Employees: Retain the Good Ones
EP Editorial Staff | November 15, 2016
Highly engaged employees are 87% less likely to leave their employer than disengaged counterparts. Are you doing what you can to engage your people?
Mary Jo Cheney is corporate TPM coach at GE Appliances, Louisville, KY, and tacks CMRP, CRL, and CPMM onto the end of her name. Her credentials and experience make her an expert on managing and retaining people. She shared that expertise in her presentation, “Ignore the Man Behind the Curtain—Lessons of Leadership from the Wizard of Oz,” given at the 24th Annual SMRP Conference, held October 2016 in Jacksonville, FL.
The Wizard of Oz angle was a creative use of the characters in that classic movie to represent various aspects of personnel management and retention. I’ll spare you the Dorothy, Cowardly Lion, and Tin Man references, but share several of the facts and figures Cheney provided to help you better understand how to identify and retain talented employees.
—Gary L. Parr, editorial director
Effective leader retention starts with honest, clear communication, which is not a strength for most companies. Good leaders also stick around if they are fed enriching assignments that challenge their talents. This is particularly true for younger people. Along with that is providing a clear line of sight to the next opportunity.
She also suggested the importance of knowing your competition in terms of who is likely to steal good employees. Cheney told a story of a competitor who bought a billboard sign near the entrance to one of her previous company’s property in an attempt to lure away talent. That sign got the full attention of employees and management.
“Training is critical!” stated Cheney. She asked two questions worth serious consideration: What if I train them and they leave? What if you don’t and they stay?
She also quoted Mark Alan Csonka, the smartest businessman she has ever met: “I hire people who are smarter than me and then I help them grow. I do not feel insecure because they know more than I. In fact, it has made me a better leader.”
In this segment of her presentation, Cheney turned the mirror on herself and her peers with these two questions:
• Are you the the person causing chaos in your department?
• Do you need to control every decision that is made by your employees?
An answer of yes to either or both of those questions is probably not a good thing.
Along with those two questions she suggested the importance of presenting a crystal-clear strategy, having a direct line of sight from the top to the people in the trenches, and knowing your role in a successful strategy.
Some employee facts
Cheney also offered some facts worth noting, obtained from Dale Carnegie Training and Daily Infographics, February 2014:
• $11 billion is lost annually due to turnover.
• 71% of workers are not fully engaged in their work.
• 80% of employees are dissatisfied with their direct manager.
• 70% of employees who lack confidence in senior leadership are not fully engaged.
• Revenue is 2.5 times higher in companies with highly engaged employees.
• Highly engaged employees are 87% less likely to leave than disengaged counterparts. MT