How to Retain More Employees: Without Increasing Pay
Mike Harbour
Through the implementation of our Quit Losing Talent Framework, we help organizations add millions to their bottom line by developing their leaders and fostering company cultures that WIN, KEEP, and INSPIRE employees
Want a step-by-step framework for retaining great employees? Visit harbourresources.com to download the 20-Step Talent Retention Playbook for Free!
Now to today's edition of the Lead Up Newsletter!
If you aren’t retaining employees at the rate you desire, I’d like to offer a new approach. Most leaders are dead-set on improving employee perks and bumping salaries/ wages to retain employees who want to leave.
What if instead of working so hard to keep employees who want to leave, you build a culture of people who want to stay?
Maybe this is where you start to think ‘That’s impossible, nobody wants to stay with a company long-term nowadays.’ Not true.
The first step to change is believing that you have the ability to do so.
In a perfect world, you would just hire an abundance of perfect-fit employees who immediately desire a long-term position. But, we all know that isn’t always the case.
Attracting and hiring quality candidates is important and absolutely feasible, but that’s a topic for another day. Today I want to talk about activation. You’re obviously familiar with the term ‘onboarding,’ which is of great importance, but I like to view this stage of an employee's life as the activation phase.
What if instead of ‘onboarding’ new employees to simply grant them access to resources, show them around, and introduce them to their managers, you had a plan in place that encourages long-term retention? You need a plan that quickly expresses the company's willingness to invest in the employee’s growth.
Let's look at 5 Activation Tactics to ensure you are launching your new employee’s potential quickly.
1. Master the Welcome
Don’t leave your new employee hanging after granting them the position. Keep in touch frequently leading up to their start date to express your excitement about them joining the team.
2. Structure 90 Days of Onboarding
Develop a system that ensures early mastery in their role. You don’t want to bring on a new employee without having a structured plan for them to be effective early on.?
3. Build FUNctional Endurance
Learn about your employee’s strengths and preferences so you are able to put them in areas where they are highly engaged and passionate about their daily tasks.
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4. Commit to C-Squared Rounding
Rounding conversations are often rushed and ineffective. Be intentional in the time you get with your employees so you can make needed adjustments that boost engagement and overall satisfaction.?
5. Guide & Course Correct
Sometimes employees get off track, even unintentionally. Be willing to gracefully redirect an employee's focus to make sure they are being effective and feel rewarded for their hard work.?
Employee retention is less about getting frustrated employees to not leave and more about building a culture that is full of people who want to stay.
Consider these 5 tactics and your performance in those areas. I’d be willing to bet that if you’re killing it in all 5 of those areas you don’t have much of a retention issue. And if you do, you probably need to reevaluate your hiring process.
Make the mental shift from onboarding to activation. When you have a plan to launch the potential you are hiring, you will start to develop a culture of hungry people who want to stay with you long-term.?
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