The Truth About Retaining Your Best Employees

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Explore the key factors beyond money that contribute to retaining top talent in your company. Discover insights from renowned authors and experts such as Daniel Pink, Marcus Buckingham, and Patrick Lencioni. Learn about the essential elements like purpose, relevance, recognition, and mastery that play a vital role in keeping your best and brightest employees engaged and motivated.

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Myth: It s all about the money. Learn how to retain your best people.

Think about the best job you ever had? How would you articulate why you loved it?

Where did money fit into your considerations? According To Daniel Pink in his book, Drive The Surprising Truth About What Motivates Us, in the workplace there is a simple fact of life: people have to earn a living or what he calls baseline rewards . Pink goes on to say, if someone s baseline rewards aren t adequate or equitable, their focus will be on the unfairness of their situation. So, we believe the money needs to be right, but it is not the reason your best people stay with your company.

So what is important? Today, our comments will be based on three great books: Drive by Daniel Pink, http://amzn.to/1eMl9oP, First Break All The Rules by Marcus Buckingham http://amzn.to/15YjtHF, and The Three Signs of a Miserable Job by Patrick Lencioni http://amzn.to/18280D3 Plus our own experiences and observations of hundreds of companies over the years.

In his book, Buckingham states that the Gallup Organization developed twelve core questions that give an organization the most important information it needs to attract, focus, and keep the most talented employees. They are: 1. Do I know what is expected of me at work? 2. Do I have the materials and equipment I need to do my work right? 3. At work, do I have the opportunity to do what I do best every day? 4. In the last seven days, have I received recognition or praise for doing good work? 5. Does my supervisor or someone at work seem to care about me as a person? 6. Is there someone at work who encourages my development?

7. Does the mission/purpose of my company make me feel my job is important? At work, do my opinions count? Are my co-workers committed to doing quality work? 10. Do I have a best friend at work? 11. In the last six months has someone at work talked to me about my progress? 12. This last year, have I had opportunities at work to learn and grow? 8. 9.

We believe there are 4 ingredients that are important to retain the best and brightest in your company. Purpose - Have a Big Dream Relevance Importance - Be Appreciated Matter Known Count Notice Me - Be The Best Mastery - Win Measurement

HAVE A BIG DREAM Daniel Pink calls it purpose, which he defines as a desire to be involved in a cause larger than oneself. Patrick Lencioni says without seeing a connection between the work and the satisfaction of another person or group of people, an employee simply will not find lasting fulfillment. In Sylvia Hewlett s book, The Me Generation Gives Way to the We Generation, she says people choose a range of nonmonetary factors from a great team to the ability to give back to society through work .

Some examples: President Kennedy establishing NASA goal to put a man on the moon and have him safely return by the end of the decade. http://bit.ly/1bpqPoO Dr. Martin Luther King, Jr. I have a dream http://bit.ly/185o0Gp

Google s mission is to organize the world s information and make it universally accessible and useful. Medtronic s mission is to contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life. Facebook s mission is to give people the power to share and make the world more open and connected. Tesla s mission it to prove that electric cars can be awesome.

Yeah right. How can you make stamping out automotive component parts sexy? Well, how does what you do day-to-day compare to an accounting firm? Check this out .

So create a BIG DREAM for your team.

BE APPRECIATED

Lets go back to Marcus Buckinghams 12 Questions. How many of these questions would reflect being appreciated, that you matter or are important, that you count or even that someone noticed you? Study the list 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Do I know what is expected of me at work? Do I have the materials and equipment I need to do my work right? At work, do I have the opportunity to do what I do best every day? In the last seven days, have I received recognition or praise for doing good work? Does my supervisor or someone at work seem to care about me as a person? Is there someone at work who encourages my development? At work, do my opinions count? Does the mission/purpose of my company make me feel my job is important? Are my co-workers committed to doing quality work? Do I have a best friend at work? In the last six months has someone at work talked to me about my progress? This last year, have I had opportunities at work to learn and grow?

Tom Izzo janitor story http://bit.ly/15CIPIL What are your stories?

BE THE BEST Daniel Pink would call it mastery, which is defined as the desire to get better and better at something that matters. Steve Jobs exemplified this trait with his obsession for the perfect device (by the way, defined by the customer, not the techies). According to Pink: Fact In the U.S. more than 50% of employees are not engaged at work. Fact The urge to master something new and engaging is the best predictor of productivity. Fact One source of frustration in the workplace is the frequent mismatch between what people must do and what people can do. When what they must do exceeds their capabilities, the result is anxiety. Can you provide any examples of where you have seen mastery motivating people in their work? How are you at providing and/or challenging your team members to master their work?

TO WIN The Dirty Little Secret is that we want to be measured, so we know if we won. Lencioni says, Team members need to gauge their progress and level of contribution for themselves. Buckingham s 1stquestion is Do I know what is expected of me. We can t tell you how many times we ve heard stories about team members who were demotivated because they did not receive any specific or even any fuzzy goals. They did their best, only to be criticized by their supervisor, who would say, That s not what I want or what we need. Do each of your associates know what is expected of them? Louis Gerstner in his book, Who Says Elephants Can t Dance? says: People do what you inspect, not what you expect. http://amzn.to/1gyF1Ke Do you clearly measure the results? We believe people want to be winners. And finally, do you celebrate victories, even little ones?