NEW YORK–How can your credit union retain talent? It’s not rocket science, according to one person—pay them! But there are also three more things every employer must do, the same person added.
Writing on Forbes.com, Jack Kelly, a senior contributor to the publication, said every employer should pay people what they are worth, and then add on a little extra compensation.
“It’s that easy. People don’t commute three hours a day into an office, dealing with all of the stress and headaches because they enjoy it,” wrote Kelly. “People have mortgages to pay, college tuition for children and an array of other expenses. With inflation raising the costs of everything, along with the stock market plunging and wiping out profits from the past year, offering a healthy compensation package will greatly help attract and retain talent.”
Kelly noted companies can rave about their corporate culture, Kombucha on tap, ping pong tables and other perks, “but these frills won’t put gas in the car or food in the refrigerator at home…Gen-Xers and Baby Boomers are worried about saving enough money to retire with dignity.”
But more than money is necessary, acknowledged Kelly, writing that employees must also be treated with respect, shown appreciation, gratitude and empathy, and offered a career path forward within the organization.
Treat People With Respect
“People want to have options and choose what’s right for them. After working remotely and autonomously for the last two years, people enjoyed their freedom,” Kelly wrote. “The last thing they want is to be ordered into the office. Even if they’re inclined to return to headquarters, they want to do it of their own volition.
“Provide flexibility and choices. There is no reason why it must be a 9 a.m.-to-5 p.m. grind. If a parent has young children and needs to take them to school and pick them up afterward, provide the leeway for them to do this. They’ll be forever appreciative and grateful that you’ve made their life easier.”
Kelly also advocated against placing spyware on employees’ computers, saying it detracts from a “safe environment.”
Show That You Care
“Regularly let your team know that you appreciate them. In a one-on-one conversation, express the reasons why you are proud of them,” advised Kelly.
“Cite all the good work they’ve done and how the person exceeded expectations.”
If an employee needs some improvement, Kelly urged managers to be “diplomatic about it. When the opportunity presents itself, shower praise on a team member who succeeds in a goal in front of their peers. This will improve the morale of both the recipient of the praise and everyone else too.
“Offer psychological safety. This involves managing in a way that people are given room to take chances and fail,” he continued. “If they make a mistake the worker doesn't have to worry about being fired or left with a permanent stain on their reputation.”
He said leaders should also encourage people to provide their input and foster the climate to speak openly without fear of retribution.
Finally, he called for encouraging a work-life balance, including mental health days off, subscriptions to well-being apps and fitness centers or closing down for a week, so that everyone can decompress.
Is There A Career Path?
“The boss must be transparent about the future. No one wants to stagnate in a role,” said Kelly. “Fast-trackers want to learn, grow and advance. They desire the opportunity to continually build and cultivate their skills and grow within their profession.”
Kelly noted that sometimes there simply isn’t room for growth for various reasons.
“If that’s the case, the manager needs to be honest about what is happening. If they don’t, there will be a simmering resentment. The person will become disengaged and leave,” he stated. “The manager needs to share how they can advance. Advise the team members of what skills are needed to succeed in their position. Consider offering a lateral promotion to another division, which has an open lane to flourish. Ensure that your group is continually learning and challenged.”