tessdenton

If You Can’t Give Them Gold, Make Them Wise

In Uncategorized on 2011/02/28 at 2:11 pm

 

Knowledge - The Pot 'O Gold

Many organizations have not yet recovered enough from the economic downturn of 2008 to provide raises and annual salary increases beyond the 1%-2% mark. In truth, with increases in the cost of living and increase in personal health care contributions, many employees are currently earning comparatively less money than they were in 2008. Their salaries have not increased despite added effort, hours and cutbacks on employee benefits such as tuition reimbursement and healthcare. As a manager, don’t think that your employees aren’t calculating this for themselves and wondering when their loyalty will be rewarded.

It would be naïve to imagine that at some point the statement “You’re lucky you still have a job” will wear thin with employees.  I predict that during the next 12 months, companies should be bracing for significant turnover. Smart companies are already engaged in offering their employees growth and professional opportunity. Such growth and opportunity may, over time, be more valuable than an annual cost-of-living salary increase.  Unless you want to fall victim to the adage “The best always leave first”, give your employees a reason to stay.

If you want to keep your employee retention in the safety zone, make haste to provide meaningful, intentional on boarding and professional development. If you cannot open your checkbook for increased compensation, then give your employees the “job experience of a lifetime”. If you cannot give them gold, make them wise. Provide them the professional equivalent of A Trip to Disney – a wonderland of job experience and exposure to new career experiences. Provide your employees with opportunities to supervise, to manage projects, to stretch beyond what they thought was possible for someone at their level.

Give your employees the opportunity to be in the room for key strategic discussions by your C-Suite. Let your team observe the operation at a strategic level. It will provide a valuable perspective often reserved for a very few. Do not be afraid that if you teach them, they will leave. Some may move on, but others will remain to move up in the organization. If you take care of your employees, you’ll be appreciated and noted as an outstanding employer. In return for their extended loyalty, you’ll be helping employees build strong resumes and build skills in the future leaders of your company.

Please comment or share this link with those you think could benefit from this post!

~ Tess

Copyright 2011

Destiny Rising, LLC

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