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Today's economic slowdown is most definitely taxing the average worker's wallet. But at many companies nationwide, employees aren't crying, "Show me the money!" and jumping ship if they don't get a raise. That's because money isn't the "end all, be all" when it comes to employee loyalty and retention, according to the 2008 Management Action Programs Inc. (MAP) Quarterly CEO Survey conducted by Vantage Research. Open communication, employee recognition and involving personnel in decision-making are what people value most in a company. That's why many CEOs will be improving these fundamental business practices, rather than just giving people raises over the next few months, the survey indicates.
"This latest MAP survey shows that the number-one business practice – ‘open communication between management and employees' – was mentioned nearly twice as frequently as 'receiving raises,'" says Allan Hauptfeld, principal of Vantage Research & Consulting (firstname.lastname@example.org) of Valencia, Calif. "Clearly, a work environment where employees are recognized as part of the team is more valuable than simply receiving a paycheck."
Lee Froschheiser, president/CEO of MAP (http://www.mapconsulting.com/), a veteran business-consulting firm that has accelerated sustained growth for over 13,000 companies and 160,000 executives since 1960, says the MAP survey results confirm that savvy business leaders realize the enormous value of motivating employees in non-monetary ways.
"Sure, financial reward is important, but the CEOs we interviewed are choosing to motivate first through other key fundamental strategies," Froschheiser says. "For example, creating a workplace culture that recognizes employees for their professional contribution helps keep 'A' players from jumping ship. Personal growth is another huge motivator for staffers seeking more of a 'security blanket.' Providing a clear career path for your workers, including clearly defined steps for advancement, also pays big dividends in terms of retaining talented employees. Most of all, clearly communicating the company's vision and mission, as well as making employees feel they're playing an important role in the business' overall success are among these CEO's top employee-retention strategies."
In addition, the survey uncovered other newsworthy topics, including:
– The three greatest challenges CEOs are facing in business today:
1) revenue growth; 2) hiring talented employees; and 3) cost
– The people behind a product are about as important as the product
itself. Customers are only slightly more loyal to a company's products
and services than they are to its employees.
– “Cost” isn't driving customer loyalty - even in tough economic times.
To attract/retain customers, many CEOs won't slash prices, but will
increase service/product quality and personal customer experiences
For more information, visit http://www.mapconsulting.com/.
Management Action Programs Inc. (MAP) offers business leadership training and consulting services to organizations nationwide through its