Employee retention is a challenge that every organization faces. The main reason behind this is that keeping employees motivated is turning into a challenging job. The right retention strategy sometimes seems impossible to achieve, and even seasoned managers find it difficult to keep top talent.
Employee Retention is an organization’s ability to keep its employees in the company for the long term. To prevent talent from leaving, it’s important to derive and implement the right strategies. The U.S. Bureau of Labor Statistics states that the turnover rate varies from 60% in professional cases to 20% in the public sector.
When understanding the main reason why employee motivation matters in terms of retention, it’s helpful to look at Maslow’s famous “hierarchy of needs.” Maslow transformed how we look at human nature, and his work has been applied to all institutions of society.
According to the psychologist, every human being has five levels of inherent needs, and this has a pyramid shape. The needs at the base of the pyramid are the most important ones. The top two were self-esteem and self-actualization.
It’s difficult for employees to feel motivated when they don’t take pride in their work. These feelings are further magnified when their management or superiors don’t respect or appreciate their contribution. Lack of confidence and self-esteem coupled with no recognition will leave employees feeling less motivated to do their best at work.
Along with being respected and recognized in the workplace, employees want to feel like their jobs are important for the company and society. They want to believe that using their skills and talents can improve their lives and make the world better. When improving employee motivation, first consider whether your employees have high self-esteem and feel a sense of self-actualization.
Organizing a motivational talk with public speakers is an excellent way to motivate your employees to stay. Speaker Hall of Fame member Steve Gilliland is one of the top business and motivational speakers across the globe. He’s known for his engaging and compelling presentations that have inspired countless employees. You can even check out some motivational audiobooks and eBooks on his online store.
“I was blown away at how the audience was moved by your material.”
–Jon Heibel, Marekting, DNA Genetics