Wednesday, December 4, 2013
Leadership - Strategies for Keeping Your Key Team Members
When a key team member bolts for another
job, many leaders assume that the reason behind their departure rests mainly on
making more money.
There is logic behind this assumption, since most competent workers who choose to leave an organization earn a higher salary at their new job. Research, however, tells us that under normal circumstances key team members view salary as the fourth most important feature of their job.
This is wonderful news because often times leaders do not have total control over the salaries of their team members. On the other hand, leaders do have lots of control over a bevy of other items that can help to retain key employees.
As long as key employees feel that their compensation is fair, the following 3 areas tend to be valued higher than salary.
1. Training & Development
There is logic behind this assumption, since most competent workers who choose to leave an organization earn a higher salary at their new job. Research, however, tells us that under normal circumstances key team members view salary as the fourth most important feature of their job.
This is wonderful news because often times leaders do not have total control over the salaries of their team members. On the other hand, leaders do have lots of control over a bevy of other items that can help to retain key employees.
As long as key employees feel that their compensation is fair, the following 3 areas tend to be valued higher than salary.
1. Training & Development
The best means for
leaders to build a retention wall around key team members is to grow and
develop them.
This is especially true for team members who are part of the Millennial Generation (born between 1980 and 1995). For added success, leaders should consider creating a training roadmap that helps to fully develop selected team members skills.
2. Communication
This is especially true for team members who are part of the Millennial Generation (born between 1980 and 1995). For added success, leaders should consider creating a training roadmap that helps to fully develop selected team members skills.
2. Communication
People want to know what is going on in an
organization. Moreover, they want to hear it first-hand, from their leader or
from C-Level decision-makers.
Frequent communication contains the added benefit of crushing the grapevine, which can drain energy from an organization as it propagates misinformation.
3. Effective Feedback
A recent study examined the effects of feedback on three groups of employees. The first group received only positive feedback. The second group received only negative feedback. The third group received no feedback whatsoever.
When asked which feedback silo was most effective, most leaders say "the positive feedback alternative," and they are correct.
The answer chosen for second most effective is typically "no feedback." The No Feedback method, however, was not more effective than the Negative Feedback method.
All the best with your leadership!
Frequent communication contains the added benefit of crushing the grapevine, which can drain energy from an organization as it propagates misinformation.
3. Effective Feedback
A recent study examined the effects of feedback on three groups of employees. The first group received only positive feedback. The second group received only negative feedback. The third group received no feedback whatsoever.
When asked which feedback silo was most effective, most leaders say "the positive feedback alternative," and they are correct.
The answer chosen for second most effective is typically "no feedback." The No Feedback method, however, was not more effective than the Negative Feedback method.
All the best with your leadership!
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by effectivecommunication.com.au
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