Imagine that your best employee just resigned. How much will it cost – directly and indirectly – to find, hire, train, and get a replacement to the productivity level of your exiting employee? You already know the answer: maybe years. Not a scenario you want to contemplate, right?
There are many reasons why someone leaves a job, but decades of exit interview records show that compensation is seldom the main reason. Consequently, it’s an article of faith that employees don’t leave companies they leave people – usually a manager. That means that such a disruptive circumstance is likely not only preventable, but the solution is essentially one of those intangibles that cost you little to nothing. Often, just some of your time and attention.
Motivation is one of those intangibles, and smart business owners know about its power. They’ve experienced the direct link between motivating employees to be successful in their assignments and the success of their business.
You can become one of those smart managers before a key employee turns in their keys because he or she merely couldn’t come up with a reason to be motivated to stay. Consider these six motivational best practices.[Continue Reading]
1. What is your business’ annual training budget?