A Manager’s Guide To Retaining Top Talent And Boosting Employee Motivation A business is only as strong as the collective talent of the peop...
A Manager’s Guide To Retaining Top Talent And Boosting Employee Motivation
A business is only as strong as the collective talent of the people working there. And in this increasingly competitive world, workers who can keep up with the rapid globalization changes are in high demand. Unfortunately, today’s employers and human resource (HR) managers struggle to keep them on board.
A 2021 report shows that the average annual employee turnover rate in the US was over 57%, 25% of which was voluntary. However, it’s estimated to jump nearly 20% this year, from the pre-pandemic yearly average of 31.9 million employees leaving their jobs to over 37 million quitting in 2022. However, did you know that over 50% of voluntary-leaving employees said their company or manager could have done something to prevent them from leaving their jobs?
So, what exactly can you do to motivate employees and convince your top talents to stick around?
Gain Insights On Employees
The first thing you need to do is to ask the right questions. Understanding and empathy are the fundamental principles of building good relationships. And just like how your business thrives on understanding everything about your customers to provide the best services and produce the best products, HR managers should also understand what employees need the most.
To accomplish this goal, you can create a regular schedule of one-on-one meetings with employees. You can use the time to check on their current projects and assess their abilities and what skill areas they wish to develop. Don’t forget to ask about any areas that challenge them.
During these meetings, you must actively listen and come from a place of help instead of judgment. Try repeating what employees say during these meetings in your own words to ensure that you’re fully understanding their insights.
Listening is only half the equation. Once you have the insights, it’s best to act on them, if possible. When employees see that their opinions and voices matter and they are seeing the changes they want, it promotes overall employee satisfaction.
Address Employee Burnout
Did you know that employee burnout is one of the primary causes of reduced work motivation, productivity, and satisfaction? Ultimately, it causes your employees to leave. Thus, it’s best to know how to prevent employee burnout.
In general, employee burnout stems from a job imbalance. Long and busy work schedules can make it difficult for employees to balance their professional and personal lives, causing extreme stress. To prevent this, managers should offer flexible working arrangements.
Most companies have now adopted remote working, which provides greater flexibility in employees' schedules and working hours. However, there’s still a higher risk of job imbalance with remote working due to the blurred line between work and home. In this case, managers set boundaries on employees' work schedules and workloads. For instance, managers should stop contacting or emailing employees after working hours. You should encourage employees to unplug and get enough time for relaxation and leisure.
Develop Their Skills
One of the main reasons why top talents leave their companies is because they feel ‘stuck’ or have ‘stagnated.’ They’re unsure how or don’t have the necessary training to take their careers to the next level.
Therefore, managers should start building a clear job development path and help employees gain the necessary training to improve their skillset to minimize employee turnover. Not only can it help with retaining top talent and boosting their motivation, but providing the necessary training can also help them become more efficient and productive at work. It’s a win-win situation.
So, make sure to take the time to ask about their future career goals and provide them with opportunities that can help upgrade their skills and talents.
Set Up A Recognition And Rewards System
Managers often provide feedback and constructive criticism of employee performance to help align their work with company goals. That said, do you also give praise and recognition for a job well done?
Every employee wants to feel appreciated for their hard work. And in today’s busy workforce, an employer’s or manager’s gratitude can significantly impact employee morale. Recognizing a job well done, even the smallest thing, encourages employees to raise the performance bar for future projects.
It also makes them feel valued for their contribution, boosting job satisfaction. And when employees feel satisfied, they’re less likely to quit.
A simple ‘thank you' can already create a good impact. However, try going the extra mile. You can set up formal reward systems that incentivize great performances, innovations, and ideas.
Takeaway
Employees are considered the most crucial asset of any business. They power your business and keep it going. A business will have difficulty growing and succeeding without employees giving their best daily. So, start making your employees and top talents happy and fulfilled at work by following the above tips and strategies.
