Staff retention is key to a successful business. Less staff turnover means less time and money spent recruiting and training new employees. And a long-serving team can help you build deeper relationships with your clients.
Engaging your staff can boost loyalty, but many advisors have trouble finding the time, says Heather Peters, certified coach and senior consultant with Knightsbridge Robertson Surrette in St. John’s.
Staff turnover rates can be directly linked to the level of enthusiasm staff members feel toward their working environment.
Here are three tips for empowering — and keeping — your staff:
1. Find out what motives them
Most leaders know the job their staff do, Peters says. But very few know what drives them, what motivates them, what inspires them and what jobs they like to do.
“If [leaders] don’t get to know what drives [the team],” Peters says, “how are they supposed to know how to work with them?”
Getting to know your team can be as simple as fostering communication. Saying, “Thank you,” is often a good way to start. This breeds trust, Peters says, and that’s the key to keeping staff engaged.
2. Provide feedback
Feedback has to be given effectively and frequently for results to show. It’s not just a matter of giving a yearend review.
“There should never be a surprise in a performance review,” Peters says. “It should be a cumulative conversation about what has actually happened throughout the year.”
While many managers will freely hand out constructive criticism, it’s important to incorporate positive feedback as well. Ask for feedback on your own role as leader, Peters says. Tell your team members: “I know you’re in a challenging role, how can I support you?”
Says Peters: “A simple question like that can make all the difference in the world.”
3. Focus on career development
Employees, particularly those of younger generations, want to believe that you believe in them, Peters says. They look to leadership to help them evolve in their career.
While many baby boomers grew up believing that if you worked hard enough, advancement would come, younger generations want to see a career path.
You should help your team members develop a plan that helps them achieve their goals.
“That will keep people engaged and motivated and also inspired to stay with that organization [giving them] a sense of commitment,” Peters says.
Some ways you can help develop that commitment are to clarify your expectations of staff roles, guide staff members in developing any skills they may be lacking and show them what other opportunities exist.
This is the first part in a two-part series on retaining staff.