Motivating and Retaining Staff


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What motivates employees, the role of the leader, ways to motivate staff, why employees stay and why they leave

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Motivating and Retaining Staff

  1. 1. Motivating & Retaining Staff Presented by Bill Lovitt, CCE
  2. 2. Motivating & Retaining Staff <ul><li>“ Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do it.” </li></ul><ul><ul><li>Lou Holtz, Football Coach </li></ul></ul><ul><li> It all starts with you ... </li></ul>
  3. 3. Credit Professionals Wear Many Hats <ul><li>Financial Whiz </li></ul><ul><li>Risk Monitor </li></ul><ul><li>Customer Liaison </li></ul><ul><li>Sales Partner </li></ul><ul><li>Money Manager </li></ul><ul><li>Do you need another one ? </li></ul><ul><li>Yes … Leader! </li></ul>
  4. 4. Agenda <ul><li>What motivates employees </li></ul><ul><li>The role of the leader </li></ul><ul><li>Ways to motivate staff </li></ul><ul><li>Why employees stay … and why they leave </li></ul>
  5. 5. What Motivates People in a Business Environment? ...
  6. 6. Employee Motivators (Not in Order) <ul><li>Recognition </li></ul><ul><li>Advancement </li></ul><ul><li>Salary </li></ul><ul><li>Benefits </li></ul><ul><li>Need for Achievement </li></ul><ul><li>Need for Power </li></ul><ul><li>Need for Affiliation </li></ul><ul><li>Work-Life Balance </li></ul><ul><li>Open Communication </li></ul><ul><li>Meaningful Work </li></ul><ul><li>Work Environment </li></ul><ul><li>Flexible Arrangements </li></ul><ul><li>Workplace Culture </li></ul><ul><li>Job Security </li></ul><ul><li>Learning Opportunities </li></ul><ul><li>Supervisor Support </li></ul><ul><li>Active Role in Decisions </li></ul><ul><li>Good Work Relationships </li></ul>
  7. 7. Findings … 1997 National Study of the Changing Workforce * <ul><li>“ The quality of workers’ jobs and the supportiveness of their workplaces are the most powerful predictors of productivity - job satisfaction, commitment to their employers, and retention.” </li></ul><ul><li>* Surveys U.S. labor force every 5 years </li></ul>
  8. 8. Findings … Department of Labor Review of Over 100 Studies <ul><li>Determined a positive relationship exists: </li></ul><ul><ul><li>Between training, motivating, and empowering employees </li></ul></ul><ul><ul><li>and </li></ul></ul><ul><ul><li>improvements in productivity, employee satisfaction and financial performance </li></ul></ul>
  9. 9. Best Companies to Work For <ul><li>Of 100 Fortune Best Companies to Work For, 80 avoided layoffs in the preceding year and nearly half have a policy barring layoffs </li></ul><ul><li>Finding : Job security is an important employee “care-about” </li></ul>
  10. 10. Fortune 100 Best Companies to Work For <ul><li>#1 : Edward Jones - stockbroker </li></ul><ul><ul><li>No layoffs , early bonuses, employees praise ethics </li></ul></ul><ul><li>#2 : Container Store - retailer </li></ul><ul><ul><li>Employees feel respected , good pay and benefits </li></ul></ul><ul><li>#3 : SAS Institute - software developer </li></ul><ul><ul><li>Child care, fitness center, free lab tests </li></ul></ul><ul><li>#4 : TD Industries - construction company </li></ul><ul><ul><li>Employee ownership , good sick-pay plan </li></ul></ul><ul><li>#5 : Synovus Financial - credit card processor </li></ul><ul><ul><li>Strong career planning and no layoffs in 114 years </li></ul></ul>
