Eye on Business (CNA)
Just sharing some things read online
Extensive research has been done to find out why employees quit or jump ship. Interestingly it shows that the top reasons employees jump ship are: to find new opportunities or challenges; get better leadership; have better relations with their immediate superior or manager.
I say it is interesting because none of the top reasons is about salary increase or bonuses. Yet if you're a business owner, you might think that the biggest reason an employee left to join another company is because the other company is offering a higher salary. The fact is, it is the convenient reason. If they leave because of a better offer that you can't match, then it's really not your fault is it? There's nothing you can do about it. Well, think again.
In essence, the biggest reason employees leave is because they feel stuck in a rut. They don't see any growth in their future and they feel that there is a lack of leadership in their company. It's a bitter pill to swallow but that becomes your "fault". And the good news is there is something you can do about it.
The leadership crisis in SMEs
Majority of business owners (including big companies) don't bother about "complicated" management things like leadership because they are focused on making the business work and getting in the sales. But by doing that, they neglect the human resource that they depend on to make their business work.
Sure, pay increases and bonuses are wonderful. But the fact is those are not the most important things to your employees. If they are, then they wouldn't be resigning after they receive their bonuses, would they?
"Where there is no vision, the people perish." - The Bible.
Well, in this case, where there is no vision, employees jump ship. You see, people want to be a part of something bigger than themselves. They want to have a sense of growth. They want to be acknowledged. They want to feel that they matter.
If you research some of the most respected leaders in history, you will find that all of them… let me emphasise that, all of them, not most of them, inspire and rally their followers with a strong and clear vision.
From Mohandas Gandhi to John F. Kennedy, Martin Luther King Jr to Minister Mentor Lee Kuan Yew, all of them have very clear and strong visions of what they wanted to achieve. And because of their visions, they were able to attract talent to support their causes and inspire loyalty.
More specifically, if you take a look at business leaders such as Bill Gates, Steve Jobs, Michael Dell, Mark Zuckerberg, and closer to home, Wee Cho Yaw, Olivia Lum, Ho Kwon Ping and many others, they too have very specific visions that they keep selling to their partners, associates and employees.
Do you have a clear vision of your business? Do your employees know about or share your vision? If they do, the next question is do they know what part they can play in your vision?
I know of successful entrepreneurs who actually attract and retain talent even though they are offering lower salary than their competitors. How do they do it? They sold their talent their visions and how they can play an important role in their history making venture. It's a lot like an election campaign. Obama won because he sold the nation the vision of hope and change they can believe in.
Of course, another key ingredient to retaining valuable talent is to make them feel comfortable and happy with their working environment. When they have a strong vision they believe in and they are comfortable and happy with their working environment, they have no reason to leave.
By Sant Qiu