At a time when employees are focused more on meaningful contribution and growth than job title or stability, companies are struggling to figure out how to keep their employees engaged and happy. Plus, employees aren’t keen on sitting at a desk from 9 a.m. to 5 p.m. anymore. They want flexibility so they can better balance the demands of work with their home life.
A company is only as successful as its employees. That’s why hiring the right people, making them want to stick around, yet still encouraging them to perform to their fullest potential is paramount.
But how do you do that? At InsideOut Development, we’ve had the opportunity to work with hundreds of companies over several decades to learn the fundamental areas that successful companies have in common when it comes to creating, keeping, and growing teams that excel.
Read on to learn some of the ways outstanding organizations not only attract high performers but keep them as well.
1. Don't Start With Recruitment
If we shouldn't start with recruitment — looking for individuals with characteristics generally considered ideal for prospective employees — where do we start? We begin at the beginning: with the actual job to be done.
By identifying what the duties and responsibilities are for a given position in a written job description, we can start to see what characteristics an individual needs to have to be successful in that job. Only then can we look into how to recruit people for that position who match the specific job duties.
By being clear on what skills are needed and asking the right questions during the recruitment process, you will have a clear vision of the skills needed to perform certain job duties. For instance, if the job is routine with no task variety, a person who seeks daily variation may not be the best fit.
2. Remember You Are Hiring for the Team
No man is an island, and no employee is either. Organizations that have built great teams haven't done so by accident; their leadership realizes that every member of a team brings their own unique strengths and weaknesses to the company.
In high-performing teams, it’s common for candidate screening and interviews to involve not only human resources (HR) and the direct supervisors for that position but also the employees who will be working alongside the new hire.
Often, existing team members can bring a "boots on the ground" perspective that managerial and HR staff are lacking. These are also the individuals within the company who are most likely to identify which candidates might be a better fit for the corporate culture.
Kris Duggan, CEO of BetterWorks, a performance management software company in California, realized his team members were able to hold one another accountable when it came to the company's core values by getting team members involved in the hiring process.
3. Look InsideOut First
Most businesses understand that it’s much easier to keep an existing customer than it is to get a new one. Research varies, but the average consensus seems to be that it costs around five times as much to get a new customer as it does to keep one you already have.
The same is true for your company's workforce. Employee turnover costs can equal up to one-third of the employee's annual salary. And one of the top drivers of turnover intent is a lack of opportunities to grow in the company or contribute more value.
Not every employee wants to be in a management position — some may prefer a lateral move. Either way, it's good practice to post open positions internally first.
A major benefit of this practice is promoting a positive company culture and demonstrating professional growth opportunities (more on this later!). Not to mention, recruitment and training costs are considerably lower by promoting from within.
Even if there are no internal prospects, employee referrals are one of the best sources for potential candidates, meaning your team should be the first to know about open positions.
4. Connect Through Coaching
According to Chally, three out of every four resignations can be prevented. Luckily, employers can help reduce company turnover by 29% to 59% if employees are aligned and engaged with their organization.
When you factor in the knowledge that can be lost — for example, software processes or password knowledge — or the goodwill of your top vendors and customers who have built relationships with these employees, the losses can be incalculable. A Gallup survey suggests that businesses in the U.S. lose $1 trillion every year to voluntary turnover.
Simple steps to align and engage your employees through coaching include:
- Getting to know them on a personal level
- Providing them with the tools necessary to perform the tasks they are being asked to do
- Avoiding micromanaging tendencies
- Recognizing their hard work (more on this later, too)
- Keeping clear lines of communication open in terms of how the company is doing and why it matters to them
When you build your organizational culture on coaching, your business will experience increased employee engagement, better performance, and stronger manager/employee relationships.
5. Provide Growth and Development Opportunities
Today’s employees are viewing jobs as development opportunities. They want to improve their skill set and learn to do their jobs better. It’s a win-win for the employee and the company.
When employees feel like they are being invested in, they want to work hard and give their best efforts. Conversely, 46% of employees cite limited opportunities to learn new skills as a top reason they were bored in their current roles and looking for a change.
6. Recognize Good Work
Employees want to know the impact they are having; they want their work to have meaning. Consistent, one-on-one meetings are a great way to provide your team with feedback.
That said, employees want to be challenged, they want to be creative, and they want to be passionate. But they want to do it on their own terms.
Companies need to promote their workplace as an ideal location for talented people to do great work. Leaders who encourage and recognize contributions ignite passion in employees that drives them to become engaged and give their best.
Hire, Coach and Engage, Retain
You’ve likely spent a lot of time selectively hiring and training the brightest minds in your field, so it’s essential to keep them.
Use the tips above to improve your hiring process, boost your employee retention, and create a strong organizational coaching culture. It’s possible that a few team members may still slip away, but at least they’ll leave ready to recommend your company as a great place to work.
Want to learn more about how coaching improves employee engagement and retention? This resource was designed to help you realize the value of a high-impact coaching culture.
