It takes more than money to engage and retain your employees. A paycheck is just the tip of the iceberg. The aspirations of your employees drive their engagement, affect productivity, and influence retention.
With many businesses in a constant state of flux and with pressure on managers to do more with less, helping employees develop toward their aspirations is sometimes lost in the day-to-day work demands. As important as it is, managing employee aspirations is often ignored or handled as an afterthought. Organizations pay a high price for this gap, not only in a less engaged workforce, but ultimately in the loss of talent, when disenchanted employees leave in search of a more responsive manager and work environment.
Consider the case of a large multinational organization, Sundeck Homes. The employee compensation was good, but still the organization’s employee attrition rate was high. The organization kept losing key employees, owing to which the production quality suffered and customer complaints increased.
Managing employee aspirations takes genuine interest in and time with your employees to explore their aspirations and plan for their development. It does not, however, have to be costly or elaborate. Managing employee aspirations simply requires a structure to help employees:
Assess their aspirations.
Align with the business needs.
Act on their development.
By focusing on these three steps, you can provide support, information, and resources to your employees. You can help employees determine their key skills and values and provide important feedback and information so that they can develop their goals in alignment with the business needs of the organization. You can also guide them in creating meaningful plans for development and provide them appropriate resources to help them work toward their goals. With the framework and conversation prompts, you can hold meaningful and productive conversations with employees that take into account your managerial interests, your employees’ aspirational interests, and your organization’s business interests
In the case of Sundeck Homes, the organization’s managers did not attend to their employees’ aspirations, which resulted in the loss of employees.
How prepared are you to respond productively to your employees’ aspirations? The Accenture Academy courses Three Steps to Employees’ Aspirations, Manager’s Role in Employees’ Aspirations, and Meaningful Dialogue between Employees and Managers provide the tools and resources you need to help your employees assess, align, and act on their aspirations in a manner that will benefit you, your employees, and your organization.
Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.