How to retain your best employees

The rules of employee retention have changed. No longer can loyalty be bought with big salaries, hefty bonuses, and rich benefits packages. Today it takes intangible, non-monetary rewards to create an atmosphere that makes your people feel valued, respected, and involved. It take a whole new way of thinking. This is the first edition of a 22-week special on ideas you could implement to keep those best employees:

1) Review for Rapport

     Somewhere along the line, the annual performance review has lost its way. For employees, the question is no longer “How am I doing” but “How much am I getting?” And for too many managers, the process has become just another administrative hassle, another set of forms to fill out.

     Studies show that employees value appreciation and involvement over money. So why does the annual performance appraisal revolve around the size of the pay raise? It’s time to rethink our annual evaluations.

Here are some suggestions:

             ---An employee evaluation should involve more than a “report card” in which you grade people on their punctuality and teamwork. It should be an interactive dialogue, and opportunity to recognize accomplishments, refine responsibilities.

             ---Conduct your reviews over lunch or a cup of coffee, instead of across your desk. The setting will feel more like a casual conversation between colleagues, as opposed to a boss reviewing a subordinate.

             ---Appraisals should give employees a chance to review your performance as a supervisor. Give them plenty of opportunities to share their opinions and concerns.

             ---You don’t have to wait 12 months to establish this type of rapport with your staff. Instead, schedule your reviews every six months or, even better, quarterly. That way, their evaluation is not scheduled around a pay raise.