Times are tough, were surrounded by redundancies and cut-backs and yet if organisations are going to stay afloat then engaging and retaining their talent is paramount.
The people you had ear-marked to take your business to the next level may now be lacking motivation and commitment. This might be due to them witnessing a recent round of redundancies or a lack of work coming in. Finding ways to re-engage and motivate them will not only help energise your business it will also help ensure that you have talented people at the ready when the good times return.
A recent study in the Journal of Occupational and Organizational Psychology* supports existing theories that work engagement engenders success. The study considered the impact of restaurant employees engagement on financial returns. The study showed that when employees are engaged (i.e. immersed in their work and focused on their customers) they have a higher probability of bringing in profit. The study also showed that attaining engagement is not necessarily about big bonuses or complicated reward schemes. The results showed that daily coaching (e.g. the supervisor helping the employee solve problems) led to increased engagement which in turn led to increased financial returns.
So, we know that engagement isn't all about the money but surely there's more to it than supervisor support? Put simply it's about meeting peoples needs - organisations need to identify them and be able to meet them. These needs will differ for each individual, for one person it may be more about pay and benefits, another person job satisfaction (e.g. autonomy, supervisor support, respect) and a third person employability (e.g. prestigious projects, development).
If organisations are to hang on to the people who will propel their business forward they must make sure that, as far as possible, they tend to their individual needs. Where these needs cannot be met due to the economic situation, leaders must be honest and clear about the reasons why. If talented employees are unsure of their employer's commitment to them then chances are that when the good times return they will be first out the door.
How can Human Assets help?
Human Assets help organisations improve business performance through the engagement and retention of their people. Specifically, helping clients to:
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Devise a strategy for talent management
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Identify the truly talented and keep them engaged and motivated
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Develop the skills of leaders to help them provide direction in a tough economic climate.
* Reference