I recently had an article published in Forbes titled 5 WAYS TO KEEP YOUR TOP EARNERS AND EMPLOYEES WHEN YOU CANNOT OFFER A RAISE OR PROMOTION. I wanted to share the article with you.
Employee retention is essential. The U.S Bureau of Labor reported that 4.3 million people quit their job in May of 2022.
A good leader recognizes that their people are their greatest asset. Investment in your people is a crucial element in running and growing a successful business or team unit. Keeping your top earners and employees should be a top priority.
Right now, it’s harder than ever to prevent great people from leaving and moving on to bigger opportunities that offer more money or more competitive titles. If your company isn’t able to offer these at the moment, it’s important to understand ways to keep your top earners and employees when you cannot offer a raise, title advancement or promotion.
Most of the time, it boils down to finding more ways to value these employees. When an employee feels valued, they are empowered, happier, and have an easier time creating a work life balance.
1. Offer More Autonomy – Micromanagement and meddling can be the root of employee dissatisfaction and turnover. Micromanagers make their team members feel incompetent and powerless. That slowly chips away at self-worth and productivity. Therefore, simply understanding the psychological root of why an employee is craving a promotion is enough to give them what they’re looking for. A high achieving person could be looking for an advancement in their career, deep down, because they crave more autonomy. They want to manage themselves, make decisions and take ownership of their work void of a micromanaging boss. A good employee can manage themselves, their responsibilities, and their time effectively, ultimately their responsibility must equal their authority.
To read 4 more ways from Rocky, click on this article
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Remember, People don’t quit on their jobs, they quit on their bosses.