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Employee Loyalty…For Richer, For Poorer?
Published by ADV Magazine, a monthly communications trade publication
By Lisa Barbadora
Nothing's more frustrating than having a skilled employee announce to you, "I've accepted another offer." Now, you're stuck with a gaping hole in your operation. After all, a stable, skilled team is critical in our service-oriented communications field. Whether you're in market research, advertising, public relations, printing, publishing … employees' skills are your lifeblood.
Maybe a raise padded with a $5,000 bonus will keep skilled designers from stealing longing glances at other agencies. Or, maybe more vacation time will keep savvy PR practitioners from having a fling with freelancing. Unfortunately, in today's market, none of these things may be enough to prevent your employees from leaving you.
Like marriage, today's employer/employee relationships are a two-way street. Because of low unemployment rates, a high concentration of communications companies in the Delaware Valley, and jugular competition for talented professionals, employees can be more selective. To commit to a company, they demand more than health benefits, 401k programs, and competitive salaries. On-site childcare, tuition reimbursement, profit-sharing packages, flexible hours, corporate gyms, and leadership potential are some of the "extras" employees want.
Salary is not always the biggest motivator. "It's about a 60/40 split between people motivated by money and people motivated by other 'life benefits.' Many will even take a salary step backward to work in a better environment with more opportunities," said David Greenstein, Creative Agent at Aquent Partners – a global staffing agency, specializing in creative, Web, and technical placement in Bala Cynwyd, PA.
"Great people leave because they don't see advancement opportunities," continued Greenstein. "They want to see a ladder of growth, and they want employers who are willing and able to help them reach the top." So, if money's not the answer, how do you prevent employee infidelity?
Training
One way to express your love for employees is to provide plenty of innovative career-enhancing educational opportunities. Since most colleges teach only the basic skills required in many communications fields, specialized on-the-job-training is essential. Start by creating internal training modules – i.e., in-house seminars on Web development or classes that teach employees vendor coordination.
One local company gives each of its employees a Corporate Resource Account (CRA) of $1,500 from which they can draw to buy books, take classes, participate in professional associations… anything that attributes to professional growth.
By investing in employee career development, you are demonstrating your commitment to employees – fostering a reciprocal covenant. "I've found that companies that set up training programs have lower turnover rates. While the average rate is between 30-40%, companies with educational programs have a turnover rate of about 20% or less," said Greenstein.
Another way to support your employees' career goals is by covering membership dues to local professional organizations. Again, you're showing a commitment to them and their career, as well as providing an outside link to a community of peers. "Associations are particularly important for creatives – designers, art directors, writers – who need forums for idea inspiration and peer groups to talk shop with," added Greenstein.
Communicating
Keep your employees smitten with you by encouraging open lines of communication. "At Offset, there are no walls between management, production, the owners, and the drivers. We go one-on-one with everyone. We create a team environment where we ask employees for their ideas and suggestions," said Don Deeds, owner of Offset Impressions Printing in Reading, PA. "Showing employees respect goes a long way to building a loyal team."
Keep the fire alive by making the big-picture goals of your company everyone's goals. Include employees in some executive planning sessions, post earnings on a monthly basis, and meet quarterly for a "state of the union" address so that all employees are on the same page. By demonstrating the bottom-line results of their work, employees will understand the value they bring to your company, feel a sense of pride, and be more committed to you.
Evaluating
Most employees today are not working at jobs, but rather, building careers. They want to know how they are progressing and how they fit into the corporate landscape. If employees think they are on shaky ground with little or no opportunity for advancement or if they are not acknowledged for their achievements, they may get frustrated and leave for good.
Meet with each of your employees on a regular basis - not just for annual reviews. Discuss their goals, thank them for their late nights, and celebrate their successes. Spend these meetings working with employees to create and track their personal career plan – a clear path that charts their way up your company's corporate ladder. Feedback sessions can also serve as effective training tools.
Conduct "Full-Circle Feedback" sessions, where every project team member is asked to (anonymously) evaluate one another. This gives employees a complete picture of their strengths and weaknesses.
You may kiss your W-2
Training, communicating and evaluating employees' performance are just a few techniques to ensure that your employees will stay faithful. We can also take a hint from successful marriages, which are based on shared respect and understanding.
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