Research indicates that workers have three prime needs: Interesting work, recognition for doing a good job, and being let in on things that are going on in the company.
Recruit and retain talent. Those are two of the biggest challenges companies are facing today. It impacts performance, budgets, morale, and it certainly impacts results.
So why are people leaving?
A global survey of 10,000 people was conducted. Anne Holub, Money Magazine shares the following reasons:
- Because they didn’t have room to grow
- Poor leadership (note: other surveys rank this #1)
- Wanting better work culture
- Wanting more challenging work
- Wanted better pay
- Wanted better recognition at work
As leaders, we can help improve numbers 2, 3, 4, and 6. We may even be able to take action on #5. (#1 will vary greatly dependent on the industry and organization). So what can we do?
Improve Retention & Productivity With PRIDE
Business consultant Greg Smith has defined a five step PRIDE process to help with retention and productivity:
P Provide a Positive Working Environment (links with #3 above)
R Recognize, Reward and Reinforce the Right Behavior (links with #6 and #5 above)
I Involve and Engage (links with #4 above)
D Develop Skills and Potential (links with #1 and #4)
E Evaluate and Measure (links with #2, #3, and #4
How much time do you dedicate to your team members? Do you have consistent monthly one on ones that address progress, obstacles, and accomplishments? Are you aware of desired career paths? Do you review and update development plans? Is feedback a two-way process? Do you leverage mentorships and cross training? Is your reward and recognition process consistent?
How can you use PRIDE to retain your organization’s talent?
QWIKTP BONUS READING – Rewards and Recognition