When an employee announces a departure to another job, there is a temptation to think that it was for more money. That’s probably a mistake, says Mike Lifshotz, founder and CEO of Hatch Compliance. The new position may pay better, but employees are more likely to depart due to issues such as work/life balance, room for advancement, greater challenges, lack of appreciation and what they perceive to be a bad culture.
To get them to stay, he advises, first and foremost demonstrate respect. That should See more +
When an employee announces a departure to another job, there is a temptation to think that it was for more money. That’s probably a mistake, says Mike Lifshotz, founder and CEO of Hatch Compliance. The new position may pay better, but employees are more likely to depart due to issues such as work/life balance, room for advancement, greater challenges, lack of appreciation and what they perceive to be a bad culture.
To get them to stay, he advises, first and foremost demonstrate respect. That should begin with the hiring process, during which you should both lay out your expectations for the candidate and what they should expect from you.
The organization’s values are particularly important in this regard. They are integral to setting expectations and need to be communicated from the onboarding process and on an ongoing basis.
Be sure to keep the communication process going in general. Employees cannot be expected to trust their managers if the managers don’t take the time to know them.
From a compliance perspective, knowing employees and their personalities can help identify when something is wrong and help you act accordingly.
Compliance can also help with employee retention by providing a safe place for workers to share their concerns without fear of retaliation.
One last piece of advice he offers: take the time to survey the workforce regularly. Use the survey both to measure the culture and as a way to demonstrate that the organization is willing to listen. Then, act on the results.
Listen in to learn more about how to manage the challenging issue of employee retention. See less -
