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Is Your Business a Revolving Door? 10 Ways To Keep Your Best Employees.

employees

Is Your Business a Revolving Door? 10 Ways To Keep Your Best Employees.

Employee retention and turnover are important terms to every business owner and leader. But sometimes the driving factors behind why employees leave aren’t fully grasped or addressed by leadership, and if that disconnect persists, the business suffers while some of the best employees beat a path to the door.

“Leaders know that it’s vital to attract good talent, but knowing how to keep good talent involves an important process that leaders must learn and practice,” says Steve Baker (www.greatgame.com), a business coach, vice president of The Great Game of Business Inc., and co-author with Rich Armstrong of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.

“Making employee retention a priority for your company is essential for continual growth, success, and sustainability.”

Baker and Armstrong offer 10 tips to business leaders and managers on how they can retain their best employees. Make employees feel they’re part of something special. “In the same way that you promote the value proposition of your products and services to potential customers, you should do the same with employees, only focusing on your attributes as an employer,” Armstrong says. “Inclusivity and pride are feelings you can leverage to help them understand that working for your organization is a unique opportunity.”

Emphasize the purpose and meaning of the work. “The outstanding employees you seek to hire and retain have special talents, skills, and drive,” Baker says. “Make it clear to them that what they are doing benefits both the company and your customers in important ways.”

Ensure deserving team members are rewarded. Successful companies reward employees who go above and beyond. “Recognition, bonuses, and promotions demonstrate your respect and appreciation for hard-working team members,” Armstrong says.

Give employees more responsibility. One of the most effective employee retention strategies is to give them greater responsibility to make a bigger difference. “This starts with financial literacy training and continues with regular updates on business statistics like profits and revenue, and details on how their efforts are moving the needle,” Baker says.

Surround employees with other talented workers. People like to be a part of teams that are built for success. “By creating groups of skilled and motivated workers,” Armstrong says, “you can tap into a competitive and cooperative partnership that will benefit the business as a whole.”

Mentor employees. “When you prioritize personal growth and development,” Baker says, “employees see that their careers are going somewhere and that their organization’s interests are aligned with their own.”

Nurture trust in leadership. All great relationships are built on trust, and the workplace is no different. “Outstanding employees will stay if they trust leadership,” Armstrong says, “and that trust grows from leaders being honest, open, and interested in their team members.”

Get employees emotionally invested. People are passionate about the things they have helped create. “The more you engage employees in the development of the organization,” Baker says, “the more emotionally invested they become and the more likely they are to stay.”

Create a positive work culture.  “If you create a drama-free environment where honesty and integrity matter, your employee retention rate will rise,” Armstrong says.

Provide competitive compensation. “None of the other retention strategies matter if you continue to underpay an employee,” Baker says. “It is important to stay on top of what constitutes fair compensation in your industry.”

“Increasing employee retention and keeping it at a high level is challenging,” says Armstrong, “but you can start by getting your people in the same game the owner is: the game of business.

“You can build a winning culture by creating a business of business people. Allowing employees to contribute to a greater good and valuing their contribution inspires loyalty and commitment. At the end of the day, it’s all about creating a winning company and a company of winners.”

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Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership.

Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.

employee

When Money Is Not Enough; How To Grow Productive, Loyal Employees

When Delta Air Lines announced plans to pay out a record $1.6 billion in profit sharing to its 90,000 employees – the equivalent of about two months pay for each of them – workers across America likely turned envious.

If only their employers would do the same.

Of course, not all companies can afford such lavish bonuses, but there are other things CEOs can do to boost employee morale and, at the same time, reduce the odds that their best workers go looking elsewhere for employment, says Troy Nix (www.troynix.com), a motivational speaker, businessman and author of Eternal Impact: Inspire Greatness in Yourself and Others.

“Money is just one thing that motivates employees, and it’s not always the primary motivator,” says Nix, founder and CEO of First Resource Inc., an association management company specializing in manufacturing networks.

“Other factors – many of them having to do with working conditions or managers – are more likely to influence whether someone stays with a company or heads out the door.”

A Randstad US study on why workers part ways with employers reported that some of the reasons most often cited include: They dislike their direct supervisors; they feel their companies view profits or revenue as more important than how people are treated; there aren’t enough growth opportunities for them; their companies fail to make the best use of their skills and abilities; the work culture is toxic; or their departments are understaffed.

Nix points out that bonuses or pay raises, while desirable, wouldn’t solve any of those core problems that lead to employee turnover.

“The secret to maintaining and growing a quality workforce lies in having a people-centric culture,” Nix says. “Certainly, there is no one silver bullet that will solve a company’s workforce dilemma, but there are ways businesses can create a worker-friendly atmosphere that will result in happier, more productive employees who want to stay with them.”

