanted to gain from this engagement.  Make it meaningful and achievable goals.  Then be willing to do what it takes to accomplish it.  Your coach will guide you and give you suggestions and insights that will help you reach your goals faster than you could on your own.

5. Take Action. Learning without doing is like sitting at dinner without eating.  It accomplishes little.  The natural next step to learning is putting what you’ve learned into action.  There is a tendency to think you don’t know enough.

Often people enter this learning mode without moving forward.  Resist it.  Once you know, take action.  Yes, you’ll need to refine and correct.  But your learning increases as you act on what you know.

6. Overcome Fears.  Change involves risk.  It’s moving out of the safe zone into the unknown.  Your coach understands that, and you should too.  Be willing to take that risk.  Dare to be great. Stumbles are a part of life.  Don’t stand still because you are unwilling to make a mistake.

7. Break Habits. Powerful, significant executive coaching takes place when clients are willing and ready to break habits that are holding them back.  Your coach will help you recognize what traits are limiting you.

But only you can make the decision that your success is more important than those old habits. If you want your coaching to have the desired results, you must be willing to leave the restraining behaviors behind.

Jakob, you are smart to start achieving now.  Building new skills takes time. But when you commit to achieving your goal and are willing to put in the focus, time and effort, you’ll see that your corporate executive coaching will take you where you want to go.

When you connect a skilled executive coach with a willing, motivated manager you will see the dramatic results you desire.

If you’re interested in making the most of your corporate executive coaching experience talk to Joel.  He will help you focus, step out in new ways, and build habits of success. Connect now.

Talkback: How successful has your executive coaching experience been?  What was the thing that had the most impact on your upward advancement?

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Entrepreneurs Risk Losing Money and Business without an Effective Succession Plan

Keys

“The longer you’re not taking action the more money you’re losing.”

~Carrie Wilkerson~

Kimberly has been running her info-marketing business for 15 years now.  She’s supported her family and saved a nice nest-egg.  A scary bout with a heart problem sent Kimberly scurrying to develop a succession plan.

“I realized no one even knew my passwords.  If I died, all my information would be locked up on my computer!” Kimberly said.  “Entrepreneur succession planning for me would be a roadmap for my family and heirs to follow if I became disabled or died.  And a plan for me when I get to thinking about retirement.”

Shared corporate knowledge.

First Kimberly took time to write down much of what was only in her mind. As the entrepreneur and creator of her business, so much was intuition and her own personal experience.

“I gathered together asset statements, bank accounts, partners, vendors, and all their contact information.”

She listed debts, repayment schedules, and plans for faster payoffs if needed.  She made a folder and put life insurance papers, incorporation paperwork, and trust documents there.

Entrepreneur Succession Planning

“What would happen to my business if I couldn’t run it?  Who could?  What did they need to know?”  Kimberly asked the tough questions. “I really didn’t want to think about all this. After all, I’d been healthy up to now.  But I realized I wasn’t invincible.”

Fortunately Kimberly had an older child who was at college, but had shown interest in the business. “Because much of the work is online, he could do some things from college.”

Kimberly was surprised at what her son, Tim, knew about the business… and what he didn’t know.  She set in place a plan to get Tim up to speed on every part of the business.

She also started working with her part-time employee, Lisa, to get her trained in every aspect of her business. “I wanted a back-up person who could take over in a pinch,” Kimberly said.

The Inheritance Plan

Even though Tim might take over the running of the business, Kimberly wanted her other two children to have their share of the business.

She called a family meeting to discuss who wanted to be involved in the business and how to divide the assets of her company.

As an entrepreneur, she’d never even had the value of her company assessed. “I had a figure in my mind, but the appraisal came in much higher,” Kimberly said.  The other two children wanted the money but not the headaches of the work.

For Kimberly, the best solution was to create a company with shares.  Each family member would inherit shares of the company.  Tim would receive a salary and the shareholders a distribution.

This would allow Tim the chance to buy out his siblings over time if he wanted.

Feeling More Secure

“I never thought I’d be grateful for a heart attack,” Kimberly said.  “But now I feel so much more secure and in control of the future of my company.”

Entrepreneur succession planning may look different than succession plans of other kinds of businesses.  But it’s just as essential.

With her business organized and replacements in the wings, Kimberly feels more comfortable about the future. “It’s done,” she says.  “Now I can focus on what I love— helping people succeed using my great products.”

If you’re an entrepreneur or solo-preneur who wants the confidence that comes from an effective succession plan, contact Joel for help.

Talkback: Have you created a succession plan for your start-up business?  How did you find “replacements” for your key people?

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Make Your Employees Glad to Work

Happy People at Work

“Employees who believe that management is concerned about them as a whole person – not just an employee – are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.”

~Anne M. Mulcahy~

What comes to mind when you think of business success? Improving the bottom line? Cutting costs while increasing profits? Those are important, but no business is successful for long without good, talented employees who are happy to come to work and do their best every day. Below are ways to focus on improving employee satisfaction – and increasing your business’ success and profitability at the same time:

1. Value your employees – in every way.

Did you ever have a boss who was quick to praise for a job well done – but stingy with benefits and pay? Actions always speak louder than words, and while current finances may not always permit you to pay top dollar, pay as much as you can based upon company profitability. In other words, the employee who toils five days or more a week to help make your company a success deserves to be recognized for that effort with praise and with benefits and pay commensurate with performance. Fair pay for work done is one of the best ways to improve employee satisfaction, and it’s also simply fair.

2. Create a culture of true camaraderie.

Of course, your first priority each day is to get business done and make your company successful. To do that, though, it’s important to have fun once in a while too, as colleagues. Schedule office parties occasionally where all employees are invited to bring their spouse/significant other and children, too. Acknowledge birthdays with a 15-minute impromptu party. Don’t frown upon spontaneous wiffleball games in the hallway; in fact, why not join in? Improving employee satisfaction means letting your hair down once in a while – prudently – and allowing your employees do the same.

