How To Retain Your Team Members #0008

Having to keep replacing good people is one of the biggest roadblocks to achieving your business goals. When things don’t work out and people move on, most business owners will blame the team member.
“They are flaky, not up to it, no one wants to work in 2023”.
This is bullshit. You just haven’t fired them up enough, or given them a true purpose outside of the mundane day to day.
Whether we like to hear it or not (with some big exceptions) the problem usually lies with us as Founders and Operators rather than the team member themselves.
One of the most common questions I get is…

How do we manage to retain 92% of our team year on year?

This is the £100m question, quite literally.
Truth is, there is no one silver bullet. It’s a long list of small things learned, implemented, tracked and reflected on.

The Quickest Win I Can Give You

But…one of the quickest wins I can give you is this.
The notion of 2 way goal setting. It’s simple, my god it works.
Maybe you are gearing up to make your first hire or you are planning to launch a business in 2024. It could be you have already hired lots of people, either way, this is something I really recommend taking on board and using. It’s never too late, even with an established team.

Goals Are a 2 Way Thing

How many of you induct your new hires and then bombard them with the goals of the company, for the year, the quarter and then the month. Hiring goals, revenue goals, goals for new markets, new products. It’s important, but endless. It’s also completely one way traffic.
How many of you know the first thing about your team members. You may know their name, their partner’s name, the names of the children. You may know where they live and whether they like Hollyoaks. But do you know their personal goals? If they want to get married, buy a house, learn a new skill or language, or take up a new sport?
Do your team members even have personal goals?

Follow These Steps

Sit down with each person, and really start to get them thinking about what they want to achieve in the next year, and then the next 3-5 years. Outside of work.
The driven, ambitious team members you have may already have this information, they could be happy to share some goals with you.
If they haven’t written personal goals before, show them how, get them thinking. Being used to setting and striving for goals will lead to a greater growth mindset in your people.
It will instil the ability to delay gratification and provide accountability. You now need to help them achieve their goals where possible.

The Result

Now, they see your business, their employer as intrinsically linked to their most precious desired outcome, outside of work. Their role and personal life working in harmony to achieve their dreams. It’s not no longer a job, it’s a shared mission.

Word of Warning

BUT…a word of warning. You have to take a genuine interest in their goals, and their life. “Being seen to….” is not enough. You need to care that they win, care they live the life they have the potential to live. By putting them first, you win together.

The Law of Reciprocity

In turn, a driven, ambitious team member with personal goals of their own, feeling the support to hit them, as if by magic will now aim to help the business achieve its goals, because goal setting (like so much in business) is a 2 way thing.

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