Jack Welch, former CEO of GE once said “Before you become a leader, success is all about growing yourself. After you become a leader, success is about growing others.” So how do we retain employees?
A recent report from Korn Ferry found that when managers rated themselves on 67 managerial skills, “developing others” came in dead last. Unfortunately, this leaves employees with skill gaps and blind spots that can derail careers and organizational effectiveness.
Another recent report from LinkedIn found that more than two in five employees in Singapore have left a company because they felt that it did not provide enough learning and development (L&D) opportunities. And this was mainly because the workers did not have time to take up these opportunities.
There is also a huge mismatch between what is offered by employers and what employees want, with only 17 percent of employees in Singapore satisfied with their company’s L&D programs. (https://www.todayonline.com/singapore/more-40-singapore-workers-quit-job-due-lack-skills-training-survey. Companies are buying digitalized learning platforms which consist of hundreds of courses, that it becomes difficult for many employees to even know where to begin, especially for those at the beginning of their career. For me, it feels like putting an inexperienced climber at the bottom of Everest and then asking them to climb to the top. It’s impossible. It simply doesn’t work. Everyone needs a compass, a sense of direction, the physical and mental tools to help them get to the top.
Having worked in different industries over the years, I too, found myself in places where L&D wasn’t a priority. Leaders and managers simply don’t have the time or resources to train everyone in the business. Training is costly. And what is draining for many businesses is the revolving door of turnover and retraining of new staff.
Employee turnover is perhaps one of the most frustrating parts of running a business. It takes a great deal of time, money, and effort to select and train employees. Then it can take several months for new hires to become skilled in their roles. When they leave, the process starts all over again. Identifying and solving the reasons for turnover can be exhausting. How can we stop the revolving door of employee turnover, especially with small businesses?
Our future generation want better access to meaningful learning and their fair share of opportunities. Employers need to find ways to strengthen the pillar of their company and to explore ways to engage, include and grow with them. Giving your people a sense of ownership and individual structured professional and personal development is one important step.
Ways to retain employees
First, it is absolutely vital to hire the right people for the right position. Be more honest with the expectations of the job and what is required of them. Don’t sugar-coat the position unless it’s true. A recent Glassdoor survey revealed. “More than one-third (37 percent) of hiring decision-makers say retention rates would increase significantly if new hires were better informed during the hiring process.”
Secondly, it is extremely important to ensure that the goals of each new hire align well with the company goals. Be sure to have a clear career path laid out for new hires and discuss this and the future plans of the company. That way they understand the company’s mission and vision more clearly.
Third, invest in personal(ized) growth and development. Provide a learning incentive that has meaning and a long-term impact for each and every person within a framework where they can continually learn and progress. Focus not just on a development plan that would benefit the company, but one that supports the individual’s goals as well.
Build a framework that is relevant in today’s world and one that makes sense to users. (talk to us if you want to implement our framework into your own learning platform)
Fourth, Treat your people like adults – Encourage employees to express their authentic, true selves at work and get them involved in the decision making process. This conveys a sense of value and trust. Develop all your people.
Fifth, employees often respond favorably to incentives and perks. Try committing to a culture of health and wellness that inspires people to stay year after year.
Finally, engage employees around yearly milestones. Celebrate their yearly anniversaries and promote from within.
How do you handle turnover at your company? Let us know if you use any successful strategies to retain your best employees.?
The Netflix of Personal Development
When we built TIQ and our GLLS program (Grow, Learn, Lead, Succeed) we wanted every course to be memorable that people could use the skills both at work and home. Skills that they could adapt to in general. We wanted to provide interesting topics from diverse leaders all around the world not just leaders in specific countries. We wrote stories about ordinary everyday people who rose from very little to high achievers and the struggles it took to achieve their goals. In our program, we bring reality to our members.
We put employees in the driving seat of their own development rather than relying heavily on their managers or HR. They can access the program on any smart device, in their own time, anytime, anywhere around the world. And the best news is, each lesson only takes up 1-2 hours of their time every fortnight. That is nothing in comparison to spending time on social media these days.
TIQ was founded to enable access to learning and development for as many people as possible, and not to maximize profits. The GLLS program reflects this ethos. Employers need only to invest US $59.99 (SG$82.00) per year, per person to access the platform that offers $1000s of dollars in training and development.
“Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.” – Sam Walton
July Giveaway – Free Learning and Development Program to 100 users.
If you know someone that would like mentoring and want to learn more in six months than 6 years, – Simply get them to drop us a quick message so we can send you the free access code. No catch… no gimmicks. Just giving back to people that need it.