The battle over how to keep the toothpaste lid open isn’t really about the lid. This is a strange place to talk about retention, but it will make sense. Stay with me.
What is it really about
Struggle is really about lack of respect, care, love, support, or not being heard. The lid is the symptom, and the emotions that flow under it lead to the root of the problem. Employee retention is the same.
The lack of engagement and high turnover rates that are so costly to businesses are the symptom of a bigger problem, but unfortunately the root of the problem is not addressed. If the real problem isn’t addressed, it doesn’t matter how good your loyalty plan is, it won’t work and you will be throwing money away.
Where to start
When we think of people who are passionate about their calling or cause – entrepreneurs and volunteers are great examples – we see that they work long hours for little or no salary. They do it because it is so important to them. It’s a bigger part of them, and that’s what a lot of companies are missing.
Employees can live out at least part of their purpose through the companies they work for, but if they can’t see how they do it with their job, they don’t have the same thing engagement as they would otherwise. That means they’re much more likely to look elsewhere.
So instead of pumping money into loyalty plans, what if companies instead started by developing a compelling vision that gets their employees to lean on them when communicating, and then defining the values that guide that vision?
These two things give people a reason to get excited about the company they work for, and since the values are at the forefront of all activities, employees also have clear and very simple guidance on how to behave and what to do should means doing the right thing in the company. When people know they are doing the right thing and everyone else around them is doing the same thing, they will feel more confident and satisfied. Which means they are much more likely to stay. I recognized this through my business trip with my company Kardia.
Take it to the next level
If companies then put money into developing programs that help their employees define and understand their own personal values and how those values align with their work, loyalty would be higher because each person could clearly see how and why that is Company they work for matches them personally and also helps them realize their bigger vision for their lives.
In addition, they could better measure their personal and professional progress towards their goals. And why should they want to go in that case?
Storage problem solved!
Then all you add to a loyalty plan is the icing on the cake and makes it even sweeter to stay around.
Loyalty plans work much better when they start in the right place. So before you allocate more budget to your budget, ask yourself: Do your people understand the broader vision for the company? Is this vision compelling? Does everyone on your team live by your values? If you answered no to any of these questions, start there. Then develop your retention plan.
Author: Christian Hiscock
Christan Hiscock is the CEO and Co-Founder of Kardia Financial Group, which was born out of a desire to transform the financial services industry with heart-centered services that focus on what really matters. The people. Calgary-based Kardia Financial Group believes the financial services industry is not just … Show complete profile >