Yes, the economy is strong, however, you cannot take your team for granted. In fact, a recent survey indicated that over 50% of the US workforce are seeking to change employers in the next six months. Sounds like the perfect time to reacquaint yourself with how to retain, fulfill and engage your team.
1. Responsibility. Show your employees you trust them by giving them responsibilities that allow them to grow. Encourage them to gain new skills. Provide ample continuing education opportunities. Hire from within wherever possible. Give generous promotions at appropriate times.
2. Respect. Employees want to know they are respected and appreciated. As the saying goes, people may readily forget the things that you said, but they will always remember the way you made them feel. Many workplace legends are built around the horrific things weary and stressed-out managers said or did. But if managers make it a priority to show outward respect for employees on a regular basis, it will lead to a strong and enduring workplace culture as well as positive experiences and memories that they will never forget.
3. Revenue-sharing. Tie a part of your employees’ wages to the company’s performance. This will align their interests with the company’s revenue and profit goals and will serve as an inherent incentive to stay with the company as it grows. By making the fixed cost of payroll inherently more variable under differing business conditions, you can make your company more resilient and agile, while also treating your employees exceptionally well.
4. Reward. The rewards you give your employees should speak to their emotional needs and should go beyond their monetary compensation. Recognition in front of the company, company and department parties, service projects, lunches with the boss, logo clothing, handwritten notes, etc., can all contribute to the positive culture of the company and can be good morale builders as well. their breath from one assignment to the next with the help of team-building activities or mini break periods over the course of the day.