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Reward and Retain

Monday, October 15, 2012   By Mike Reddy

 

As a business coach it seems to me that most business owners consider the end goal of our working lives to be about making money. After all, money is necessary to improve our quality of life and take care of families and ourselves.

But studies repeatedly demonstrate that monetary gain is only a small part of what it means to have a quality work life.

Employee retention and reward are vital to small business management. High employee turnover exhausts time and productivity and can have a negative impact on both employees and management.

Putting together a dynamic outline for your company's retention strategies can save resources and the energy unnecessarily wasted on diving repeatedly into the hiring pool.

Reward and recognition can be given at any time - a performance review, weekly team meeting or in an informal conversation with an employee.

Recognise both team effort and individual contribution. Appreciation breeds motivation. Pay attention to workplace relationships. Stronger, more meaningful relationships are linked directly to retention. Never forget the importance of fostering relationships at all levels of your organisation.

Work quality is as important as rewarding. Boredom is the enemy. Provide employees with opportunities and challenges.

Talented individuals want to flourish as a member of a diverse team, not as an isolated cubicle slave.

Offer high quality management and ample feedback to keep these individuals engaged and motivated.

As a business coach I can't say it enough.  Encouraging development and growth are also important investments to make. Foster employee development by offering tuition reimbursements or training in new job skills.

Recognise the need for balance between their work and private lives. Flexible working hours and on-site childcare could help demonstrate your commitment to easing the demands of a busy working-family lifestyle.

Small perks can help employees better manage their personal lives, like offering a dry cleaning pickup and delivery service.

Create "stay interviews" to gain insight into what makes long-tenured employees stick around. Use this information to strengthen employee retention strategies.

Revitalise your company's mission. Feeling connected to the organisations goals keeps employees mentally and emotionally tied to the outcome of the business. Have a chat to a business coach on how to best get things in balance.

Mentoring, coaching and leadership are all key elements to retaining employees who are happy, satisfied and dedicated to their work.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.