He says some solutions that will keep employees satisfied and even enthusiastic about their work include:

Help them understand the “why” of what they do. “The majority of employees usually know what they do, and most of them certainly understand how they do it,” Nix says. “But few understand why they do it. If you want to improve employee engagement, I encourage you to answer the question ‘why’ before you do anything else; and don’t just do it once, do it regularly. Habitually communicating to employees the reason your business exists will directly elevate the commitment of your people to the ‘why’ of your existence.”

Give them purpose. ”More than ever, people want to be part of something that has purpose and meaning,” Nix says. “For young people especially, going to work needs to be about more than just making money. Leaders should be aware of these aspirations and build a company culture that enables employees to find purpose in what they do. Imagine the success a business could have if the employees looked forward to coming to work on Monday with as much joy as they look forward to their weekends.”

Provide support for increasing their knowledge and productivity. Great leaders understand that the majority of employees perform their job functions without coming close to their full capacity, Nix says. Yet, among the top reasons employees leave is they see no room for career growth where they are, or they don’t feel their companies make the best use of their capabilities. “It’s essential for managers to find ways to tap into their employees’ skills,” he says, “because doing so is going to be good for the employee and good for the company.”

“Winning the loyalty of your employees translates into individuals who are dedicated to making the company better,” Nix says. “They will take the extra step to ensure the needs of the customer are met, and they will literally think about the company on their off time because it is that important to them.”

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Troy Nix (www.troynix.com), author of Eternal Impact: Inspire Greatness in Yourself and Others, is the founder, president, and CEO of First Resource, Inc., an innovative association management company for America’s manufacturers. Nix, a graduate of the United States Military Academy at West Point, served in the armed forces for a decade before moving into the business world.

questions

Hiring The Wrong People? Maybe You’re Asking Them The Wrong Questions.

A company’s intention in a job interview is to find the person who best fits a particular position. But recent research has shown that quite often, the candidate who was hired failed, and usually their exit was related to attitude issues that weren’t revealed in the interview.
That raises the question: Are interviewers asking the wrong questions — and consequently hiring the wrong people? Alex Zlatin, CEO of Maxim Software Systems (alexzlatin.com), says some traditional styles of interviewing are outdated, thus wasting time and resources while letting better candidates slip away.
“It still astounds me to meet HR professionals who lack the basic skills of interviewing,” says Zlatin, author of the book Responsible Dental Ownership. “In 2019, ‘tell me about yourself’ is still a way to start an interview, and that’s absurd. The only thing you get is people who describe the outline of their resume, which you already know.
“You want to get to know the candidate’s personality in the interview. In a normal setting, you would have about one hour to do this. But some traditional interview practices waste this precious time, and you can miss out on great talent and instead hire a mediocre one.”
Zlatin offers the following interview approaches to help HR leaders, recruiters and executives find the right candidate:
Make it a two-way conversation.  Zlatin says traditional interviewing focuses too much on the candidate’s skills and experience rather than on their motivation, problem-solving ability, and willingness to collaborate. Thus, he suggests configuring the interview in a non-traditional, informal way to gain insight into the candidate’s personality. “Rather than make most of the interview a rigid, constant question-and-answer format that can be limiting to both sides, have a two-way conversation and invite them to ask plenty of questions,” Zlatin says.
Flip their resume upside down.  “Surprise them by going outside the box and asking them something about themselves that isn’t on their resume or in their cover letter,” Zlatin says. “See how creatively they think and whether they stay calm. You want to see how a candidate thinks on their feet — a trait all companies value.”
Ask open-ended questions. Can this candidate make a difference in your company? Zlatin says answering that question should be a big aim of the interview. “Ask questions that allude to how they made a difference in certain situations at their past company,” Zlatin says. “Then present a hypothetical situation and ask how they would respond.”
Don’t ask cliched questions. Zlatin says some traditional interview questions only lead to candidates telling interviewers what the candidate thinks the company wants to hear. “Interviewers should stop asking pointless questions like, ‘Where do you see yourself in five years?’ “ Zlatin says. Or, ‘Why do you want to work for this company?’ Candidates rehearse these answers, and many of them are similar, so that doesn’t allow them to stand apart.”
Learn from the candidate’s questions. The questions candidates ask can indicate how deeply they’ve studied the company and how interested they really are. “A good candidate uses questions to learn about the role, the company, and the boss to assess whether it’s the right job for them,” Zlatin says.
Don’t take copious notes. Zlatin says the tendency by interviewers to write down the candidates answers and other observations is “a huge obstacle to building a solid two-way conversation because it removes the crucial element of eye contact.”
“An effectively done interview allows the employer to get both an in-depth and big-picture look at a candidate,” Zlatin says. “Judging whether they might fit starts with giving them more room to express in the interview.”
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Alex Zlatin, author of the book Responsible Dental Ownership (alexzlatin.com), had more than 10 years of management experience before he accepted the position of CEO of dental practice management company Maxim Software Systems. He earned his MBA at Edinburgh Business School and a B.Sc. in Technology Management at HIT in Israel. His company helps struggling dental professionals take control of their practices and reach the next level of success with responsible leadership strategies.