Retaining your best employees

Retaining Your best employees

Are you retaining your best employees?

How do you know who qualifies as “best”?   Years ago Jack Welch had each level of employee rate those below them and asked them to eliminate the bottom 10% 

BUT – what were they evaluating?  Was it biased?  How could you tell?

So the first problem trying to answer my question – is how do you define “best.”  Clearly, it is different for different activities – but it is also different based on who is doing the evaluating.  Is it possible to create a fair and neutral evaluation tool?

Next of course are the decisions necessary to make sure that you retain those you wish to retain. 

Which remind me of something I so strongly dislike:  “Last in first out.”   Yes, I know its done to prevent anyone thinking there was favoritism or discrimination – but you might be throwing away some of your best employees if you do this during a layoff. 

What’s more important – safety or getting the best value from those you employ? 

Another way to guarantee loss of great employees is not reward them for their extra efforts.  If you have a policy of “even-ness” or “fair-ness” it means that everyone with the same job title gets the same pay.  BUT, what if one of them works really hard and is not only competent but creative and the other is mediocre, doing just enough to not get in trouble?  You will lose the better employee soon.

The very best way to lose your very best people is to have a policy that says from each according to his/her ability to each according to her/his needs.  Under this policy, your janitor might be eligible for a higher salary than your chief engineer. 

Another thing to remember, is sometimes the person doing the same routine work day in and day out is one of your best.  He or she is reliable, careful, and conscientious.  Although not the innovator or creator, this steady as a rock person is needed in your organization – and needs to be recognized as one of the best. 

We tend to think only the more creative and flamboyant activities show us the best – but let’s never forget the slow and steady that are the root of everything that your organization needs daily. 

There are levels of “best” – not just the shining stars. 

Another thing to consider is what you reward.  Too many companies reward quantity because it is easily measurable and forget about quality – which may be more subjective.  BUT if you only reward quantity, quality will surely suffer. 

Think about a call center operator.  Do they stay on the line with the customer until the problem is solved – or are they quick to get off the phone so they can take the next call and meet – or exceed their numbers? 

What about the person on the assembly line?  Move it fast – or make sure its right? 

SO – how do you retain your best employees? 

1. 1.    Be aware of who does what and how
2. 2.    Have a list of what you can reward
3. 3.    The most creative and innovative must be rewarded
4. 4.    keep quality in mind not just quantity
5. 5.    Remember that the steady-routine person is also valuable
6. 6.    Have small rewards and recognitions that you can freely give as you notice something special.
7. 7.    Have a budget for bigger rewards – for individuals as well as for teams
8. 8.    Raises and bonuses – to those deserving (don’t keep it even)
9. 9.    Opportunities to present to the executive staff for the deserving
10. 10. More challenging assignments
11. 11. Recognizing their ideas in team meetings and brainstorming meetings
12. 12. Public recognition:  Newsletters, bulletin boards, awards they can keep in their cubicles, etc.
13. 13. Talk to them – make sure they are happy!

I’m sure there are other ways as well – what do you do to retain your best employees?  I’d love to hear from you.