Business Opportunities Weblog

June 19, 2007 by Rich Whittle | 1 Comment

Kiplinger:

The labor market is so tight that high employee turnover is much more than a headache. It puts companies at a huge competitive disadvantage. Key managers spend too much time recruiting and filling shifts themselves. Deadlines slip. Harried employees make mistakes or treat customers brusquely.

So how do companies retain good workers when there is so much competition for their skills?

Money and benefits have to be competitive, of course, but the deciding factor for many employees is morale.

Motivational consultants Adrian Gostick and Chester Elton argue that managers often overlook one of the easiest ways to keep morale high: recognition and praise. “When you have an office full of people who generally feel good, you create a [positive] environment,” Elton says. “Recognition, when it’s applied well, can absolutely transform people and the organizations they work for.”

Photo by MSDesigns.

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Tags: Employees, Productivity, Strategy