TI Wis­doms: Three ways to keep your top per­form­ers from leav­ing

The Malta Business Weekly - - FRONT PAGE -

When a valu­able em­ployee leaves your or­ga­ni­za­tion, it’s painful! You’re likely to think, “how can he/she leave, af­ter all we’ve been through? Af­ter all the train­ing and de­vel­op­ment, we’ve given him/her!” You may feel anger from the thought of be­trayal; you may feel guilt, ask­ing your­self what else could you have done dif­fer­ently; you may even feel re­gret, to­wards spend­ing all the money and count­less ef­forts to de­velop this per­son only to see all your ef­forts lost. On top of it all, the amount of work left must be done by oth­ers, adding more stress to the en­tire team, in­clud­ing your­self hav­ing to del­e­gate most of it.

Un­for­tu­nately, this is not an un­com­mon ex­pe­ri­ence by man­agers and ex­ec­u­tives in Malta. With an un­em­ploy­ment rate of 3.6%, skilled labour is in high de­mand. Many em­ploy­ers are los­ing or about to lose their top per­form­ers. Stud­ies have shown that los­ing an em­ployee can costs the or­ga­ni­za­tion up to two to three times their salary, de­pend­ing on the type of po­si­tion. Be­sides the ob­vi­ous prob­lems such as lower em­ployee morale, hir­ing ef­forts, and train­ing costs, the loss of tacit knowl­edge is ir­re­place­able. All these prob­lems are caused by an old man­age­ment prin­ci­ple that’s still ap­plied in many or­ga­ni­za­tions – ex­ter­nal mo­ti­va­tion (money). This man­age­ment prin­ci­ple as­sumes that hu­man be­ings are very sim­plis­tic crea­tures, re­act­ing with a con­sis­tent vis­i­ble be­hav­iour based on a stim­u­lus which is money. In re­al­ity, peo­ple may be mo­ti­vated by money, but they are more in­spired by many hu­man­is­tic fac­tors that cre­ate loy­alty. When you pro­vide peo­ple pri­mar­ily with fi­nan­cial re­wards, you’re only train­ing them to be loyal to money. It’s no won­der they’ll leave if the money is right. What if there are other ways to cre­ate loyal em­ploy­ees?

Hav­ing de­signed many in­spi­ra­tional sys­tems in or­ga­ni­za­tions across the world, three spe­cific ways are proven strate­gies that achieve tremen­dous loy­alty from in­no­va­tive and hard­work­ing em­ploy­ees. 1. Un­der­stand­ing em­ploy­ees’ core val­ues: when you take the time to cre­ate an in­ven­tory of em­ployee val­ues, you’ll ob­tain a much fur­ther un­der­stand­ing of who they are. Core val­ues like fam­ily, re­spect, in­tegrity and growth can cre­ate a much stronger bond be­tween your em­ploy­ees. Start by ask­ing em­ploy­ees to list their top five val­ues and see how they are aligned. 2. Devel­op­ing an em­ployee growth process that cre­ates mean­ing­ful achieve­ment: this strat­egy trans­forms the prob­lem­atic per­for­mance re­view process into a com­pletely new di­men­sion of learn­ing. Based on the com­mon foun­da­tion of hu­man­ity that ev­ery­one de­sires to grow and see some form of achieve­ment that’s mean­ing­ful to them, de­velop a fre­quent learn­ing process that aligns with the pas­sions of the in­di­vid­ual em­ployee. This is far be­yond pre­scrib­ing a generic train­ing ses­sion from time to time and call it train­ing. A con­tin­u­ous de­vel­op­ment process aligns with the core val­ues of the em­ployee; fur­ther­more, co-cre­ate some goals that are mean­ing­ful to the em­ployee and the or­ga­ni­za­tion. Hav­ing mean­ing­ful achieve­ments and a path to get there de­vel­ops an ex­tra­or­di­nary bond of re­spect. 3. En­hanc­ing the emo­tional in­tel­li­gence of your man­age­ment team: this strat­egy calls for the key man­agers who in­ter­act with your em­ploy­ees to con­sis­tently act with high level of emo­tional in­tel­li­gence. For ex­am­ple, man­agers each week proac­tively finds two prob­lems from their em­ploy­ees and lead­ing the em­ploy­ees to cre­ate so­lu­tions. Such con­sis­tent be­hav­iours show em­ploy­ees a high level of em­pa­thy and care while also in­tel­lec­tu­ally stim­u­lat­ing them to feel pos­i­tive about their so­lu­tions. Each of these strate­gies build on top of one-another. They are rel­a­tively very in­ex­pen­sive to cre­ate but takes sig­nif­i­cant strate­gic thought that goes well be­yond con­ven­tional wis­dom. At the end of the day, when you cre­ate these pro­cesses, you’ll achieve in­cred­i­ble em­ployee loy­alty as well as a highly in­no­va­tive or­ga­ni­za­tional cul­ture.

To ex­plore this topic fur­ther in a rich di­a­logue with a global ex­pert, join us at our free in­no­va­tive sem­i­nar for man­agers and ex­ec­u­tives only, on June 20, 6:30pm at Ma­rina Ho­tel Corinthia Beach Resort. Reg­is­ter here: https://transcon­ti­nen­tal.edu.mt/sem­i­nar

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.