Retaining Top Talent With Non-Monetary Rewards Part 2

Part One listed four of seven things companies can do to retain their top talent without spending a lot or giving increases in compensation.

The first four from Part One are:

1) Verbal Praise

2) Achievement Awards

3) Learning and Development

4) Fun and Recreation Events

Each of these can be done at the department or company level.  Each demonstrates a culture that rewards people for outstanding effort, provides a positive culture, and a culture that signals respect for the employee.

The last three are:

5) Company Wide Attention This is a step up from department rewards and recognition. This is at the company level. It is great to be honored or recognized by one’s boss, however, when it is by the CEO or at a company level it is a completely different experience. Examples include, recognition in the company newsletter or on its Website, the up front parking space, a picture on the Wall of Fame, recognition at the annual staff meeting, a medal of distinction, any seemingly small thing for exceptional performance, for performing beyond the call of duty or an event that demonstrates extra effort.

It is often these small things that have the biggest and lasting impact.

6) Impactful and Meaningful Work This is one of the biggest reasons top talent contact executive recruiters. Top talent must be constantly challenged. They want to know what is expected of them. When clear direction is consistently lacking, they become frustrated and disengage. However, when top talent have a target to hit they will not only engage but strive to hit the bull’s eye.

Giving your best people additional  challenges doesn’t mean you have to constantly be expanding their responsibilities. There is a lot of  ground between saying, “That is your job and that is all there is.” to time-to-time challenging them with a special project, taking something off of your desk and giving it to them, allowing them to serve on an ad hoc project, stretching them with some strategic thinking, or involving them in an inter-department project. We find that all it takes is as little as 5% of top talent’s time to be focused on impactful and meaningful work to make a difference.

7) Feedback This seems so obvious but many managers fail to do it. This is not the “good job” feedback discussed earlier. This feedback is at a much higher level. This is feedback that all top talent want and few get. This is what we call, 1-2-1 time. These sessions can be as short as 20 minutes a month. These 1-2-1 sessions focus on their growth, on improvement, build rapport, show genuine interest by the manager, and give time to demonstrate a personal interest in that individual. In our experience, when a manager takes the opportunity to conduct a 1-2-1 on a regular basis, the employee feels a part of the organization. They have the opportunity to be involved in the department, they can give and get feedback, participate, and be heard by their supervisor.

The 1-2-1 can be one of the most powerful experiences for an employee and their supervisor and it can be done in just 20 minutes a month.

Doing one or all of these seven things can dramatically impact your department or organization. In these difficult times any one of these will cement the loyalty of those top performers to you and your company. They will stand by you in difficult times and excel in great times.

Do you have a culture of performance and feedback? To evaluate your culture, download our free Culture Assessment Worksheet.  See if everyone in your company would describe your company culture the same. CLICK HERE to download.

Is your hiring process effective at attracting, hiring and retaining top talent? You can do a self assessment of your hiring methodology by downloading our 8 Point Hiring Methodology Self Assessment Scorecard. CLICK HERE to download.

If you have an idea that we missed I welcome your input and comments.

Brad Remillard

Retaining Top Talent With Non-Monetary Rewards Part 1

As a recruiter for almost thirty years, I have interviewed and spoken with thousands of candidates.  More often than not, compensation isn’t the reason we are able to get them interested in a new opportunity. Most of the time compensation is a secondary concern. In fact, both myself and my partner, Barry Deutsch, have a long standing policy that if compensation is the issue, we will not work with them.

With our candidates, their primary concern is focused on non-monetary issues. Most of the time it evolves around their boss or the company. This is not to say compensation isn’t important to them, but it isn’t the primary motivator to listen to a recruiter.

The reverse is also true. When potential candidates decide not to listen to a potential opportunity, it usually isn’t because they feel they are overpaid and that no other company will pay them as much. Rather it is generally that they have a great relationship with their boss and love working at the company.

After listening to so many potential candidates turn us down because they were so happy working where they are, we have come up with 7 things  these companies consistently do to create a culture that retains their talent. You don’t have to do all of these, but if you aren’t doing any of them you might want to reconsider.

1) Verbal Praise - These companies give what we call, “Standing Ovations” for outstanding performance. They take the time to recognize when someone goes above and beyond the call of duty. They also give praise  or even a simple thanks when someone does a good job. This is sincere praise and thanks, not just given as a matter of fact.  The contrast is a culture in which the employee’s performance  is viewed as, “just doing their job” or “isn’t that what we pay them to do.”

