How to Create Incentives for Employee Retention

Following my recent talk on "Why Good People Leave Organizations," I've been hit with this burning question: "So, how do you actually keep those stellar individuals around long enough to truly make a difference?" First off, let's get one thing straight: retention isn't just about throwing money at people. It's about creating an environment where they feel valued, supported, and downright excited to come to work every day. Here's how we do it: 1. Invest in Growth: 🌱 It's all about development, folks. Offer mentorship, training programs, and opportunities for advancement. When your team sees a clear path forward, they're more likely to stick around for the journey. 2. Show Some Love: ❤️ Let's go beyond the standard pat on the back. I'm talking about creating a culture of appreciation. Encourage peer recognition, personalize rewards, and make sure everyone knows their hard work doesn't go unnoticed. 3. Perks with Purpose: 💼 Sure, ping pong tables are cool, but let's talk about perks that actually matter. Think flexible work hours, paid parental leave, wellness programs. 4. Collaborate Like Crazy: 🤝 Teamwork makes the dream work, right? Foster a collaborative environment where ideas flow freely, and everyone has a seat at the table. When your team feels like they're part of something bigger, they're in it for the long haul. 5. Be Real with Your People: 🗣️ Transparency is key, my friends. Keep those lines of communication wide open. Host regular check-ins, town hall meetings, or whatever it takes to show your team that their voices are heard and their opinions matter. 6. Balance, Baby: ⚖️ Work-life integration is where it's at. Encourage flexibility, offer remote options, and support your team in finding that sweet spot between work and play. When they can bring their whole selves to work, magic happens. 7. Lead from the Heart: ❤️ And finally, it all comes down to leadership. Lead by example, lead with empathy, and lead with your heart wide open. Your team is looking to you for guidance, so show them that you've got their backs every step of the way. So there you have it, folks. Retaining good people isn't rocket science, but it does take some serious dedication. By investing in growth, showing appreciation, offering meaningful perks, fostering collaboration, being transparent, promoting work-life balance, and leading with heart, you'll create a workplace where your team doesn't just stick around—they thrive. #EmployeeRetention #TalentDevelopment #WorkplaceCulture #LeadershipEngagement #EmployeeWellness #dsw2024

Here's how we boosted one client's employee engagement and retention in just 5 steps: 1. We implemented weekly pulse surveys Instead of annual reviews, we started collecting real-time feedback. This gave us immediate insights into employee satisfaction and concerns. The data helped us spot issues before they became problems. 2. We revamped their recognition program Traditional "Employee of the Month" wasn't cutting it anymore. We introduced peer-to-peer recognition platforms. Employees could instantly acknowledge great work from colleagues. This created a culture of appreciation and support. 3. We established clear career pathways Every employee received a personalized development plan. We mapped out potential growth opportunities within the company. This showed them they had a future with the organization. 4. We introduced flexible work arrangements Everyone received an option to work hybrid. Flexible hours were implemented across departments. This improved work-life balance significantly. 5. We created meaningful team connections Monthly team-building activities were scheduled. Cross-departmental projects became the norm. We encouraged collaboration and relationship building. The results? → Employee satisfaction scores increased. → Employee turnover decreased. → Internal promotions increased. → Sick days decreased. → Productivity increased. Get the point? But here's what really matters... The company saved over $450,000 in recruitment costs alone. Their revenue increased by 22% year-over-year. And they're now known as one of the best places to work in their industry. These steps might seem simple, but they require commitment and consistency. Every organization is different, but the principles remain the same: - Listen to your people. - Show them they matter. - Give them room to grow. Your employees are your greatest asset. Invest in them, and they'll invest right back into your business.

Want to keep employees from leaving? Promote them, right? Not necessarily.. 👉 Not all employees want to climb the corporate ladder (and that’s OK) Some just want grow more, learn more, a change of pace perhaps, something new. So what’s the solution to that? 👉 lateral career opportunities, that’s what. I saw some date recently that showed lateral career opportunities are 12X 😳 more predictive of employee retention than promotions. That’s not a misprint.. 12X more! In my conversations with people leaders, I often hear of goals and initiatives around succession planning and career pathing.. which is great and important. Based on this eye opening data though.. I wonder how many company’s include lateral career opportunities in their planning and pathing? 🤔 CTA - to all my people leaders focused on retention.. consider adding lateral career opportunities as an option for your people. 12X more predictive of employee retention.. can’t ignore that data.. (I guess you can, wouldn’t suggest it though). #motivation #sales #coaching #retention #skyeisthelimit