{"id":83153,"date":"2022-06-15T13:46:36","date_gmt":"2022-06-15T03:46:36","guid":{"rendered":"https:\/\/boyleconsulting.com.au\/?p=83153"},"modified":"2022-07-01T14:06:01","modified_gmt":"2022-07-01T04:06:01","slug":"effective-leadership-retention","status":"publish","type":"post","link":"https:\/\/boyleconsulting.com.au\/effective-leadership-retention\/","title":{"rendered":"Stop losing talented people:\u00a0 Effective leadership is the key to retention"},"content":{"rendered":"

Stop<\/strong> losing talented people:\u00a0 Effective leadership is the key to retention!<\/strong><\/h1>\n

Are you watching your best people leave, resigned to the fact you can\u2019t match ever-increasing salaries or benefits?\u00a0 Don\u2019t give up!\u00a0 Effective leadership can be far more powerful in retaining team members than a quick-fix financial incentive.<\/em><\/p>\n

Why is retention so important?<\/strong><\/h3>\n

The aim of retention is to reduce employee attrition rates. We use the word attrition<\/strong> to describe the departure of team members, often without reflecting on what it truly means.<\/p>\n

\"Definition<\/p>\n

Every time we lose a talented team member, we reduce our strength or effectiveness as an organisation.<\/strong> The time and financial cost of rehiring and training new team members can be as much as 30% to 500%<\/a> of their annual salary, through both direct and indirect (morale and loss of productivity) costs. \u00a0Add to this the loss of corporate memory, increased competition for skilled employees, a dynamic economic environment and it\u2019s clear we need to hold onto our most valuable asset: our people.<\/p>\n

Effective leaders can retain talented team members<\/strong><\/h3>\n

The key to retention is employee engagement! Did you know those team members who are actively engaged in the workplace help their organisation perform better? Engagement is characterised by the amount of energy, involvement, and positive interactions a team member contributes to the workplace. Team members who are engaged in their workplace are not only 87%<\/a> less likely to leave their organisation, but more than 40% more productive than their disengaged counterparts (Employee Engagement Survey, Boyle Consulting, 2021<\/a>).\u00a0 In fact, engaged team members will advocate their employer to others, attracting even more talent to your team.<\/p>\n

Effective leadership is the number one influencing factor of engagement levels of the workplace.\u00a0 That\u2019s something you can control.\u00a0<\/em><\/strong>Your team is your number one asset.\u00a0 Hold onto them, nurture their capabilities and empower them to succeed.\u00a0 Their success is your success.<\/p>\n

\u201cEmployees who believe that management is concerned about them as a whole
\nperson \u2013 not just an employee \u2013 are more productive, more satisfied, more
\nfulfilled. Satisfied employees mean satisfied customers, which leads to
\nprofitability.\u201d
\n– Anne Murphy ex-CEO, Xerox<\/em><\/p><\/blockquote>\n

How can leaders lift the engagement of their team?<\/strong><\/h3>\n

Engaging team members requires a commitment from you, as a leader, to invest in and develop your interpersonal skills. Whilst there are literally hundreds of skills leaders can choose to develop, use the RETAIN<\/strong> acronym to focus your attention on these top six skills:<\/p>\n