According to the US Department of Labor, the number one reason why Americans quit their job is that they feel underappreciated. Therefore, it should come as no surprise that one of the best decisions a manager can make is to choose to invest in their people. The happier employees are, the more creative and productive they will be, and the more significant the impact they will have on the company.
So, what does investing in your people look like? In today’s times, we cannot rely on high salaries, bonuses and stock options to purely excite workers; people need more. They yearn for challenge, meaningful work, and positive impact. A study conducted by Deloitte in 2016 found that, “People feel loyal to companies that support their career and life ambitions, in other words, what’s meaningful to them.” In fact, while all the recent rage has been about millennials craving important work above all, the common thread across all generations is intrinsic motivation. Simply put, we all need to find a personal sense of meaning in what we do.
Now, it is easy to see how managers who operate in busy environments can sometimes forget that employees are unique individuals with their own set of varying interests, abilities, goals, and learning styles. In my teaching experience where I focused on designing an individualized track to greatness for each student and through my work of coaching leaders, I have found that one of the best ways managers can invest in people is to customize interactions to understand what excites each person fully.
Tips To Prioritize And Develop Your People:
1. Have personal development meetings. Every two weeks at Zume Pizza, managers have one-on-one sessions with employees who get to set an agenda dealing with advancing their professional and personal goals. The manager’s job is to understand their long term plan, break it down into two-week sprints, and offer support along the way. They ask mainly three questions 1. What makes you happy? How can I support you? 2. What saps your energy? With this line of questioning, the person knows immediately how much their manager cares. Dartmouth Professor and Author of Superbosses Sydney Finkelstein states, “What matters the most to people is when managers help them advance their careers.” When you are dedicated to growing the abilities of your team so they can rise up the ranks, they will feel happy, fulfilled, and eager to contribute that much more.
2. Ask employees questions to better identify and hone their strengths. Here are some options I found to be very effective: 1. What do you enjoy? 2. In a typical work week, what do you look forward to? 3. What do you see on your calendar that energizes you? 4. If you could design your job with no restrictions, how would you spend your time? 5. What work outcomes make you most proud? These questions help people find or rediscover what they love about work.
3. Show support and gratitude to your people. Believe it or not, many people run afoul of this simple action. A study by Jack Zenger and Joseph Folkman found about 37% of managers said they did not give their team any positive reinforcement. As much as you can, when you get out of your office and talk to your workers, provide praise, thank individuals for completing projects, staying late, and any other little things that you have observed. These actions will send a signal that the company cares about them, they are valued, and their good work is not going without notice.
According to Global Industry Analyst Josh Bersin, he states that many studies show that the total cost of losing an employee can range from tens of thousands of dollars to 1.5-2x annual salary. Besides the financial reasons, it frankly makes excellent business sense to invest in others to become their best selves. The mark of good leaders is about how much they can make those around them better than they thought they can be.
Quote of the day: “The growth and development of people is the highest calling of leadership.” – Harvey Firestone
Q: What is one thing that you wish your manager did more of to show he/she appreciates you? Or, if you are a manager, tell us one way you show appreciation to your team? Comment and share below, we would love to hear from you!
How do you develop your team?