Unlocking Key Components of Employee Retention
By Jacob Espinoza
Running a business or team is a juggling act.
You have a lot of balls and bowling pins to keep in the air for your business to run successfully.
As you gain skills and experience, keeping multiple pins in the air is easier. But eventually, you will get to a point where you will need help if you continue adding pins–especially since you will never find someone else as passionate as you about your work.
It may seem counterintuitive to stop, put the pins down, and invest time in showing someone else how to keep the pins in the air–what if you spend time investing in them, and then they quit or take juggling talents somewhere else?
Here is another question: What if you don’t take the time to develop your team, and they stay?
Employee growth is a key component of employee retention. On-the-job training is one of the most important factors in employees deciding whether or not they want to stay with an organization.
This means many people will be MORE likely to quit if you don’t share the workload. When you hire good people, remember they want to play a part in the organization’s success.
Personal development should have three components:
- Input (Reading, watching videos, etc.)
- Output (Challenging assignments that allow them to use their strengths in new ways.)
The output is the most critical component of this formula and often the one that is missed.
Your goal as a business leader is to develop empowered people who can make things happen without you. Empowered employees are more engaged, creative, and productive.
To begin delegating work and empowering your team, you have to create an environment where employees feel safe to share their ideas, take risks, and be themselves. It also means recognizing and rewarding their contributions, both big and small.
How confident are you that your team can answer these four questions?
- What is expected of me?
- How do I do my job well?
- Why does my work matter?
- Why is the work of my organization important?
So, how can we empower our employees? Here are a few action items to consider:
Understand employee strengths
Each employee is unique, with different talents and abilities. By understanding each individual’s strengths, we can give them opportunities to use those strengths in their work and help them achieve a sense of personal fulfillment.
Allowing employees to make decisions and take ownership of their work empowers them to think critically and make decisions that align with the company’s goals.
People support the things they help create.
Encourage open communication
Creating an open and transparent communication culture, where all employee voices can be heard, helps to build trust and mutual understanding among employees.
Understand that mistakes will happen. If your team doesn’t trust they can bring mistakes to you, and they will hide them. This is how small problems become big problems.
As a business owner, there are a lot of really valid reasons to fear letting go of control. But to effectively scale your impact and help develop the people around you, you will have to overcome these challenges.
Here are 3 action items to consider:
- Identify tasks that can be delegated
Take a step back and evaluate the tasks you handle on a regular basis. Consider which ones can be delegated to others, keeping in mind the skills and capabilities of your employees.
2. Communicate effectively
Clearly communicate the tasks, expectations, and deadlines when delegating work. This will ensure that your employees understand the scope of the work and are able to complete it successfully.
3. Provide support and resources
Make sure to provide the necessary support and resources to help your employees complete their tasks. This may include training, mentoring, or access to specific tools or technology.
It’s important to understand that delegation is not just about saving time for yourself. It’s also about helping your team grow, develop and increase their self-esteem by giving them ownership and responsibilities.