A recent study conducted by OI Partners found that employee turnover has substantially increased even in this shaky economy. Many are bracing for the wave that is about to hit their firms the moment the floodgates open and job opportunities become more available. My most successful clients understand that retention isn’t an overnight fix and that they must take action today in order to avoid being hit by the tsunami that will no doubt occur as the economy grows and aging Boomers exit in droves.
The methods companies are using to retain employees are:
- High-potential workers: The top ways that companies are trying to retain high-potential employees are through better compensation and benefits (43 percent of respondents), coaching programs (40 percent), mentoring programs (38 percent) and tuition reimbursement (37 percent).
- Middle managers: The most popular retention methods companies are using for middle managers are coaching programs (35 percent), tuition reimbursement (30 percent), better compensation and benefits (30 percent), and flexible hours and schedules (24 percent).
- Senior-level executives: Coaching programs are the top way companies are trying to retain senior-level executives (37 percent), followed by stock options (32 percent), profit-sharing (27 percent), better compensation and benefits (24 percent), and retention bonuses (18 percent).
You don’t have to have deep pockets to provide coaching to your people. In fact, it’s a heck of a lot less expensive to provide coaching to a select few then to provide training to everyone in the organization, and a whole lot more effective. Here are some of the many benefits you’ll receive when you provide coaches to help your people soar.
- Increased productivity. People who have coaches report an increase in productivity. They don’t waste valuable time fretting over difficult situations nor do they spend time in other people’s offices discussing their frustration.
- Increased retention. Why would you leave a company that is supporting your growth? You wouldn’t. Show people you are invested in their success and they will be invested in your success as well.
- Improved leadership. It’s no secret that people quit because of their bosses. Think of all the people who will now stay because they are working for a leader who actually knows how to lead.
Still not convinced? Then download a free chapter of my book Suddenly in Charge (which is available for download this month for only $1.99) to learn more about the many benefits of working with a coach and a mentor.