I read a paper by the Society of Human Resource Management that said the main HR challenge facing executives over the next ten years is retaining and rewarding the best employees. Do you agree? Anyone who has had a bad apple within their business and has seen the destruction they can cause knows how important good people – the right people – are to a business. A stellar employee can help shift your company into a new gear, take it to a new level with their skill, enthusiasm and drive. An unmotivated, unengaged, unwilling employee, well, let’s not go there. Essentially, a good employee can make your business, a bad one can break it…
So how do you make good employees feel so valued and appreciated that they don’t even consider looking elsewhere for job prospects? Of the 500 SHRM members who responded, 40 percent said providing flexible work arrangements was their number one tactic for attracting, retaining and rewarding good staff. What does this mean? More flexible hours, being open to different start and finish times (to allow dads to do school drop-off a few times a week, say), allowing employees to choose how to work their 40+ hours (an engineering firm in Auckland offered this sweetener and found their staff were happy to work four ten-hour days to give themselves a long weekend), or even the option of working remotely (ie from home or the bach) a few times a week. (Of course, this won’t suit all types of employees, as the above comic illustrates…)
How did the stock-standard response of offering a higher total rewards package than their competitors rate? 25 percent, as was providing career advancement opportunities.
Have a think about what strategy you are employing to recruit and retain the very best your industry has to offer. Is it working for you? Will it work for you in ten years’ time? If you need a hand on this or any business coaching, say hi to Zac…
Leave a Reply