If your valued employees are starting to congregate at the top of your company’s corporate ladder, you might want to do something about it – or risk losing them.
According to a survey released by Robert Half International Inc., once the next rung on the career ladder appears out of reach to workers, they are quick to look elsewhere.
The national study drew responses from 150 executives who work at among the nation’s 1,000 largest companies.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Thirty-nine percent of executives said good employees are most likely to quit their jobs due to a lack of advancement opportunities. Unhappiness with management was the second-most common answer, cited by 23 percent of those polled.
Executives surveyed were asked to rank a list of reasons that good employees quit their jobs.
In addition to a lack of advancement opportunity and unhappiness with management, lack of recognition (17 percent) and inadequate salary and benefits (11 percent) also ranked high. Six percent of those who responded said “boredom” caused good employees to quit their jobs more than anything else.
“Helping top performers reach their professional goals is essential to retaining them,” said Max Messmer, chairman and CEO of Robert Half. “The best employees are ambitious and may not stay in a position long if it lacks growth potential.”
But what if money is tight – as it is at so many companies? And a new title with a new salary isn’t in the budget.
“If offering a promotion isn’t an immediate option, managers should consider providing employees with projects that will prepare them to assume greater responsibilities in the future,” said Messmer.
He also offers the following tips to help business owners and managers retain top workers:
• Gauge perceptions. Are your employees happy with their roles and with management? Gather individual feedback on the work environment and the types of changes that might enhance job satisfaction.
• Reward extra effort. Individuals who frequently accept added responsibility or an increased workload should be rewarded. If budgets are tight, consider alternatives such as a larger office or a more flexible schedule.
• Give kudos. Praise doesn’t have to be costly or time-consuming, but it should be frequent and personalized. A sincere thank-you note and recognition during a staff meeting for a job well done are inexpensive yet effective motivators.
• Avoid staff burnout. The most capable employees tend to have the most on
their plate – and they’re the least likely to speak up when the workload is
too heavy. If hiring more staff isn’t an option, bring in temporary help.
MicroEnterprise program creating jobs
The Rhode Island MicroEnterprise Association Inc. has released results from the program’s third year. Graduates of the organization’s training program – most of whom finished up in 2003 – have gone on to form businesses, creating more than 70 jobs in the process.
Of those new enterprises, according to Ann Marie Marshall, the program’s state director, 64 percent are service-focused businesses and 27 percent are product-based businesses.
The MicroEnterprise program is one of those nice stories that doesn’t get the attention it deserves.
Marshall said that 323 people completed the four-session MicroBusiness Training Program. Fifty-six started their own business, accounting for the 70 jobs. Graduates of the program get free ongoing technical assistance. For example, three-hour workshops specializing in marketing and financial literacy are offered to small-business owners at various locations throughout the year.
If you would like to learn more about the program, you can call Marshall at 383-7940.
The Rhode Island MicroEnterprise Association gets its funding from the state Human Resource Investment Council, The Rhode Island Foundation, the Corporation for Enterprise Development, the U.S. Small Business Administration and FleetBoston Financial.
For those generous sponsors, it’s money well spent.
Words of wisdom
Sometimes you never know where you might learn a worthwhile lesson – or even pick up a sound life strategy.
I was at a shoe store in Johnston the other day and I couldn’t help but overhear a conversation between an older gentleman and the sales clerk.
The man was there to buy a pair of comfortable sneakers for an upcoming trip. It was obvious that the sales clerk knew the man personally. He asked the man where he and his wife had been lately – and where they were planning to go next. The man said that he and his wife had now been to more than 60 countries.
“I want to get to 100 before I die,” he said with a laugh.
And then he said something that I found to be especially profound.
“I had two sets of goals,” he said. “To educate my kids. And travel.”
Not a bad life strategy.
