Three facts facing managers:
- The concept of company loyalty and life-long service is gone.
- The comfort equation of loyalty and trust of employees is disappearing.
- The pillar of security for companies, based on long service, no longer exists.
Employees do not come into companies with the goals of long service and the gold watch at retirement. They expect to have many jobs in their lifetime.
The discussion on retention as a company survival strategy has become complex.
The goal has shifted from retaining employees to building lifelong affiliations with them.
Here are some truths and insights that may spark ideas on managing with that idea in mind:
- Any company’s strength lies in the talent of its employees.
- Employees do not want to commit to a life-long engagement with a single firm
- Employees are seeking more of an alliance that is not just an exchange of money for time.
- Agreements on terms of time and engagement expectations are necessary
- The benefits of the engagement must be specific to each employee on the team and be mutually beneficial
- Employees want to make a contribution and be valued
- They expect managers to challenge their creativity and innovation
- They expect employers to respect their innovative energy but not to trap them in binding contracts of owning all their creative ideas.
Networking within and outside of the company are not a threat when expected and discussed.
Exploring your employees’ next career steps to promote growth within the company and knowing what opportunities may be available outside your company build the strength of respect and trust
When an employee finds a position outside the company for personal career development that cannot be fulfilled within your company:
- Celebrate accomplishments that lead to other employment
- Welcome them into your alumni network.
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