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Value Creation Blog

5 Non-Economic Key Employee Retention Strategies

Posted by Josh Patrick

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I often write about stay bonuses.  This is an economic strategy to help you retain your best people.  I believe stay bonuses are important.  At the same time, they’re only part of the story.  Non-economic factors and strategies are often as important in helping you retain your best people.

Every survey I’ve read says that economic packages are usually somewhere between seven and ten when it comes to employee satisfaction.  Here are some things I’ve learned that can also lead to high employee satisfaction:

Let your employee’s control how they work.  I’ve had several conversations with business owners about hours their employee’s work.  I find that when I let people decide how they will do a job they are happier and more productive.

Let your employees choose the tools they want to work with.  If you’re in a larger organization there is some logic behind standardization of tools.  Even in smaller organizations it makes sense for everyone to use some standardized tools such as CRM programs.

There also are opportunities for letting your people choose the tools they want to work with.  If it comes to doing an individual job, let your people choose what tools they will use to complete the job.

Share information with your employees.  It’s no secret that I’m a strong proponent of open book management.  I believe and have seen huge improvements in both productivity and satisfaction in companies that have instituted open book management programs.

We want our employees to come up with ideas for improvement.  For this to happen we need to provide them information to make those suggestions.  In my opinion, not sharing information about company performance shows a lack of respect for the intelligence and integrity of our employees.

Manage to results not activities.  This idea ties in with letting your employee’s control how they work.  Evaluating your employees based on results requires that you think about what results you want and expect from your people.  It’s often easier to manage to activities, but not nearly as productive or satisfying for your people.

Share best practices in your company.  When you ask your people to assemble best practices and share them with others in your company you are allowing your best employees to take ownership of ideas they’ve developed. 

Letting people have credit and getting public recognition for good works is a great motivator.  When an employee is publically praised for good work they will often look for ways to repeat their performance.

What are your ideas for non-monetary motivation activities for your employees?  Please email me at Jpatrick@stage2planning.com or click here to set up a time to speak with me.

Josh Patrick

I've written a special report on how to hire for unique abilities.  I find that when I use this system of hiring I dramatically increase my success rate.  I think you might enjoy this report.  Click on the button below where you'll be taken to our order page for this complementary article.

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Topics: stay bonus, people who care

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