The sun is back out again, the shadows of the economic crisis in the United States is slowly retreating and hopeful employees are slowly coming out of their safe zones looking out for greener pastures.
The Indian IT and Finance job market was heavily dependent on the economy of the west and with the US economy improving; it is great news for Indian companies.
Most companies who were in a hiring freeze since the modern economic depression have swung open their doors and laid out the red carpet for prospective employees.
Though this could mean great news for those employees who were badly looking for a break, it would be a time of chaos for company HRs trying to ensure employee retention. For any manager acquiring new talent is as important as retaining the existing talent pool which they have nurtured over the course of time.
In the next few months while organizations prepare to attract and recruit new talent, they would also keep an eye out for their own talented people, whom they had coached to be champions in their areas.
While employers spend their HR budgets on employee engagement and motivation programs, they keep asking themselves the question: “What makes employees to leave?”
Organizations have often devised multiple platforms to capture this data in the form of exit interviews to detailed questionnaire. But organizations often forget to capture the other important side of the situation: “What makes some employees stick to the organization during thick and thin?” It is the answer to this question which would become best practices for teams to retain their key talents.
In my past organization, I had to often attend interviews for internal roles I wanted to take up. In these interviews, the one question which used to come up irrespective of the role was: “How can you join a new team and motivate them to work with you and help you within the least amount of time?”
The answer irrespective of the role and type of work remained the same – “To build Trust”.
Subordinates, peers and managers work more closely with you, when they know you can be trusted. It is always Key to explain to your team how their efforts would be eventually help them and if it doesn’t, be honest about it. Not every action performed by an individual would aid his or her career. There are activities which would eventually increase their workload or make part of their job redundant. In such situations, have an open dialogue with the person.
Contrary to fears of panicking them, you more often build trust and encourage them to think out of the box. Building trust takes time, but hurrying the process can only have adverse effects.
But again, building trust is not a one way street…
For organizations to gain the trust of their employees, it is crucial to let them know the organizations have faith in them too. When many innovative organizations gave up their vertical hierarchical structure to replace with a flatter structure, they intentionally empowered the employees to be more responsible and accountable.
This feeling of empowerment goes a long way in creating ownership and thus accountability to the organization. It is this sense of accountability and ownership which drives the emotional motivation of employees to stick with their organizations during the toughest of phases.
Organizations which often view their employees with doubt and distrust, stifle creativity and increase workplace frustration. There can be nothing more discouraging for an employee to know that his or her manager is looking over their shoulder and scrutinizing every single action. Unlike an individual employee, creating an organization which empowers their employees and trusts them, takes times and maturity from its leaders. Organizations which realized these factors have fine-tuned their policies to emphasize on trust on employees and thus employee empowerment.
At the end of the day, it is synergy between the employer and employees which build relationships which can withstand challenges of economic downturns or temptations of a lucrative job market.
What other factors motivates you as an employee to stick to your organization. Let us know in the comments section below.