Recognition is big in the workplace, no matter which field you may be in. One of the top issues every manager is concerned about when it comes to supervising their workforce is turnover. How do you retain top talent and keep employees interested and engaged in their work? If your default answer is based entirely on financial incentives, you are likely missing out on a huge opportunity. The energy industry is full of high-quality workers with in-demand talents, but it is also full of companies willing to offer them a little more than their competitors to gain the edge on the market. Rather than offering up the same incentive available everywhere else, here are a few ideas to make your company stand out to retain your top talent and attract industry leaders. Here’s how you can recognize your team’s success and how it benefits your business as a whole.
Mitigating High Turnover Rates
In a recent Randstad US Survey, it was revealed that the number one reason employees leave their jobs is the lack of a career path. Think about that for a moment, because it’s a huge problem. A lack of an individualized career path for employees shows a lack of commitment to long term staff and those employees who leave know it. Companies must reevaluate their long-term retention strategies to include the kinds of succession paths and career growth opportunities that encourage and engage workers. If an employee feels that their company is committed to their success as an individual and in supporting their long-term growth within the company they are more likely to feel satisfied on the job and motivated to do their best work on a day to day basis.
Recognition has a huge part to play in that satisfaction and confidence in career path and long-term success. So even though you think you may be providing the organizational structure and tools needed to support professional development, make sure that individual recognition is also a part of your employee retention strategy.
The Link Between Recognition and Engagement
Nothing is more disheartening than failing to be recognized for the hard work that goes into a project or deliverable. That recognition may not need to be more than a simple statement of thanks, but the long term value is often immeasurable. Employee engagement is built and supported by both recognition and compensation. Too many employers forget that recognition is as much a part of the equation. Don’t let your staff feel like they are working a thankless job. Rather, boosting morale with on the spot recognition is a budget-friendly and moral boosting leadership strategy.
Mentorship is another valuable tool for supporting your employee’s career growth and overall feelings of being valued and recognized. Sometimes it’s not possible for an organization to recognize individuals regularly. But having a mentor provides the support and validation many employees crave at the right moment. Providing the support and sharing the insider knowledge that helped get you where you are today will help your staff as they prepare for the next step in their career as well. That understanding and appreciation of the real work being done on a daily basis can be critical to long term retention.
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