2) Achievement Awards – Another form of praise. These achievement awards are earned. It is not about sooner or later everyone will get one, so everybody feels good. That loses all of their meaning and significance. These awards take different forms in different companies. Some examples include a reserved parking space, employee of the month, a trophy prominently displayed in the person’s office, certificates, mention in the company newsletter, a pin handed out by the CEO, lunch with the CEO and executive team, take a break and cake on Friday afternoon, etc.  The important point is that the employees appreciate the recognition and don’t take it for granted.

3)  Learning and Development – Top performers want to continue to learn and develop their skills. Does your company encourage on-going learning for your employees? This might include giving them some time off to attend classes, bringing a topic expert in to speak to a group, allowing them to attend a workshop, have an on-line training program they can complete, or encouraging involvement in professional association and trade associations. These types of programs generally don’t take a lot of time or can be performed outside of working hours and the ROI to the company can be huge.

4) Fun and Recreational Events – My daughter works for a private university. They recognize that they don’t pay at the industry level. They overcome this in many ways, but one way is that either her department or the administrative team will do some fun thing that takes an hour or two. Some examples include, a putting contest in the office, a picnic at the park for lunch,one time her department took off an hour early to go see the filming of the Tonight Show, they went bowling during lunch time, they will take a few minutes late in the day and play a game of charades or Pictionary, etc. These are just fun things that make it a great place to work. To the workers this is worth making a few dollars less because they enjoy the people and their efforts are recognized.

Part 2 will cover the final three non-monetary rewards you can do to retain your best talent.

A free audio recording from our radio show that discusses these in more detail is available on our Web site. CLICK HERE to download a copy.

Join our LinkedIn Group, Hiring and Retaining Talent for additional discussions and articles. CLICK HERE to join.

If this article was helpful to you, please pass it on to others so they can also benefit. I welcome your thoughts and comments.

Brad Remillard

How To Attract and Retain Sales and Customer Service People Using In-depth Work Style Personality Testing Part 2

How do you build up your sales and customer service force in a down economy? In part one of this article, we talked about some ways to attract and retain your sales and customer service people. Below are additional ways to use personality testing in the workplace to help attract and retain sales and customer service people:

1. Treat co-workers the way they want to be treated. In today’s fast-paced world of business, there is little time to get to know many of your co-workers. Using personality assessments as the basis for team building exercises can quickly get everyone to have a healthier respect for other ways of seeing the world.

2. Get everybody to play nice. Sales and IT, customer service and marketing, operations and financial people have to interact to make the company run smoothly. Too many employees get frustrated with other co-workers and just wonder why everyone doesn’t act like them. Through the use of personality profiles, managers can coach employees on how to interact better with peers.

3. Make managers better leaders.  The days of seat of the pants leadership are over.  When sales and customer service managers understand what makes their people tick, then they can be better leaders.   Knowing personality traits can help with motivating teams, communicating change and delegating authority.

4. Pick better teams. Today so much work is done by ad hoc teams that come together for a specific purpose.  Before you assemble a sales or customer service team it pays to know the strengths and weaknesses of the team members.  Sometimes this can be the difference between a productive team that gets the job done and one that pulls apart at the seams.

5. Set people up for success.  Sometimes we hire the right employee and put them in the wrong job.  Understanding preferred work styles and where a person would be happiest goes a long way to improving retention and productivity.

While in-depth work style & personality testing can be a valuable resource before you hire sales and customer service people, perhaps the true value of any assessment comes in using the insights it provides along the entire spectrum of employment. Personality assessments lend objectivity to decisions that may otherwise be largely subjective.

If this was helpful to you then it will be helpful to others. Consider passing it along to your team, emailing it to your network or updating  your status on Linkedin. Helping others is always a good thing.

Remember, it is not how many great people you hire. The true measure is how many great people you keep! For more information, please visit our Web site , www.lighthouseconsulting.com to sign up for our Open Line webinars and monthly articles.

You can download the recording from our radio show on Retaining Top Talent with Non-Monetary Rewards and Recognition. This is a two part series. CLICK HERE to download.

Join our Linkedin group Hiring and Retaining Top Talent. Lots of discussions and articles on this topic. CLICK HERE to join.

