Poor leadership is often cited as the root cause of the problem we face today when it comes to retaining people. We may set out to recruit, train and retain people, but unless we understand the factors that influence morale and job satisfaction – we run the risk of squandering our most precious resource.
According to a study conducted by the Society for Human Resource Management, employers can spend six to nine months of an employee’s salary in order to find and train their replacement, and when questioned - around 50 percent of employees were likely to leave their jobs if they didn’t feel valued & respected by their bosses.
These stats are alarming, but they also present an opportunity that the best leaders must take advantage of. Developing a specific leadership approach for the workplace can begin to address the issue of retention by improving performance, increasing job satisfaction and developing leaders for the future.
If leaders employ the right approach, using the right set of key skills, they can reduce the number of people that find themselves in the unenviable position where they feel uninspired, overworked and undervalued. And there is more good news – in addition to improving morale throughout the organisation; the net results often include increased productivity and improved business results.
Acknowledge great performance
Recognition and Reward can have a significant impact on performance, engagement and career advancement. This may seem like a really simple thing to do, but so many leaders fail to do it effectively. For people to feel that their individual contributions are valued, leaders need to take the time to find effective ways to let them know that they are appreciated.
Create professional development opportunities
It’s not uncommon for employees to leave a job because they feel stifled, and that their development has stagnated. In a survey conducted in 2015, 97% of those taking part felt that the availability of professional development programs had a direct impact on retention. Good leaders invest in their people by creating new opportunities to access education, hands-on experience and career advancement.
Instill a sense of purpose (understand your why)
When people feel like their role has real meaning and they are driven by a powerful sense of purpose, they are much more likely to dedicate themselves to their work. Good leaders clearly communicate their vision to their team and inspire them to achieve the goals that will bring the vision to life. It’s hugely valuable for people to understand the essence of why they do what they do.
Create an environment based on trust and respect
Demonstrating your respect for people and promoting it between team members is invaluable. It’s also a critical component of earning the respect of the people around you. You can lead the way in demonstrating respect for people in a number of ways:
Take a little more than your fair share of any blame when things go wrong.
Take a little less than your fair share of any credit when things go well.
When you make a mistake – hold your hand up, learn from it, and help others to learn from it too.
Demonstrate that you value their integrity, loyalty and energy.
Create an inclusive culture where people feel cared for.
Promote the quest for professional excellence
Great leaders know how to extract the highest amount of value from their teams by giving them the opportunity to develop their skills and education. This can be achieved by devising personal development plans, providing the necessary opportunities to achieve their objectives and cross training people to create more diversity in their roles.
Communicate effectively
The ability to communicate effectively (providing direction and driving results) is another skill that should not be underestimated. But good communication is about much more than just giving clear instructions; good leaders practice active listening and give feedback that reassures people that you understand their views. Poor communication is one of the most common root causes of dissatisfaction. Consistent and clear communication should be a priority if you want people to be engaged and feel empowered.
Give clear and balanced feedback
It goes without saying that feedback on recent performance and future potential is essential. Feedback is most effective when it is relayed continuously, rather than building a body of evidence to brief at pre-determined points in the official reporting period. Letting people know what is expected of them and working with them to determine realistic objectives will eliminate negative surprises in formal reports. When people feel that they are not provided with adequate feedback it understandably leads to frustration.
So, take the time to reinforce how much you value the people in your charge and find ways to encourage everyone in your team to recognise each other’s successes.
Adrian.