3. Celebrate victories together.

All too often, companies reward management with big bonuses and lots of recognition, but overlook the accomplishments of lower-level employees, some of whom may have significantly contributed to management’s successes. That’s not fair, and employees (rightly) resent that. Instead, whenever your company has a big victory, celebrate together. Schedule a company lunch, or have a little party. Recognize your entire team – everyone. Recognition is a central component of improving employee satisfaction.

4. Be a part of your local community.

One of the best ways to create a cohesive work environment is to become a part of the local community. Connect with your community as a group, and give back to it. Get involved in community service as a company. Investigate what particular needs your community has. Serve Thanksgiving dinner at the local homeless shelter, or volunteer to participate in a cancer walk as a company team. Getting out of the work environment and rolling up your sleeves together toward a shared goal brings cohesiveness to your group that continues back at the office. Breaking out of everyday roles outside of the office can go a long way toward improving employee satisfaction in the office as well.

5. Encourage open communication.

Don’t just say you want to foster open communication; do it. If your employees don’t feel they can talk to management, they won’t; resentments will fester, and productivity and employee morale will fall.

Communication starts with you. Tell your employees how they’re doing, and encourage them to talk to you about how you are doing, too. This isn’t about insubordination, by the way. Don’t take the attitude that because you’re the boss, you’re naturally untouchable. If something’s wrong with the way the company is being run or the way people are being treated, employees should be able to tell you about it. If you’re a large company, you may not know that there may be a particular problem with lower management unless you’re told – and you won’t be if employees can’t speak up.

Communication shouldn’t just be about problems that need to be fixed, either. Your employees comprise your own rich brain trust that can help your company, products, or services become better. Encourage employees to share their ideas and reward them for those you use. When employees are heard and valued, improving employee job satisfaction won’t be a chore you “must do.” It will simply happen.

About the author: Erica L. Fener, Ph.D., is Vice President, Business Development Strategy and Analysis at Progressus Therapy, a leader in connecting their candidates with school-based PT jobs and early intervention service jobs.

Do you need happier employees?  For tips, help, and coaching on improving the satisfaction of your employees contact Joel.

Talkback: What steps have you taken to increase the morale at your office? What has worked best… or failed spectacularly?

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Human Capital Management:
It’s Both a Career and a Salary Issue

Human Capital Management

“I set as the goal the maximum capacity that people have. I settle for no less. I make myself a relentless architect of the possibilities of human beings.”

~ Benjamin Zander ~

Randy knows his company’s HR operation is in need of a makeover. The combination of the down economy, government regulations, new technologies and recruiting challenges has overwhelmed people with paper-pushing and record-keeping. Randy wants to shift the company’s focus from a “personnel department” where staff is giving attention to individual career salary for human capital management.

As company president, Randy assumes ultimate responsibility for all departmental outcomes. But he knows that his people will support what they help create, so he wants his managers to be involved in designing a new HR direction. After a two-hour brainstorming session, they come up with three action items:

  1. Adopt an asset focus
  2. Reward results
  3. Expect continuous improvement

1. Adopt an asset focus. A company that operates with a human capital management philosophy believes that its people are just as much an asset as its buildings, its inventory or its cash in the bank. The career salary for people needs to be equal to the value being provided.

“We can quantify peoples’ value,” Randy tells his staff. “And we can increase that value by making the right kind of investment in them. But how do we do that?”

Truly treating employees like assets involves a new and different mindset for many corporations. Often, especially in a down economy, people are viewed as liabilities. Both philosophically and in actual accounting, they are treated as costs, an overhead item that can be reduced or eliminated for short term gain.

Instead of the traditional belt-tightening when the going gets tough, now is the time to increase investment in our people,Randy decides. That means recruiting top talent with the same analysis and intensity the company would put into buying a new piece of equipment. It also means setting up a comprehensive people development program that includes management training, career coaching, and a comprehensive succession plan that provides upward mobility and salary increases for those who want a real future with the company. His focus is on human capital management in which career satisfaction and salary are priorities for employees.

2. Reward results. Overall compensation, including salary, benefits, and intangibles, is important, but it must be based on results. And the corporate culture should be set up so that the best rewards go to those who achieve the most impressive results. Along the way, of course, the company should also reward exceptional effort with praise and encouragement, even in cases where the goal or expected outcome didn’t happen. Each department manager will be responsible for evaluation and rewards, based on holding employees accountable for achieving specific business objectives, coming up with new ideas, and contributing to the company’s long-range plans.

3. Expect continuous improvement. Randy sees this strategy as a long term change, and long term means continuous improvement throughout the company.

The principle of continuous improvement originated with Dr. W. Edwards Deming, the management guru who helped the Japanese rebuild after World War II. Rather than making radical, high profile changes in company operations, Dr. Deming adopted the Japanese concept of kaizen, meaning “good change.” Kaizen says that each employee responsible for making small but consistent changes to his or her own operation. Over time, those small, incremental changes contribute directly to the company’s bottom line results.

Kaizen is based on five key principles: teamwork, personal discipline, improving morale, using quality circles, and making suggestions for improvement. Randy and his C-level managers base their human capital management strategy on implementing these principles. They provide monetary rewards, and they treat people as tangible assets by providing coaching and training that lead to career advancement opportunities.

The moral of the story, Randy says: “Invest in your people, just as you would any other tangible asset, and your ROI will go straight to the bottom line.”

If you would like to turn your people into tangible assets, Joel can show you how to do that. Contact him today.

Talkback: Are you seeing your people as assets or liabilities? Share your experience here.

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