Employees Positively Respond to these 3 Retention Strategies
Business owners are experiencing a labor market that remains extremely tight, whether the company is big or small, they are struggling to retain their top talent. Adding to this need for talent, is the desire for workers to have "work from home" flexibility that poses very real challenges around productivity, training, company culture, communication, and retention.
But for some of our most successful TAB businesses it has become an opportunity to rethink how they operate in a post-covid business environment.
Instead of standing by, hoping the business survives, it has been an opportunity for them to explore how their organizations can use technology, innovation, and change to support corporate culture, achieve growth, and foster success. These business owners actively chose to address these challenges and turn them into opportunities for improvement.
We spoke with three TAB of Central New Jersey business owners who have, through trial-and-error, pioneered the new landscape and are experiencing strong employee retention:
- Stephanie Colonna-Romano, Chief Operating Officer, Martin Insurance Group
- Jon Cofsky, Co-Founder and Creative Director, Whitepenny
- Jamil Brown, Founding Member and Director, Hybridge Learning Group
During this TAB Business Owner Roundtable, these business owners shared some of the tactics and strategies which they are using to keep employees engaged and keep their cultures vibrant.
For them, what started as sending clever memes and cat videos, along with launching Zoom Happy Hours and Teams work groups, evolved to longer term, purposeful changes to adapt to a changed labor environment. They have incorporated new ways of engaging the employees, such as with gamification and new communication platforms, and they have added new technologies to enable remote training and workflow efficiency. Here are just a few of the ideas that were shared at the TAB of Central New Jersey Business Owner Roundtable.
Work-Life Balance and Collaboration
“Money is not the top motivator that keeps people at the job, it’s engagement, feeling valued, feeling supported and work-life balance.” – Jamil Brown
Martin Insurance Group embraced a permanent hybrid WFH model, with a robust and transparent set of policies and procedures to assure that the “new” Martin environment provides work-life balance without sacrificing collaboration.
Stephanie Colonna-Romano shared that Martin employees are most productive and happy when they are given ‘choice days’. In action this means that on Tuesdays and Thursdays, employees can choose whether to come into the office or stay at home. This is a big shift for Martin Insurance, which did not have an official work from home offering prior to the pandemic and it has been a big boost to morale and retention. Choice Days are now a part of their company culture; it’s a privilege that can keep rolling as long as employees remain productive, and communication is working.
Whitepenny had always had a philosophy that emphasized the importance of “getting good work done” regardless of where the performance takes place, in the office or from home. Jon Cofsky’s biggest challenge post-pandemic? How do we ensure that we are not holding each other up when we don’t have face-to-face access? Using a new, more robust, project management software tool has allowed the team greater visibility into what everyone is doing. The trust and the tools are there to facilitate remote collaboration when needed or wanted. Although, they are still encouraged to gather in person for the needed creative sessions. Overall, Jon’s experience is telling him, for his company, the hybrid model is best because the creative energy shared can’t be replicated online.
Hybridge Learning’s culture similarly recognizes the value of face-to-face interaction. Jamil Brown shared his belief that as humans, we learn so much through osmosis, overhearing each other's conversations, and letting our subconscious minds do the rest. So, while the staff is mostly remote the company has the clear policies and the technology in place to assure constant interaction, for training, alignment, and culture-building.
Engagement
“How can we make our jobs a place where employees feel like their voices are being heard, their contributions are being rewarded, and their leaders are creating a favorable environment for everyone?”
Jon Cofsky
So, what is the next big challenge employers face? Making sure employees are satisfied in their role, pleased with benefits outside of salary, and feel an attachment to the company and its culture.
Jon’s company started by creating a list of stipends; monthly wellness stipend, education stipend (with extra time to learn, it was something everybody was attracted to), and supporting good causes through volunteering and donations. These get-togethers created cohesion and commonalities outside of normal job roles.
Jamil agreed, stating money is not the thing that keeps people. They created Team FUN to provide employees with activities that they actually, really love, by taking into account their votes. Most importantly, employees want to feel heard and appreciated.
Stephanie’s company incorporated gamification to create opportunities for engagement, outside of work-focused meetings. The introduction of gamification into the day to day of the business is motivating and in some cases rewarding to employees. Points are awarded for a variety of activities with a special emphasis on activities that demonstrate the company’s core values.
Martin Insurance also recognized that monetary benefits are great but oftentimes more than that, employees want recognition. So, they added more opportunities to call out high achievers and brand ambassadors in front of the entire organization. They hype people up when their colleagues are around.
Leadership from the Top
“There’s nothing that is NOT your job when you’re leading an organization”
-Stephanie Colonna-Romano
The panelists agreed that leadership begins at the top and each of them described what it means to them.
Jon shared the importance of really putting yourself in the place of your team and understanding that it’s not just what’s happening in the workplace, but what’s also happening at home that is impacting the performance of the individual. It’s inevitable that someone is overloaded, and this creates the opportunity to jump in, help out, and always be asking, what is the most useful thing I can do. Empathy can be a powerful tool when we learn to put ourselves in others' shoes. Build trust, first and foremost; without it, you’ve got nowhere to go.
Jamil is a firm believer that leadership must start with open, direct and candid conversations. The team must feel comfortable in sharing the “good, bad, and ugly” on a weekly basis to impact change. To get to this level of comfort, weekly meetings are set, with “cultural ambassadors” designated to help lead the conversation in a positive direction. More importantly, it’s in these conversations where goals, deliverables and core values are regularly being discussed to ensure everyone is on the same page.
Ask your team! Stephanie finds guidance and truth in the input her team provides. Google will not produce the answer to your company’s individual challenges. But by turning to your team, you are receiving direct feedback from the ground up, and what’s even more important is you are also creating engagement. You are telling the team you care and that you want to hear what they have to say.
All of the panelists agreed that a good leader drops their ego when it comes to good ideas. It’s important to seek ideas out from all levels of the company. They implement them and celebrate them as a team.
Lastly, each of the panelists seek out the wisdom of other business owners and leaders, taking their good ideas and adapting them to their companies. As a member of TAB CNJ, you’ll have access to a structured, proven strategic planning method led by a trained business coach. Member companies also participate in peer-advisory boards that bring together like-minded business owners from a variety of industries. TAB advisory boards provide valuable ideas, insights, and honest feedback with the goal of helping each other’s businesses thrive.
Support for Small Business
TAB CNJ (The Alternative Board™ of Central New Jersey) has the resources you need to create and implement a strategic plan that truly meets your needs.
As a member of TAB CNJ, you’ll have access to a structured, proven strategic planning method led by a trained business coach. Member companies also participate in peer-advisory boards that bring together like-minded business owners from a variety of industries. TAB advisory boards provide valuable ideas, insights and honest feedback with the goal of helping each other’s businesses thrive.
With TAB CNJ you can create a strategic plan that provides a workable path to meet your needs and goals.
TAB Benefits
TAB CNJ offers a host of services developed exclusively for busy entrepreneurs. From individualized coaching and workshops to expert speakers, robust business tools and invaluable TAB connections, TAB helps business owners and leaders navigate difficult business conditions, discover new opportunities and achieve their strategic goals.
You’re never alone with TAB CNJ.