You can’t always promise the exact time you’ll be able to promote an employee or transition them to a new department. Your best practice is having open and honest conversations along the way.
Statistics show that if an employee feels their manager treats them well and has a genuine interest in them, they will stay in a job even if they could go somewhere else with higher pay. So take the time and invest in your employees. Try to meet more than once a year to review their performance.
Remember what we say in HR: Everything you communicate in your review should have been communicated at some point prior to review day. Surprising an employee with suggestions or concerns about their performance will no doubt have them asking, “Why are you just NOW telling me this?”
This all goes back to properly setting goals. If your employees understand what’s expected of them, they’re going to do a better job, and that will be reflected in your bottom line. Not too long ago Harris Research conducted a study for Stephen Covey (of Franklin Covey), to understand how to better lead an organization toward successful strategy execution, much of which centered around reaching goals:
- Only 30% of companies actually reach their goals.
- Only 15% of employees can identify their company’s goals and priorities.
- 51% of employees don’t understand what they need to do to meet the goals.
- 51% work on things that are urgent but not important.
- 81% feel no ownership in getting the goals completed.
Imagine what a little solid communication around goals could do for your organization!
So what are you doing? Are you partnering with your executives or the CEO in your organization? Have you been putting together succession plans? Are you setting advanced goals and growing the organization that in turn also grows your staff? When you can answer “yes” to those questions, you’ll see a big positive difference.
If this topic interests you, learn more in my book RINGMASTER: 8 Strategies For Becoming A Star Performer In The Midst Of Change.