Retention Contributes to Dividends

Sunday, October 15 2023

Skilled individuals who choose to continue working with your organization even when they are offered other opportunities are a source of superior results for customers and your organization. Research shows that, on average, each turnover costs an organization six to nine months of income, so retention contributes to dividends.

If you want to retain employees, deliver what they want:

A meaningful contribution to a worthwhile end

Your mission and vision articulate what is worthwhile. Vision describes a better future while the mission is the foundation; stating what your organization contributes to society, so helping individuals see how their role contributes to the mission creates powerful meaning for their work.

Control of their work

Teach individuals the skills to set clear, measurable goals then empower them to make important decisions with clear responsibility. Having control generates positive feelings, so recognize achievements and efforts because leaders who do this inspire and motivate.

Feeling valued and important

In Love Your Employees, author Michael Fullan describes the importance of making the same commitment to employees as to customers. Enable staff to find meaning in their work and in relationships with coworkers and their organization. Help them understand the importance of teamwork and how others complement what they do, then enhance employee relationships through fair treatment.

Enjoy a positive corporate culture

Clearly articulated values that describe high standards for behaviour are the foundation of a positive culture. It’s best when leaders survey the workforce and use those ideas to build culture. Building on the themes of fairness, openness, recognition, pride and quality work motivate everyone to come to work each day and to create positive results for internal and external customers.

Organizational stability

People are more likely to look elsewhere when there is uncertainty about an organization’s future. Constant attention to satisfying the unfolding needs of clients builds the customer base.  Prudent financial management ensures strong reserves for unexpected setbacks and resources to build the future.  A stable leadership team, especially in a family business, provides continuity in strategy and strength.  These factors signal to employees that their organization won’t sink beneath them.

The more your organization helps satisfy their basic needs and desires, the less likely current employees will choose to move on because retention contributes to dividends.  Your organization will make greater contributions to society, be highly valued, control its future, and enjoy a positive stable presence with superior results.

Measure your organization’s engagement with the CORE survey.

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