Author Bio

Dana Borowka, MA, CEO of Lighthouse Consulting Services, LLC has over 25 years experience in the area of business consulting and helping organizations both nationally and internationally in raising the hiring bar through using in-depth work style assessments. Lighthouse Consulting Services, LLC provides a variety of services, including in-depth work style assessments for new hires & staff development, team building, interpersonal & communication training, career guidance & transition, conflict management, workshops, and executive & employee coaching.  To order the book, “Cracking the Personality Code” please go to www.crackingthepersonalitycode.com.

Non-Monetary Rewards and Recognition Part 1 Radio Show

There are seven non-monetary steps you can take to retain your best talent. Your best people may not leave today, but they may start looking if they don’t feel appreciated. Many managers never take the time to demonstrate how much they appreciate their team. Only a very small percentage regularly read books on leadership, take a workshop or seminar on developing people and then wonder why their best people just gave notice.
Part 1 Barry and I discuss 4 simple things all managers can start doing now that costs nothing but has a  huge impact on retention. Implement even one of these 4 and your best talent will stay with you not your competition.

CLICK HERE to download.

Motivating Talent In De-Motivating Times

To retain your top talent it is absolutely critical to ensure they are motivated. In difficult times that is often not on many hiring managers or CEOs list of top ten things to accomplish. Most people are working long hours, doing the job of 2 people, stress is at an all time high, fear of lay offs is reality, salaries are frozen, pay cuts have been implemented and forget about any bonus. For many companies this is their current culture.

So how do you motivate your top talent to reach the company’s goals?

How do you keep them from contacting recruiters?

How do you keep them passionate about coming to work?

How do keep them engaged day after day?

The answer to all of these is “Culture.” Even in difficult times top talent, by definition, will always rise to the occasion. They will always strive to be the best. If they don’t, they aren’t top talent. However, even top talent can burn out, get frustrated, not see the light at the end of the tunnel or wonder if they are really contributing.

It is the role of all CEOs and hiring managers to ensure these don’t happen. As an executive recruiter I have recruited thousands of candidates over the last 30 years. There seems to be a consistent theme what great companies do in difficult times to hold on to and even attract top talent.

In our recent talk radio program we discussed four areas companies must focus on to ensure they keep their top talent motivated. You can download the audio for free. Just click here.

1) Companies must have a performance based culture. Even in difficult times there must be clearly defined goals for the company. These goals must cascade down to your top talent. They must have quantifiable objectives that motivate them, so when reached, they feel a sense of accomplishment.

2) Dysfunctional Culture. Probably the biggest reason top talent gets nervous and begins to think outside your company. Do you know your company’s culture? Can you define it? Will your executive staff define it the same way? Will the in-the-trench worker bees define it the same way? We developed a Culture Assessment Tool for you and all your employees to take. Once completed see if aligns with the culture you want? If not, this is the time to begin working on it.

3) Non-monetary rewards and recognition. The least expensive and least used method to retain top talent. How many times we’ve heard from candidates,”No matter how much I contributed, how many times I went above and beyond what was expected, or all the times I missed my kids activities, it always seemed just part of the job. Never even a thanks, appreciate the effort, even a small pat on the back.” Consider building a culture of rewards and recognition that makes your top talent feel appreciated. Top talent does not want to be taken for granted.

4) Consistent feedback. Similar to above but more formal. This includes regular and structured 1-on-1 feedback sessions. Not passing in the hallway. Actually sitting down and focusing on them. Giving them feedback, encouraging them, listening to what their needs are (even if you can’t meet them, just listening), taking an interest in their career and building a shared bond.

Consider these four things as a way to motivate your top talent. There are others and we encourage you to consider anything that will help you attract, hire and retain your top talent.

You can explore our audio library, download free examples of compelling marketing statements, download a summary of our research project that identifies the biggest hiring mistakes, and get our culture assessment tool by clicking the links. All these are free.

Motivating Top Talent In De-Motivating Times

Motivating top talent in de-motivating times is very difficult. Retaining your best talent requires special techniques not normally utilized even in good times. We give four absolute “musts” companies need to do to ensure their top talent stay motivated and stay with you. It isn’t about the money. In fact, many companies aren’t giving raises, paying bonuses or offering promotions. Many are doing the opposite. If you want to keep your top talent you must, create a culture of performance, maximize non-monetary rewards, eliminate a dysfunctional culture and provide feedback. This program will give you tips and solutions exactly how to do those four things.

Consider joining our LinkedIn Leadership and Best Practices Group Click Here