 As a result of the worst economic scenario in recent history, workers across the country have, undoubtedly, been shaken. When layoffs, pay and benefit reductions, salary freezes and restructuring first began to occur, employees everywhere were happy to just have a job. Indeed, the phrase “job security” took on an entirely new meaning for many—both the employed and the unemployed alike. Unfortunately, these feelings of job appreciation have now given way to burn-out, recession fatigue and self-preservation. This has led to declining levels of motivation, pride and trust. Although you may be blameless in the economic tale and you may have made wise moves to maintain the health of your business, your employees may still want to jump ship. Why? Because it’s human nature for people to want to disassociate themselves with bad memories. If you found it necessary to deploy traditional belt-tightening labor practices to cope with your business challenges, your company may be that bad memory.  Flight risk Several recent surveys conducted by reputable firms suggest that anywhere between 40 to 60 percent of Americans plan to look for a job once the economy rebounds. The younger generations—the Gen Xers and Yers—are reportedly the most likely to abscond. How do you know if your employees are among the percentage wanting to bolt? Well, the risk increases if one or more of these actions occurred at your company during the recession:
So what can you do now to re-engage your employees and to minimize the temptation for talented employees to find a new job as conditions improve? The answer lies in first understanding what factors make work gratifying today. A nationwide Society for Human Resource Management job satisfaction survey listed the following as very important aspects of job satisfaction:
Two things stand out on this list: First, job security rules. This is actually good news for small businesses since the perception among workers (and, frankly, the reality) is that mass layoffs occur more readily at large companies. Secondly, three of the job satisfaction factors are directly related to management. This tells us that in the current climate, leaders play a vital role in the job satisfaction of employees. Indeed, to your employees, the boss is the company, and the ability of your leadership team to encourage the development of your people through trusting relationships will impact retention. No doubt about it, as the market improves it will become even more important for managers and leaders to enhance trust. Assess your managers As the economy rebounds, the most important ingredient in retention will be the strength of your leadership team. Now is the time to assess your management team and to make necessary adjusments. Employees want and need leaders who can connect with them emotionally; leaders who are highly visible, who care about the well being of others, who encourage the development of talent in the organization and, most importantly, who are trustworthy. According to a research study conducted by Linda Stroh, a professor at Loyola University Chicago Graduate School of Business, a trustworthy person:
I would add one more trait: Keeps commitments. This includes the small ones. For example, if you promise an employee that you will call him or her back before the end of the day, do it. Failure to keep even the smallest of commitments can erode trust. Bottom line: Retaining talent in the future is going to depend in large part on the skills and abilities of your leadership team today. You must ensure that your management team can build relationships with your people on more than just money. As the economy rebounds, regardless of your industry or the size of your company, the best formula for successfully retaining talent combines trustworthy leaders with a motivating work environment and a culture that recognizes and engages employees. Jean Seawright is President of Seawright & Associates, a human resource management consulting firm in Winter Park, Fla. www.seawright.com. |
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