Retention, retention, retention
February 27, 2024
About the writer
Terry is the CEO of Ingram Advisory Group and an experienced C – Suite leader with over 30 years tenure in marine, industrial, and commercial manufacturing and sales operations. Terry brings a uniquely practical outside perspective, strong leadership skills, and strategic thinking to his Boards including from his US Navy submarine service. Follow him on Linkedin.
Employee retention remains a pressing concern for businesses of all sizes, across industries and globally. As some who are deeply invested in your company's success, we need to recognize the critical importance of retaining top talent. In today's dynamic job market, where opportunities abound and employees have more options than ever before, keeping our teams engaged and committed is a significant challenge.
One of the primary hurdles we face is meeting the evolving expectations of our workforce. It's not just about the paycheck anymore; our employees crave meaningful work, opportunities for growth, a healthy work-life balance, and a supportive company culture. Some might say a silver spoon but this is farthest from the truth. Falling short in these areas can lead to disengagement and prompt valued team members to explore other opportunities without you even realizing it until it's too late.
It's not just about the COVID-19 pandemic, this problem has been brewing for years and it just added another layer of complexity.
Equally important is the role of leadership. If value each member of your organization and understand that effective leadership, clear communication, and recognition of contributions are paramount. Employees don't just leave companies; they leave bad bosses, this is hard to swallow for many but it's real.. We must ensure that our leadership fosters a supportive and empowering environment where they see a future.
To address these challenges, we must prioritize creating a positive and inclusive work environment. Open communication, opportunities for growth, and recognition of achievements are key pillars of our retention strategy. Drive strong mentorship programs and reward those who want to mentor.
Additionally, investing in employee development and offering competitive compensation and benefits packages are essential components but the hard work is on the leadership team, not HR. Leadership at all levels must not micromanage, they must delegate with confidence, and encourage understanding when failures are made to foster wins of the future.
In conclusion, employee retention requires a holistic approach that prioritizes the well-being and growth of our team members. By fostering a culture of support, investing in development, and adapting to changing work dynamics, we can create an environment where our employees thrive and our business succeeds.
Next steps
If you would like to explore how IAG can help you manage retention, for example in the tricky manufacturing sector, we can help you explore manufacturing retention solutions. Alternatively, our C - Suite fractional offering can help you stabilize the ship, until your staff remain with you for the long haul. We are ready to work with you, are you READY?