5 Ways Smart Business Owners Appreciate (And Retain) Their Talent
March 4 is Employee Appreciation Day. After the Great Resignation and the pandemic, it’s even more critical for entrepreneurs to let their talent know how much they’re appreciated and respected.
And no, a pizza party and a special parking spot for the employee of the month isn’t going to cut it. #sorrynotsorry
Retention is cheaper than acquisition
This is true whether you're talking about clients or staff. If you know your client numbers, you know how much you spend to get each new customer. Which is why you spend all that time making it a great experience - so they’ll keep coming back. Then you don’t have to run out to grab so many new ones!
It’s the same with staff. Make your existing talent happy so you don’t worry about having to replace them. How much do you spend to find the right replacement, and then train them, compared to retaining the people you’ve already got?
And if your existing people are unhappy, then you’re probably doing something wrong. Until you start putting more effort into retention, you can expect an (expensive) revolving door.
Why do people leave?
It’s almost never the money. Unless you’re paying a starvation wage with no benefits and no one nearby is paying more, your staff isn’t bailing because of the money. People leave because they don’t feel they have input or control over their own day, that they’re not heard on a regular basis, and because they don’t feel respected.
One thing that will boost productivity and a feeling of agency is to allow staff to set their own schedules, within reason. Different people have different sleep chronotypes, so they have different times of day when they perform best with cognitively demanding or creative work.
Although about half the population are “bears” with a solid focus time between 9/10 and noon or 1 pm, other people roll earlier or later. Giving your employees the flexibility to determine when they work best and schedule accordingly gives them agency and you a more efficient workforce.
Plus you might be better able to cover more time zones if your business is virtual.
About that parking space…
Flexibility is the name of the game going forward. Studies from Future Forum show that more workers want flexibility than to work remotely. Though certainly remote work is a perk that many enjoy.
Doctors and other service providers often only work during business hours. Insisting that your employees show up at the office every day from 9 to 5 is pretty unreasonable. And you can’t expect employees to get all their business done at lunchtime.
No flexibility means you’re asking for unhappy employees who are going to burn out. And they’re probably going to badmouth you on social media as well. Simply introducing some flexibility during the week can solve this problem pretty easily.
Safety Dance
COVID-19 has, of course, made employee safety paramount. If you’re allowing the unvaccinated to share space with those who are vaccinated and/or have health issues that make them more susceptible to the virus, they won't feel safe coming to the office.
RESPECT, find out what it means to them
Generally, people really want to be heard. Don’t you? That’s why when there’s a problem we want to speak to someone in customer service. One who doesn’t sound like they’re reading off a script. And it’s the same with your people - they want to be heard by you and their managers and supervisors.
Not only does that mean scheduling time to connect, but during that time you need to set aside whatever else it is you’re doing. Turn away from your monitor. Put your phone face down on the desk. Give the person sitting across from you your full attention, and ask clarifying questions when you need to.
Don’t assume that you know what they’re going to say, and don’t jump in as soon as they draw breath. Listen first to understand. (Now where have you heard that before?)
Speaking of connecting…
When people aren’t co-located (in the same space), it’s harder for them to connect and bond. But for your team to successfully work together, they do need to bond, whether or not they’re working in the same office space.
It’s your responsibility as the business owner to make sure that your management is scheduling space for team members to engage with each other. It could be at the beginning of a mandatory virtual meeting. It could be a retreat that you do at the end of every quarter to bring everyone together.
You need some kind of space, of both time and place, for people to chat, interact, and get to know each other. You can bring in a productivity consultant for a workshop (ahem), play some games (they’re good for productivity), or whatever you like.
Team building doesn’t have to be deadly serious or require a lot of moving parts or expenses. Like I wrote last week about single tasking, you don’t necessarily have to DO anything other than be present for each other.
Recap
It’s much cheaper to retain talent than it is to keep hiring, so spend time nurturing your current team. Provide flexibility and a connection both to you and to other team members. All of that promotes productivity as well - win-win!