â€œAppreciation is a wonderful thing. It makes what is excellent in others belong to us as wellâ€Â â€• Voltaire
Employees who feel valued are more likely to be engaged in their work and feel satisfied and motivated.
Employee turnover is a significant cost to any firm.Â Retention is a big issue. Typically people stay because jobs are hard to find or get. When things open up the â€œbestÂ people”Â leave. This leaves performance and productivity holes in the Company. According to a survey by the American Psychological Association (APA), feeling valued is a key indicator of job performance.
You get the right people on the bus ( refer my post on Marcus Buckingham Alert for Talents) but equally important is retaining the good talent so that they don’t get off the bus. How do you retain your good people?
- Does everyone know what is expected of them. Do they have a clear and concise description of the job and the expectations from them to deliver the job.
- You are what your talents and values are. Do you allow your people to develop their talents ? Do you give them opportunities to take advantage of the multiple skills your people possess.
- Do you provide the necessary tools and knowledge to continually do their job right? Do you know their strengths and develop their strengths?
- Do you value your employees ? Do you let them know that they are valued and that they matter?
- Do you know what your people are capable of and what are they willing to do ? Are you creating an environment to make sure that each one is doing what they can do and are good at doing.
- Does an environment of trust prevail in your organization? Do you have a fast track of distributing important information to your employees?Â Nothing turns off talent quicker than to find out about company strategy after the fact.
- Do you have managers who hire people for talent ? Do they turn talent into performance involving the turning of the â€œFour Keys of Successâ€ ? Do you give your managers the responsibility of having a development plan for their team ?
- Do you as the CEO and each of your business heads spend enough time understanding your key people? Do you revisit people, their needs and their development on a regular basis?
- Do you train your managers in productivity coaching and hold managers accountable for talent development within their teams ?
- Do you promote and encourage a people’s organization? Do your actions promote that good people matter and are they respected, recognized, and rewarded for outstanding performance?
A Company is represented by her people and by the values of the people who are her assets.
References from HBR
The following reports describe the evidence behind the creation of tools that help managers to evaluate their skills and identify whether their behavior promotes stress or helps to minimize and resolve stress.
RR553 Management competencies for preventing and reducing stress at work – phase one
RR633 Management competencies for preventing and reducing stress at work – phase two; and Preventing Stress: promoting positive manager behavior