"Whenever you find yourself on the side of the majority, it is time to pause and reflect." - Mark Twain
Eight Ways Out
It's been said that employees don't leave bad companies, they leave bad leaders. If you've had an employee leave because they were offered a huge compensation increase (often by a much larger company) that you couldn't match, you may be wondering if that adage is always true. It may be that some offers are irresistible but that doesn't mean that other key players you've lost couldn't have been retained. The real question is: were you actually (and unintentionally) inviting them to leave you?
This short checklist from HBR suggests that you evaluate your employee retention program by looking in the mirror and asking yourself if you're doing one of the 8 Things Leaders Do That Make Employees Quit.
From Y to Z
There are now five different generational cohorts in the workplace. Just when you were getting the hang of managing Millennials (Gen Y), Gen Z (born between 1997 and 2010) is now making its way into our companies. If you'd like a quick primer on how the two cohorts differ and how to manage the "Z's" check out this short article "Move Over Millennials, There's a New Workforce in Town."
Bill and Warren Pull a Shift at Dairy Queen
Among the many companies that Warren Buffett owns, the one that many people may know best is Dairy Queen. Never let it be said that the Sage of Omaha doesn't understand the details of his business through 'hands on' experience (at least when it comes to Dairy Queen) . Check out this fun short video of Warren Buffett and Bill Gates working a shift at Dairy Queen.
Incentives Beyond Compensation
If you're a small to mid-size company you've no doubt lost at least one employee to a larger company who offered compensation that you could not match. As frustrating as this is, you do have some options to retain people that don't require significant out of pocket cost. This short article from Forbes offers "10 Tips for an Incentive Program That Goes Beyond Compensation."