Retaining talent…The importance of feeling known
Sep 26th, 2024
Retaining and attracting the best talent is definitely on the priority list of all my clients.
The cost of losing someone you value, its impact on the team and business, and the time it takes to replace them can be painful.
When I ask people why they stay with a company, it is rarely about money. Their answer is more often about how they feel valued, the kind of manager they have, and the potential for career development.
They want to feel seen and valued beyond their role and they want a manager that invests time in them so they can achieve success.
It is easy to get caught up in the demands of financial targets, but as a leader it is just as important to actively make time for the human elements of managing people. This is what is going to attract them and make them stay and help you achieve your financial ambitions.
Research by Gallup confirms this and organisation such as Unilevers ‘Future of Work’ programme focuses on how managers can create a supportive environment to help employees thrive.
Here are 7 practical tips:
1. Recruit for culture-fit as well as competencies
Be clear on the behaviours and values that are key to your culture and spend time focusing on the questions that will reveal this in the interview. Competency in the role is critical but if the values don’t fit, it won’t work in the long-term. A client who went into a new COO role spent the first 6 months recruiting people who matched their culture of entrepreneurial mind-set, accountability, client care and collaboration.
2. Promote people to management that genuinely enjoy developing people
Many people are promoted because of their ability to generate revenue. They may be great fee earners but if that’s where their energy comes up there is a tendency to prioritise fee generation and ‘fit in’ developing their people and not see this as a critical part of their role. As a result succession planning can be delayed and their teams can lack motivation and commitment.
3. ‘Entry Interviews’ – build a relationship from the start
Exit interviews are common but entry interviews with managers and their new recruits are invaluable in building loyalty and commitment in the early stages. In their first week spend time with them individually and find out about their values and what they enjoy doing in and outside of work, give them a sense of the culture of the team and how they can succeed, let them know about your values as a manager and what is important to you. In my experience this meeting always results in people feeling heard, motivated and thinking “I am really glad I joined this company and this manager”
4. Monthly one-to-ones that count
One-to-ones are more than a chance to check progress. Use them as an opportunity to ask meaningful questions and listen actively.
Make the focus on optimising their performance and development and really understanding what is working and what is not working and why. Constructive feedback can be as motivating as appreciation if it is aligned with them achieving their ambitions – personally and professionally.
When I was running a real estate office in the early stage of my property career one of my highest performers was the father of 3 young children. His number one value was giving his children ‘the highest education’ and he and his wife had set up a bank account specifically for this. We talked about this regularly as I knew this was his prime motivation for generating revenue.
Do you know the ambitions of all your people personally and professionally? When leaders tap into these personal drivers, they unlock greater performance and commitment.
5. Switch off and socialise
A monthly social gathering provides a different setting for discussions, allowing for relationship-building that doesn’t always happen in meetings or around the office.
A property consultancy I work with found that holding monthly team drinks encouraged collaboration and created a more energised team dynamic. Each month, over drinks and nibbles, the team would spend the first hour having a discussion around a client need or a problem that would lead to collaborative solutions. They would then continue as a social evening to chat and enjoy each other’s company.
6. Have the courage to be vulnerable
By showing vulnerability we become more relatable and foster trust. Leaders can build strong rapport by sharing their own experiences, including challenges and mistakes.
I recall a Finance Director sharing during a meeting how he ‘burnt out’ in the early stages of his career through stress and how important it was to him that people had a balanced life.
That had quite an impact on his team and respect for him grew in that moment.
7. Make people feel valued
When you ask people who was their best boss they will often talk about someone who had time for them and challenged them to be their best, who understood them, knew the names of their kids, and supported them through a tough time.
People have long memories when you do something that touches them. I recall recently an ambitious executive in a new role, got Covid in his first month that knocked him out for two weeks. He felt guilty and would call every day to update and check on business. His MD noticed this and instructed him to stop working and prioritise his recovery. This act of genuine care instilled a deep sense of loyalty, and when he returned, he had a commitment to build success for him and consistently exceeded targets
Ask yourself …Do you know enough about your people?
- What their professional and personal ambitions are?
- What is important to them in and outside of work?
- What drives them to get up every day?
- The one thing they need from you the most?
If you can answer those questions you are doing a good job in fulfilling your role as a leader and building a culture where people want to join and stay …… and everyone thrives.
If you would like to discuss how to create a culture of success and growth, please do get in touch with Oona at team@potentialplus-int.com
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