Staff Retention – Why Super Gluing your staff to your firm helps profitability

If you’re a partner with your firm or have otherwise been with the same organization for a double-digit number of years, then you and I have not had the same path.  But you’re hoping your staff’s trajectory will look more like yours than mine.  In fact, you’re counting on it so you can retire.

So, I ask… with so much at stake, what are you doing about it?

Summer outings and pizza lunches?  Fun.  But not enough to keep your employees from jumping ship.

Good wages and health insurance and maybe a bonus this year since the economy is inching its way toward normal again?  Thanks.  But so is the next company – who is also paying a signing bonus.

Let’s put this in perspective:  Career Builder recently announced the results of large scale study of employers and employees:

Employers:

• 32% of companies reported that top performers left their organizations in 2012
• 39% are concerned that they’ll lose top talent in 2013

Employees:

• 66% of employees stated that they are generally satisfied with their jobs
• 25% said they will change jobs in 2013 or 2014

The MAJORITY of respondents say they are “generally satisfied.”  It doesn’t sound like those people are super glued to their firms.

So, what does it take?

I’m sorry to say it’s not a one size fits all answer.  For top performers, your future partners, it’s going to be some combination of:

1. Progressively challenging work and new skill development in the areas that are important for getting to the next level.  Some of this work should be individually contributed and some should be team-based to measure and improve on both skill-sets.
2. Recognition that is meaningful to them.  For some it will be their name in the internal newsletter or trade magazine as appropriate, for others a half day off, for someone else a $500 bonus.
3. Accountability for everyone.  No one wants to pick up the slack of weaker employees over and over again.  Retention is good – retaining under-performing employees is bad.  It lowers the standards for everyone.
4. If it’s not just a job, then give them a career path.  Clear and continual communications about what it takes to get to the next level, how the person is doing on those objectives, and delivery of those promises.
5. Listening skills on your part!  It will be their firm some day.  Help them see how things are from your perspective so they can prepare for their day in the Sun.  Also, take notice of what changes they would like to see and consider which ones can be made sooner than your retirement date.
6. Differentiated treatment.  No, you should not treat every employee the same.  When you consider that they don’t all treat you the same (different attitudes, abilities, work-ethics, etc) you can see why.  Employees need to see direct reward for a job well done (by occurrence and over-time).  This will help them to understand what behavior is desired by the firm and which is not.
7. Employees are people with personal goals.  Do you know what they are?  If you express interest and help them achieve a personal goal, you will earn their trust and loyalty.
8. Technology and flexibility.  The days of sitting in your chair from 9-5 so the boss can see you should be over.  If you want employees to check email in the evenings from home, then you need to let them leave on Wednesdays at 2pm for a kid’s soccer game.  Consider it an integrated work-life plan.

WOW!  You’re thinking.  That’s a full time job on top of my full time job.  Why should I attempt even 10% of that?

You’ll make more money.

Happy employees treat your clients better.  Not only does this help with client retention but also, happy clients are less likely to argue about your invoices.  Happy clients are more likely to give you better references and refer your services.  More profit!

Happy employees treat each other better and work as a team.  This helps with employee camaraderie and retention.  Internally trained employees are more productive because they know your systems and structure.  This means they are efficient and your utilization goes up.  Plus, lower turnover means less time and money spent hiring and training.  More profit!

Happy employees who are dedicated know they are staying with your firm so they do what they can to make it a better place to work.  They will bring you ideas for how to improve the firm.  They will be involved with your employee volunteer days and special task forces.  They will be advocates and evangelists for your firm out in the world. More profit!

Happy employees will do what it takes (in good times and bad) to stay with your firm for a double-digit number of years and want to take on the partner role.  They’re not going to jump to the greener grass on the other side.  They’re going to stay and they’re pay out your retirement.  More profit… for you!

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