One of the hottest management topics right now is “How to Manage Generation Y.” Although each generation has its special characteristics, there are universal management techniques that can be applied to employees of any generation.
A Positive Relationship With One’s Manager
The Human Resource Development organization reported the following in a Gallup survey of 400 companies:
- An employee’s relationship with their direct boss is more responsible for employee retention than pay or job perks.
- Fair and inspiring leadership, including coaching and mentoring, retains employees.
- A key indicator of employee satisfaction and productivity is an employee’s belief that the boss cares about them and can be trusted.
Recognition and Appreciation
In a study by Employee Retention Headquarters, it was found that people are driven by more than just money:
- Appreciation and involvement are cited more than money as what keeps employees happy.
- Employees need to be convinced, verbally and nonverbally, that management respects their positions and that they are important to the success of their organization.
- They enjoy celebrating milestones and victories, publicly and privately, promptly and sincerely.
Stimulating and Fulfilling Work
In the 2003 October ASTD newsletter, Blessing White’s “State of the Career Report” suggests that for most workers today, stimulating and valuable work is more important than salary and advancement:
- Fostering involvement of employees and including them early on in a project obtains more creative ideas and creates greater employee investment and pride in the outcome, resulting in overall higher employee retention.
- Employees who actively participate in making decisions on a broad spectrum of issues help create an environment that they like and one in which they want to remain.
A Clear Career Path and Growth Opportunities
By providing opportunities for growth (personally and professionally) workers are less likely to look elsewhere.
- Providing training opportunities, with respect to new skill development and career development, is an indication that a manager is willing to invest on behalf of the employee.
- Encouraging employees to join professional organizations by paying the membership fee and giving employees the time off to attend lunches and conferences motivates employees.
- Organizations that have a high employee retention rate have a reputation for hiring from within. A jointly agreed upon career path (not necessarily “up” the hierarchy) will gain the commitment of employees and their buy-in for organizational goals and direction.
Managers Who Respect a Balanced Life
Organizations that promote a balanced life have higher employee retention rates than those that promote that the employee should eat, breathe, and sleep work.
- Acknowledging & respect of family and personal life prevents burnout and fosters loyalty.
- Must be willing to offer flexible schedules and be sensitive to childcare and parent care challenges.
Competitive Compensation and Benefits
- Employees expect to be paid fairly and competitively.
- They feel entitled to the standard benefits of health insurance and retirement plans.
- In a survey of food companies, 92% of respondents indicated that a $ 10,000 annual salary increase would not prompt them to change employers if they were receiving personal and professional development coaching.
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