Companies spend thousands of dollars each year hiring new employees because of voluntary turnover (learn how to prevent employee turnover). The dollars and time it takes to hire and train a new staff person could have been better spent investing in your employee culture and company leadership activities. In psychology circles, Maslow’s Hierarchy of Needs is applied to understanding human behavior. Applying these concepts to business and the activities associated with employee retention and engagement could offer rewarding benefits.
1) Physiological Need
Are your employees making enough money to thrive rather than just survive? Are you keeping up with inflation and giving merit increases? Can they see financial progress in their life staying with your company?
2) Safety Need
Do your employees feel like they have job security? Do they feel they work for a stable company?
3) Belongingness and Love Need
Do your employees have friends and colleagues at work who care about them and want the best for them? Do they feel they belong to the team emotionally?
4) Safety Need
Do your employees feel recognized for their accomplishments? Are they constantly being told only what’s wrong with their performance or are you giving praise as well? Is the proportion of praise vs critique an accurate representation of their actual performance? Do they feel like they are doing a good job, and do they know the criteria that equals good performance?
5) Psychological Need
Do your employees feel mentored and coached by management to grow and learn within the company? Do they feel they are working towards their best potential or do they feel stuck in their role and don’t see opportunities for advancement?
The more engaged your employees are, the stronger your culture of tenure becomes and the less likely employees will leave to seek employment elsewhere. What’s your plan to improve your employee retention rates? What area do you need to focus on? Discuss this with one of our executive coaches, scheduling a FREE consultation today.