Tactics for Retention in Volatile Times

In recent blog articles we talked about burnout in the workplace and how competition for scarce talent is heating up at home and internationally. Given today's tentative global economic recovery, leading employers are rethinking compensation using non-traditional approaches. The nature of these tactics still focuses on the bottom line while valuing employees and supporting retention strategies.

Notwithstanding the "talent" imperative, the two key elements in an employer-employee relationship are time and money and they're also key motivators. Often there is a tacit understanding that a 35- or 40-hour work week is a bare minimum and that monetary compensation in the form of wages, bonuses and other benefits will reflect extra hours worked - difficult to sustain in today's financial climate. Surprisingly in a recent study by the Australian Government, fathers were found to be working longer hours (i.e., an increase by 5.7 hours per week between 1997 and 2006) – a trend running counter to pressures on fathers to spend more time with their children. And, general observation would suggest that these same statistics would apply to single career women with no children and that there likely is increasing pressure on single mothers to work more hours to pay the bills.

On the other hand, there is a growing recognition that other ways of balancing work and family life are needed to support companies as they manage financial challenges and achieve business goals. This is further complicated by the need to address other issues such as employee burnout, stress and the growing social trend that family, friends and personal interests matter to our health. At the same time there is a need to recognise that health has a direct impact on performance and success.

In large measure what we’re talking about is the growing awareness of the value of happiness in the workplace – a value that is often suspect or at minimum only given lip service yet one that has many benefits. There is increasing evidence that happy employees are productive employees who have little reason to look at opportunities elsewhere.

One important tactic that is gaining popularity to offset "benefit loss", support retention and attract talent away from competitors is workplace flexibility. While more money makes us happy, other considerations - whether you live in an economically advanced country, how you compare your wealth to others and how you view your time - play into the equation. To say the least, the relationship between money and happiness is a complicated one.

Findings from Canadian research identified a number of factors that are important to employees. Although the study was limited to social workers where there is a high burnout rate, we can infer that these factors would apply to other professions. As summarised in a recent BNET article, highlights of what employees valued about their work environment include:

• Flexible work schedules: giving workers flexibility to manage their personal lives (self-care). Results indicate that a flexible schedule helps achieve a healthy work-life balance.
• A strong sense of engagement in their work. Behind-the-scenes support to employees from their bosses and employers via flex schedules as well as the availability of superiors with whom to consult and discuss ideas and issues.
• A feeling of being appreciated and valued: this stemmed from being included in organisational decision-making.
• Having a high degree of freedom built into their jobs: they wanted the ability to try new things and expand out of their immediate area.
• A pleasant physical workspace and good relationships with clients and colleagues.
• Having a diversity of responsibilities:  including training, teaching others, research, and policy development work.
• Having a mentor: the opportunity to talk with a mentor about their life, career decisions and their day-to-day job.

Even if you can't implement some of these tactics quickly, then keep it simple. Don't underestimate the impact of verbal praise on the happiness quotient - but remember that implied praise can be even more powerful. Doing things like asking for help or ideas from your employees, putting an employee in charge whether you're away or at an all day meeting while you're in the office, or dropping hierarchical roles and working together. These kinds of things are powerful in recognising an employee's true value and in showing trust - which is one of the highest praises of all. As long as you are genuine, employees will feel like valued members of your team.

Alexander Kjerulf, a leading expert on happiness in the workplace, says that happy people are more likely to be successful and that, “…people are not happy because they are successful but rather are successful because they are happy.”

What tactics are you using to be happy at work or to create a happy work environment?

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