Retention is a Two-Way Street
Employee retention is most often an issue from an employer perspective. Companies are always looking for ways to increase their retention rates and avoid the high costs of employee turnover. But without those employees expressing what they really need and desire, the employer is left guessing as to what may or may not work for them.
Statistics consistently show that one of the main reasons for employee turnover is a poor Manager/Employee dynamic. People leave supervisors and managers more often than they leave jobs or companies. Managers that are successful in retaining staff are clear about expectations, provide clarity about development and earning potential, and give regular feedback. Most importantly, a successful manager provides a framework within which the employee perceives he/she can succeed.
But managers can also fall victim to employees that are not clear in their needs or wants. Miscommunication ensues, and the ‘blame-game’ begins. Managers need to seek out what employees truly want, and employees need to be clear and honest with themselves as to what their true motivations are. Only when in alignment is everyone happy, loyal and consistently productive.
Retention will improve in direct proportion to the quality of communication. Worth a try, isn’t it? Of course there are many other factors that contribute to retention or lack thereof. In a very tight market for Financial Professionals, keeping good people is of highest priority; and it all starts with you!
“Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.”
Sam Walton (1918-1992, Founder of Wal-Mart)
John M. Huxtable, CA