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 Map Consulting 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 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, 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 are revenue growth, hiring talented employees, and cost containment.
-- 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
instead.
Calendar of Events
March 16-19. National HR in Hospitality
Conference & Expo. Sponsored by Cornell University IRL School. Wynn Las
Vegas.
March 27. HR Workforce
Modeling: Achieving Successful Mergers and Acquisitions. Webinar sponsored by
HumanConcepts.
March 31 - April 2. SHRM Global Conference & Exposition. Boston
Marriott Copley Place, Boston, MA.
March 31 - April 2. ERE Expo 2008
Spring. Sheraton San Diego Hotel & Marina.
April 9-12. 23rd Annual Society
for Industrial and Organizational Psychology, Inc. Conference. Hilton San Francisco,
California.
April 16-17. HRO World Conference &
Expo. Hilton New York, New York City.
April 29. Recruiting Roadshow. Cleveland,
Ohio.
May 1-2. Conference
Board 2008 Leadership Development Conference. Grand Hyatt. New York
City.
May 13-16. Kennedy
Recruiting 2008 Conference & Expo: Real World Recruiting for Today's Workforce.
Las Vegas, Nevada Hilton.
May 20-23. WorldatWork
Conference & Exhibition. Philadelphia, Pennsylvania Convention
Center.
May 31-June 4. IHRIM HRMStrategies 2008
Conference and Technology Exposition. Disney Contemporary Resort, Lake Buena Vista,
Florida.
June 4-6. Fordyce Forum 2008
Flamingo Las Vegas Hotel.
June 5-6. Conference
Board 2008 Leadership Development Conference. Hotel del Coronado San Diego,
CA.
June 22 - 25 60th
Annual Conference & Exposition Chicago, Ill | Sheraton Chicago (HQ)
September 8-10. 2008 Staffing Industry
Analysts' Healthcare Staffing Summit. Hilton San Francisco, CA.
September 9 & 10.
Online Recruitment Conference and Expo
2008. Donald E. Stevens Convention. Sponsored by Onrec.com. Center, Chicago,
IL.
September 24-26. SHRM
Strategy Conference Palm Springs, CA | Westin Mission Hills Resort & Spa
October 27-29. Workplace
Diversity & Exposition Atlanta, GA | Atlanta Marriott Marquis
October 28-29. 2008 Staffing Industry
Analysts Contingent Workforce Strategies Summit. New York Marriott at Brooklyn
Bridge, New York City.
October 28-30. ERE Expo
2008 Fall. Westin Diplomat Hotel & Spa, Hollywood, FL.