  11. 11. What Makes a Great Place to Work... <ul><li>The way management treats employees </li></ul><ul><li>Credibility - open communication/integrity </li></ul><ul><li>Respect - support and collaboration </li></ul><ul><li>Fairness - equity and impartiality </li></ul><ul><li>The way employees feel </li></ul><ul><li>Pride - in jobs, teams and the company </li></ul><ul><li>Camaraderie - sense of community </li></ul><ul><li>Source: Great Place to Work® Institute (helps produce “The 100 Best Companies to Work for” list for Fortune ) </li></ul>
  12. 12. Inclusion & Diversity <ul><li>Inclusion - def . - the act of including </li></ul><ul><ul><li>Everyone should feel like they belong </li></ul></ul><ul><li>Diversity - def . - an instance or a point of difference </li></ul><ul><ul><li>Celebrate the unique skills, backgrounds, and attributes of each of your employees </li></ul></ul>
  13. 13. Flexible Work Arrangements <ul><li>Flextime </li></ul><ul><ul><li>Flexible work hours </li></ul></ul><ul><li>Flexplace </li></ul><ul><ul><li>Working from home </li></ul></ul><ul><li>Job Sharing </li></ul><ul><ul><li>2 employees share job </li></ul></ul>
  14. 14. Management vs. Coaching & Leadership <ul><li>Manager </li></ul><ul><li>Controls </li></ul><ul><li>Manages Status Quo </li></ul><ul><li>Approves </li></ul><ul><li>Reactionary </li></ul><ul><li>Manages Processes </li></ul><ul><li>Trains Staff </li></ul><ul><li>Coach/Leader </li></ul><ul><li>Empowers/Delegates </li></ul><ul><li>Continuous Improvement </li></ul><ul><li>Endorses and Supports </li></ul><ul><li>Proactive/Visionary </li></ul><ul><li>Produces Results </li></ul><ul><li>Develops Staff </li></ul>- “Management is doing things right, leadership is doing the right things.” - Peter F. Drucker
  15. 15. The Role of a Leader <ul><li>Credibility - Lead by example </li></ul><ul><li>Sensibility - Do the right things right </li></ul><ul><li>Reliability - Be equitable and consistent </li></ul><ul><li>Flexibility - Your way isn’t the only way; empower your team to take risks and embrace change </li></ul><ul><ul><li>“ There is something that is much more scarce, something rarer than ability. It is the ability to recognize ability.” - Robert Half </li></ul></ul>
  16. 16. Creating a Strong Team <ul><li>Communicate and share a common purpose </li></ul><ul><li>Empower team members </li></ul><ul><li>Provide recognition </li></ul><ul><ul><li>Give credit where credit is due </li></ul></ul><ul><ul><li>“ Spotlight” employees to senior management </li></ul></ul><ul><li>Share victories and losses, but always make your team feel like a winning team </li></ul>
  17. 17. The Role of Communication <ul><li>Clearly communicate expectations </li></ul><ul><ul><li>Company mission and values </li></ul></ul><ul><ul><li>Goals and performance to goals (SMART Goals) </li></ul></ul><ul><ul><li>Don’t save feedback for annual reviews </li></ul></ul><ul><li>Keep your staff informed </li></ul><ul><ul><li>Verbal and written communication (which/when) </li></ul></ul><ul><ul><li>Meetings and teleconferences </li></ul></ul><ul><li>Staff access to management/proper channels </li></ul><ul><ul><li>Open door policy and listen to your staff </li></ul></ul><ul><li>Praise in public and criticize in private </li></ul>
  18. 18. Best Practices - Interactive Exchange <ul><li>How do you motivate and retain staff? </li></ul>
  19. 19. Incentives, Contests, Recognition <ul><li>Cost Based </li></ul><ul><li>Prizes & Awards </li></ul><ul><ul><li>Movie Tickets </li></ul></ul><ul><ul><li>Gift Certificates </li></ul></ul><ul><li>Lunches & Dinners </li></ul><ul><li>Recognition Awards </li></ul><ul><ul><li>Trophies, Ribbons </li></ul></ul><ul><li>Recognition Clubs (President’s, Leadership) </li></ul><ul><li>No Cost </li></ul><ul><li>“ Dress Down” Days </li></ul><ul><li>Public Commendation </li></ul><ul><li>Ranking Charts </li></ul><ul><li>Communication of Achievement </li></ul><ul><li>Pat on the Back </li></ul><ul><li>Leave early/Time off </li></ul><ul><li>Parking Spot </li></ul>
