Renee Matlock, the owner of The Private Practice Coach, shares with clients her wealth of experience, gained over 30 years of building a profitable, multi-disciplinary private practice.
BLOG: Nurturing and Retaining Your Staff
Nurturing and Retaining Your Staff
Over the course of the last 4 blogs, we have touched on the various elements of hiring: determining whether To Hire or Not to Hire, finding The Match, Recruiting and Interviewing, and Onboarding. This blog in the series covers nurturing and retaining your staff now that you've put in all the work to hire them.
The Society for Human Resource Management (SHRM) reported that, on average, it costs a company 6 to 9 months of an employee's salary to replace him or her. That is a lot of time and money wasted.
The 3 things that satisfied employees value most (besides competitive compensation) are:
1) Understanding expectations and knowing how you (their supervisor) feel they are performing.
Just as you develop SMART goals for your business, so should you develop them for your staff. Clearly define what your performance expectations are, and where an employee should seek guidance when needed. Periodically check-in so they are apprised of their performance, so they know what they are doing well and where they need to improve.
2) Wanting their ideas and concerns to be heard
It is just as important to listen and give your employees a voice as it is to have a strong voice as their leader. Employees are more productive and develop greater loyalty to the company they work for when they feel valued.
3) Wanting to develop their skills and advance in their careers.
Employee development ensures your team improves their skills and grows their knowledge. Giving them opportunities to develop boosts employee engagement.
Herzberg's Two Factor Theory
Herzberg's motivation-hygiene theory states that there are certain factors in the workplace that cause job satisfaction while a separate set of factors cause dissatisfaction, all of which act independently of each other. Improving the "dissatisfiers" helps to decrease job dissatisfaction, while improving "satisfiers" helps increase job satisfaction.
Dissatisfiers (Hygiene Factor) - salary, working conditions, physical workspace, relationship with colleagues and supervisor, quality of supervision, policies and rules
Satisfiers (Motivators) - performance and achievement, recognition, job status, responsibility, opportunities for advancement, personal growth, the work itself.
Because of the value that great employees add to your business, nurturing and retaining your staff is essential to the growth of your company and should be a high priority. Invest in your team!
If you need help brainstorming ways to nurture your team, contact Renee Matlock to schedule a complimentary, no-strings-attached, “Talk with Renee” session to discuss your practice, your goals and your dreams. Renee, the owner of The Private Practice Coach shares with clients her knowledge and expertise gained over 30 thirty years of building a profitable, multi-disciplinary private practice.
