What does it take to retain good employees? Apparently, not a lot of money, at least that's what the recently released Walker Loyalty Report suggests. In its survey of 2,400 full- and part-time employees, Walker Information discovered that the top five workplace factors having the highest influence on an employee's commitment are:
1. Care and concern for employees
2. Fairness at work
3. Feelings of accomplishment
4. Day-to-day satisfaction
5. Appreciation of ideas
Additionally, two strong influencers of employee loyalty in 2003 were being an employee-focused organization and offering opportunities for employee development.
All of this isn't news to Bob Nelson, who's been preaching for years that money seldom motivates and retains employees over the long haul. In an article on the Foundation for Enterprise Development website, Nelson says, "While money can be an important way of letting employees know their worth to the organization, it tends not to be a sustaining motivational factor to most individuals." He frequently encourages employers to be creative and more hands-on when supporting employees.
What are you doing to ensure your employees stay motivated and committed to their work and your business?