I recently attended a webinar on the recent hipped topic “Retain Employees by enhancing their potential” organized by Ascent Foundation and well presented by Purvi Sheth, the Managing Director at Shilputsi Consultants | Advisor | Mentor | Board Member
Trust me, it was worth the time and I had a lot of takeaways from it, of which I would like to share a few with you.
The market now is full of options, people glaze over, get easily bored, tend to have little respect for their growth / challenges and get attracted to new company culture or compensation. Most employers are having a tough time retaining the employees. They mostly raise the contribution of old loyal employees to retain the younger energetic employees with the help of having the right Performance Metrics. As an employer, a major challenging task is to constantly get updated on how to motivate employees to develop their own skills ? which can help us analyze on how to retain them as well ! Come-on, It’s not as easy as we think !!!
The speaker of the webinar mentioned that there are certain companies who follow a strategy – “Promote for potential and pay for performance”. A very thoughtful quote, Right !!! “Potential” – What’s that ? What does it really mean ? And how can we retain the potential candidates !! Ideally in this blog we will talk more on that ?
Let’s identify and map the potentials in a firm-
From the Employers side:
- Identify the employees with potential to leap ahead –
- Identifying the employees by skills or by the way they have handled situations doing something special / different or by the way they go beyond the call of duty to achieve their targets.
- Build Middle Management levels with the help of their risk taking ability, collaborative ability & ambitions etc..-
- We need to upgrade the middle management and create acceptance of what that employee wants to do.
- Trying to give incremental responsibilities like work on Management and Leadership skills.
- Give the employees the room for mistakes.
- Create a performance culture –
- Build simple frameworks (small KPI’s like OKR with short term goals) for developing the junior, middle and senior level.
- Make sure the frameworks evolve over a period of time and starts holding people accountable.
- Communicate and explain what goals are and what are you looking for and what is performance in your eyes from that employee !
- Do this periodically and assess it periodically as well.
- Custom Development programs for each employee’s needs –
- Identify the critical / key employees in the team and make custom needs of them.
- Analyze where they are in the development cycle.
- Look at their potential and develop them in that direction and make sure you have the opportunities for that.
- Motivate employees to develop their own skills –
- Understand what is their area of interest?
- Make Learning as a culture and do not give them as an option.
- Think learning and development as an investment and not an expense.
- Measure the effectiveness of training using a LMS –
- Assess on the hidden impact of the training given.
- Get feedback like what went well / what did not go well / what could have gone better ! To know if they will implement this training in their lives.
- Reward for performance –
- Find the threshold and limit to it. Create an environment and culture.
- Offer value and substances to the employees, be transparent in the way you promote and reward for performance.
- Allot bonus every 6 months / 1 year based on performance.
- Constantly show a growth path like giving promotion.
- Retain the employees by –
- WFH Motivation for employees.
- Create group meetings with even simple story telling sessions.
- Use the power of affiliation (bond) to make them perform better and grow together. .
- Work collaboratively –
- Make sure we work collaboratively by not creating a power of positions.
From the Employees side:
Most of the employees juggle to understand – how to develop / map a potential within them? Here is a list which can help the employees:-
- Identify your interest –
- To understand clearly what you want ?
- Make conscious effort towards your interest & determine a final destination –
- Make Learning as a culture and do not take them as an option !
- Define a goal with milestones based on your destination –
- Have good seniors / effective mentors who can analyze where you are in the development cycle and can openly communicate and explain – what are your goals?
- Start working on the milestones –
- Receive Feedbacks – Measure progress periodically and get regular feedback for improvement.
- Overcome your milestone failure –
- Be constructive and learn from the process.
- Emphasize on high quality performance that brings positive changes towards the goal.
- Celebrate your success.
Adapting to the above points can help Sprite seize an opportunity to mark the milestones together and celebrate on achieving it. The decision of leaving the company might be a little tougher for the employees and let have a productive growth in their career.
Please pour in your thoughts on this…