A recent Gallup and Workhuman study estimates that replacing leaders and managers costs around 200% of their salary.* Add to that the impact on team performance and engagement, workload and stress levels, and it is evident that boosting retention of good leaders and managers should be a priority.
There are many ways of doing so, but the study highlighted a powerful tool that is readily available to all: recognition. It noted that "When employees are well-recognized, they are 45% less likely to have turned over after two years."
However, the recognition must be strategic and built on 5 pillars. It must:
Fulfil their expectations, i.e., the amount given makes sense.
Be authentic, i.e., not just a checklist action.
Be personalised, because one size does not fit all.
Be equitable, i.e., given fairly with no hint of favouritism.
Be embedded in the culture so it is integrated into day-to-day interactions.
Satisfying all 5 pillars was shown to have a transformational impact: "Employees who receive recognition that meets at least four pillars are nine times as likely to be engaged as employees whose recognition experiences do not fulfil any of the five pillars." Surprisingly, perhaps, those who received recognition that satisfied just one pillar were still 2.9 times as likely to be engaged as those with none! For the business benefits of high engagement levels, see the related blogs on the Aspire MCL website: Coaching | Mentoring | Training | Aspire Management Consultancy Ltd | England (aspiremcl.co.uk)
It is easy to give recognition, but to do so appropriately requires thought and an understanding of the people you are trying to influence: What are their motivators, stressors, preferred communications formats, etc.? The above study makes a compelling case for investing the time and effort required to do so.
Psychometrics such as SDI 2.0 and DiSC, both of which we employ, are great tools for revealing the required information.
Get in touch today for a no-obligation consultation on how we can help you improve the retention of your leaders and key employees.
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