  20. 20. Competition as a Motivator <ul><li>People want to be in 1st place </li></ul><ul><li>No one likes to be in last place </li></ul><ul><li>Rankings are effective motivators, but need to be communicated and kept up to date </li></ul><ul><li>Healthy competition drives performance, results, and success </li></ul>
  21. 21. How do People Really Feel (About Their Jobs)? Part I <ul><li>Fiction </li></ul><ul><ul><li>Dissatisfaction with pay and benefits is the top reason American workers leave their jobs. </li></ul></ul><ul><li>Fact </li></ul><ul><ul><li>Some 70 percent of the employees who leave their jobs do so because they’re unhappy with their supervisors. </li></ul></ul><ul><ul><ul><li>Source: The Gallup Organization </li></ul></ul></ul>
  22. 22. How do People Really Feel (About Their Jobs)? Part II <ul><li>Fiction </li></ul><ul><ul><li>“ Wages and fringe benefits … are often considered primary determinants of job satisfaction, commitment, loyalty to employer, job performance, and retention.” </li></ul></ul><ul><li>Fact </li></ul><ul><ul><li>“ The quality of employees’ jobs and the supportiveness of their workplaces are far more important predictors of these outcomes than earnings or fringe benefits.” </li></ul></ul><ul><ul><ul><li>Source: 1997 National Study of the Changing Workforce </li></ul></ul></ul>
  23. 23. Why People Stay ... <ul><li>Opportunity for advancement </li></ul><ul><li>Valuable training opportunities </li></ul><ul><ul><li>Help your staff develop “portable skills” </li></ul></ul><ul><ul><li>Does your company offer tuition reimbursement? </li></ul></ul><ul><li>The opportunity to make a difference </li></ul><ul><ul><li>Do all your staff members know why their jobs are important? </li></ul></ul>
  24. 24. … and Why People Leave <ul><li>The grass is greener syndrome </li></ul><ul><ul><li>Some come back if you let them </li></ul></ul><ul><li>Dissatisfaction with management, corporate culture, advancement opportunities, salary </li></ul><ul><li>Poor fit (skills, personality, etc.) </li></ul><ul><ul><li>Consider temp to perm for some positions </li></ul></ul><ul><ul><li>Be sure to do exit interviews </li></ul></ul>
  25. 25. When You Don’t Want to Retain ... <ul><li>Effective leaders need to know how to motivate and retain, but not everyone should be retained </li></ul><ul><ul><li>Top performers should be recognized/rewarded </li></ul></ul><ul><ul><li>Marginal performers should go through a formal performance improvement plan (coaching, warning, probation, termination) </li></ul></ul>
  26. 26. How Does Your Staff Feel? <ul><li>Surveys </li></ul><ul><li>Roundtables </li></ul><ul><li>Meetings </li></ul><ul><li>The “Rumor Mill” </li></ul>
  27. 27. Suggested Resources <ul><li>1001 Ways to Reward Employees - Bob Nelson </li></ul><ul><li>Executive EQ - Robt. K. Cooper & Ayman Sawaf </li></ul><ul><li>The Motivational Manager Newsletter </li></ul><ul><ul><li> 800-878-5331 </li></ul></ul><ul><li>7 Habits of Highly Effective People - Stephen Covey </li></ul><ul><li>Principle Centered Leadership - Stephen Covey </li></ul><ul><li>Lions Don’t Need to Roar - D. A. Benton </li></ul><ul><li>On Becoming a Leader - Warren Bennis </li></ul><ul><ul><li>… and don’t forget your Human Resources Dept. </li></ul></ul>
  28. 28. In Closing ... <ul><li>“ People often say that motivation doesn't last. Well, neither does bathing -- that’s why we recommend it daily.” </li></ul><ul><ul><li>Zig Ziglar </li></ul></ul>