Dr. David Rafeedie

Richard was an ideal employee. According to his boss, he was worth his weight in gold. He never complained, took on tasks that others avoided and never shirked. He was high energy, creative, and enthusiastic. Mary, his boss, wished she could clone him and have 30 Richards. Everyone liked and appreciated Richard. He also had an exemplary reputation in the industry. Apart from the characteristics above, Richard was known for his integrity. People knew if Richard promised something he would deliver.

 So, it was not surprising that Richard was approached by a competitor with a big money offer to leave his present company and join theirs. In fact, it was almost a third more than his present salary. After hearing the generous offer, he did not hesitate. Richard said no thank you, but thanks for the offer. When the recruiter asked him if he would like to think about this generous offer, again Richard said no, he did not need to think about it. He said, “I love working here, I find it very fulfilling. I always look forward to coming to work in the morning. I would not dream of leaving.”

 Why would Richard turn down an opportunity making much more money? Mary his boss new something the other firm did not, retaining good employees goes beyond salary, for most people. Don’t get me wrong, paying a person what they are worth is important for retention. But people leave good paying jobs every day and sometimes they go to lesser salaried positions for a variety of reasons. If you are at your financial limit for salaries, how can you retain that valuable employee or staff member without breaking the bank.

 Mary was wise enough to manage Richard in ways that would bring him fulfillment and continue to inspire him to do his best. You do not have to have an unlimited cash flow to retain the people you want to retain on your team or in your company. Whether paid or volunteer there are concrete retention practices that will help keep your valued team member.

 Knowing your team member well is essential in building in a system of retention that brings fulfillment and achievement to your team members and does not have to cost you much if anything. If you know what your team member values, you can develop an incentive regime that fits them.

 Here are three important things you can do:      

 Seek your team members opinions. Everyone likes to have their opinions valued—this made Richard feel he was an integral part of the team and the company. It aligned his thoughts and efforts with the vision and mission of the company. It will do the same for your team members too.

Speak and show appreciation. Receiving appreciation made Richard feel loyal to his boss, his team, and the company. Words of sincere appreciation do not cost anything, but the ROI is tremendous. Showing appreciation can be as simple as bringing in lunch from time to time or a gift card for a particular achievement. There are many inexpensive and meaningful ways to show appreciation for your individual team member or for the whole team.

Give them flexible hours. Flexible work hours are another way to show appreciation and instill loyalty from team members. Flexible work time made Richard feel incredibly grateful and appreciated. Being flexible when workers report for work or end their day, whether they work at home now or come into the office, is a valuable tool in your toolbox. Single parents especially appreciate it because it allows them time to run errands or get the kids off to school or picked up after school.

 There are other non-monetary things you can do to retain team members. The key is knowing who they are as individuals and then design a retention system for each team member. Whether you are a for profit or non-profit, whether you work with paid team members or a team of volunteers, there are concrete things you can do for retention. Knowing who they are and why they do what they do are the keys to an effective retention system.

 Having the kind of information I have been talking about will also make you a more effective team leader. It will equip you to communicate to individual team  members in ways they will respond to and it will generate good will and respect between you and your team.

 Retention of valuable team members is about more than money. I can help you discover who your team member is and what values you can tap into to keep them inspired and fulfilled so that they do their best every day. I would love to have a conversation with you.  I am passionate about partnering with leaders and teams for change and growth. Email me at info@davidthecoach.com, text me, or feel free to call me at 520-709-1860. If you like, text me your phone number, and I will contact you to start a conversation to explore a coaching relationship.

If you are reading this on social media, check out my website at www.davidthecoach.com.  Download my Four Fundamental Characteristics of an Influential Leader while you are there. You will also find more blogs on fear, leadership, transitions, and other subjects dealing with success factors.