Report 10-top-five-strategies-motivating-retaining-top-performing-employees

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  • 1. ©2009 Profiles International, Inc. All rights reserved.Executive BriefingTop 5 Strategies for Motivating & Retaining Top-Performing EmployeesSeptember 2009www.profilesinternational.com
  • 2. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Top 5 Strategies for Motivating & Retaining Top-Performing Employees | 2Top 5 Strategies for Motivating & Retaining Top-Performing Employees. Copyright 2009 by Profiles International. Printed and bound in theUnited States of America. All rights reserved. No part of the report may be reproduced in any form or by any electronic or mechanical meansincluding information storage and retrieval systems without written permission from the publisher.PublisherProfiles Research InstituteDario Priolo, Managing Director5205 Lake Shore DriveWaco, Texas 76710-1732Profiles International(800) 960-9612www.profilesinternational.comAcknowledgementsCEO, Co-founder, Profiles International: Jim SirbaskuPresident, Co-founder, Profiles International: Bud HaneyEditor-in-Chief: Dario PrioloManaging Editor: Carrie D. MartinezCreative Director: Kelley Taylor
  • 3. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Top 5 Strategies for Motivating & Retaining Top-Performing Employees | 3The success of your organization is directly affected by the people you employ. Havingthe right people with the right skills in the right jobs can result in a significantcompetitive advantage.All too often, employers overlook the importance of retaining talent. In addition, theirinability to compete for talented employees will soon become evident as they recognizethe challenges associated with hiring replacements:• New hires do not have the skills or knowledge required for the position• The new hire is talented her but skill set does not match the position• The company experiences high turnover or loses talent to competitors• New hires do not fit within the company culture and create conflict in theworkforceAs fewer workers with the required skill sets enter the job market, companies must findnew ways to develop, motivate, and retain talent. This guide will provide you with theTop 5 Strategies for Motivating and Retaining Top-Performing Employees:1. Employee Orientation2. Performance Evaluations3. Occupational Assessments4. Succession Planning5. Terminating an EmployeeTop 5 Strategies for Motivating & Retaining Top-Performing EmployeesIntroduction
  • 4. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Employee orientation is an important part of the hiring process, but it is often the mostneglected. It is designed to reduce first-day jitters and to introduce the employee to thework process as quickly as possible by familiarizing him both with his job and withcompany operations, policies, procedures, and products.When done properly, orientation sessions can instill positive attitudes about theorganization, ensure quicker productivity, reduce the likelihood of problems frommisunderstandings and misconceptions about company policies, and improvecommunication among employees.The more effort you put forth to get employees started right, the more likely they are tostay and become great employees.The main objectives of an orientation program are to:• Make a good impression starting on the first day• Make new employees feel welcome and at ease• Explain what the company is about and explain the policies, procedures, benefits,and programs• Show the new employee the products and services, even if they are not part ofher immediate department or job descriptionTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 4Top 5 Strategies for Motivating & Retaining Top-Performing Employees1. Employee Orientation
  • 5. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Frequent communication with employees concerning performance is essential toemployee morale and performance. Positive communication can motivate and reinforceoutstanding performance. Prompt discussions of problem areas will help prevent thoseareas from becoming major problems later.Employee performance evaluation data is traditionally used to determine wageincreases and promotion decisions, but this data is also used to determine trainingneeds, to determine the need for skill inventories, to validate selection procedures, andto document information regarding terminated employees.A good performance evaluation will:• Provide a direct link between the job’s requirements and the standards used tomeasure performance• Give each supervisor a means of determining the type of management guidanceand development needed by the employee• Provide direction to the employee to assure that the employee’s efforts arechanneled in the best direction for the company• Give each supervisor the means for analyzing an employee’s performance2. Performance EvaluationsTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 5Top 5 Strategies for Motivating & Retaining Top-Performing Employees
  • 6. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Occupational assessments have become essential tools for managing a successfulbusiness. They provide the information that executives and managers use to makebetter human capital decisions. It’s not enough just to have a hiring process that selectsgood people. Positioning people optimally within the company is even more important.Companies hire the best people they can find, but they are often careless when theyposition their employees. Some employees may appear to be qualified, of course, butunless their personal attributes match those required by the job, performance resultsmay be disappointing. The more leaders know about their people, the more likely theyare to maximize their human resources and get the greatest return for the company.Employee performance can sometimes be improved through training, and trainingoften takes the “one size fits all” approach. But experience shows that people learn indifferent ways and at different rates. When everyone receives the same training, it’salmost certain that more than half of them won’t “get it.”The results of occupational assessments can provide the answers to many of thequestions leaders have about how best to coach, train and motivate their people.3. Occupational AssessmentsTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 6Top 5 Strategies for Motivating & Retaining Top-Performing Employees
