Tuesday, April 19, 2011

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 takes a whole new way of thinking. This is the twelth edition of a 22-week special on ideas you could implement to keep those best employees:

12) Match The Reward To The Person
Lately, you administrative assistant has been going the extra mile to fill in for a sick coworker. During your presentation at a company-wide meeting, you single out her efforst and encourage her to join you at the front of the room. The crowd cheers enthusiastically. You silently congratulate yourself for your managerial skills. However, your assistant seems less than pleased. She tends to shy away from the limelight and feels uncomfortable and slightly embarrassed by the attention.

Another story: Bob has been putting in long hours and working weekends to complete an important project. As Bob's supervisor, you want to thank him for his hard work and make sure he feels valued. And so, you give him a plum new assignment, a project everyone in the department would love to have. Bob reacts angrily. You overhear him saying to a colleague, "I break my back for these guys and they reward me by dumping more work on me. Now I'm nver going to see my kids."

The moral of these stories: One employee's reward may be another's punishment. Public recognition, for example, may motivate one person and humiliate the next. Treat each of your staff members like the unique individuals they are by offering rewards that match their personalities.

Get to know your people- what makes them tick? Motivating your employees is a criticial part of maximizing productivity. On the other side of the coin, punishments for not getting the job done need to be handled in different ways as well, depending on the individual. Bottom line- everyone is different, and they respond to situations differently.

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