  • 7. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Ensuring the long-term success of your company is crucial, and succession planning canhelp you do just that. Managers are using smart succession planning solutions toidentify employees who have the potential to be promoted and to accurately chart theemployee’s course to promotion.Why recruit outside your company for talented people when you can develop theones you already employ?If you want to ensure your company’s long-term success, you must think about careertracks for your existing employees. One of the keys to developing a leadership pipeline isunderstanding the competencies, skills and weaknesses of your existing workforce.When you have that information, you can match those in your pipeline with duties andresponsibilities that maximize performance, employee morale, and company success.Succession planning solutions will help your business develop an organization-wide viewof your existing employees’ leadership competencies so that you can build and createsuccession plans that will help your employees visualize their futures in the company.4. Succession PlanningTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 7Top 5 Strategies for Motivating & Retaining Top-Performing Employees
  • 8. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Termination is usually a very touchy subject. The decision to discharge an employee forany reason—theft, misconduct, unacceptable job performance, excessive absenteeism,intoxication, etc.—should not be made hastily or without deliberation. Indefensibleterminations can leave an employer vulnerable to wrongful discharge law suits and canhave an adverse effect on morale throughout the workplace. One way to avoid makingunjustified discharges is to build safeguards into the disciplinary process.The exit interview is a standard separation procedure in most organizations. Manyemployers are hesitant to conduct exit interviews because, they say, the separatingemployee either will refuse to discuss any critical issues for fear of jeopardizing chancesof a reference or exaggerate the circumstances to justify his/her actions that led to thetermination.Wrongful discharge is one of the leading causes of EEO audits and lawsuits. Thetermination of an employee may result from a number of circumstances. The reasonsmay be misconduct, unacceptable performance, poor economic conditions, or othercircumstances (production cutbacks, plant closing, reorganizations or mergers, theelimination of positions). If termination is for cause, the actual termination should bethe culmination of a reasonable process of discipline with ample and documentedgroundwork demonstrated along the way.5. Terminating an EmployeeTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 8Top 5 Strategies for Motivating & Retaining Top-Performing Employees
  • 9. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.1. Employee Orientation• Ensure quicker productivity and promotecommunication• Instill a positive attitude about the organization2. Performance Evaluations• Increase employee morale and performancewith frequent communication through the use ofevaluations• Identify problem areas to prevent them frombecoming major problems later3. Occupational Assessments• Assess personal attributes to see if they matchboth the job requirements and the companyculture4. Succession Planning• Ensure the long-term success of yourorganization by creating career paths for yourcurrent employees5. Terminating an Employee• Avoid making unjustified discharges by buildingsafeguards into the disciplinary process• Conduct an exit interviewSummaryTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 9Top 5 Strategies for Motivating & Retaining Top-Performing Employees
  • 10. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.PXT – The ProfileXT® is a ‘total person’ assessment that has a myriad of uses. It measures job-relatedqualities that make a person productive—thinking and reasoning style, behavioral traits and occupationalinterests. These qualities in an individual directly affect her productivity, and the productivity of herentire team. An added benefit? The ProfileXT provides 10 reports from one fifty-minute assessment:individual report, placement report, succession planning report, candidate matching report, coachingreport, job analysis report, sales placement report, sales management report, summary reports andgraph reports.Profiles Performance Indicator Management Reports are like instruction manuals, filled with essentialinformation about your people. The reports help you get new employees to full productivity quicker,encourage employees to engage in personal growth activities that enhance their job performance, andhelp your managers increase their effectiveness as leaders and motivatorsProfiles CheckPoint SkillBuilder is an organized, self-paced, self-study employee development system.The SkillBuilder combines CheckPoint Feedback, the right job activities and job knowledge, and aPersonal Action Plan for accountability with a customized coaching guide. This links the participant to athird-party coach for reinforcement and follow-through.Top 5 Strategies for Motivating & Retaining Top-Performing EmployeesProducts of InterestTop 5 Strategies for Motivating & Retaining Top-Performing Employees | 10
  • 11. www.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Contact UsProfiles Internationalwww.profilesinternational.com©2009 Profiles International, Inc. All rights reserved.Profiles International – Who We AreProfiles International helps organizations worldwide create high-performing workforces.Through our comprehensive employment assessments and innovative talent management solutions,our clients gain a competitive advantage by selecting the right people and managing them to theirfull potential.Where We AreProfiles serves 122 countriesaround the globe and hasmaterial in 32 languages.www.profilesinternational.com(800) 960-9612Top 5 Strategies for Motivating & Retaining Top-Performing Employees | 11