Western Independent Banker - May/June 2009 - (Page 10)

How to Keep Employees Happy … On a Shoestring Budget WHAT EARNS EMPLOYEE loyalty? Some insist it’s all about cash, but in these days of workload cuts, salary freezes, abbreviated hours and shrinking financial reserves, other options must be considered. However, uncovering what, besides money, keeps each worker satisfied can be taxing since different age groups and personalities require a wide range of offerings. To help sort it all out, here are some factors to consider before presenting any non-cash “stimulators” to help retain your employees: Generational What appeals to your recent Gen Y college grad may do little to impress a more seasoned baby boomer. Because of this, it’s important to understand the needs and expectations of each generation represented on your staff: Gen Y, born 1978-1989; Gen X, born 1965-1977; baby boomers, born 19461964; and veterans, born prior to 1946. For example, the Gen Y group typically places a very high value on feedback, especially when it includes recognition of their skills and talents. Knowing they have a voice and will be viewed as an equal part of the team, despite their youth, gives Gen Y a much needed sense of comfort, reassurance and pride. Gen Y will work hard but they also want quick rewards in the form of promotions and leadership roles. The more challenge, the better. They also value less traditional work hours and settings, so in addition to career growth opportunities, offer flexible schedules or environments, as they’re likely to buy generous amounts of Gen Y loyalty. Gen X is similar to Gen Y in some ways, but perhaps even more desirous of a worklife balance. They’ve watched workaholic parents devote all their time to companies while missing out on baseball games and family dinners – only to be laid off by ungrateful corporate henchmen. The Gen X battle cry is, “We’re not going to let that happen to us.” Therefore, perks such as company-sponsored family outings, “Bring Your Child to Work” days and flex time are apt to appeal to them and help keep them loyal. Baby boomers usually enjoy opportunities to mentor younger workers. They also value teamwork, genuine relationships with co-workers, and the chance for personal growth. Give them all the facts, keep communication very open and offer status-symbol awards as perks. Veterans may rank as the most easily motivated of your employees. They often list the opportunities to stay physically active, give back, remain mentally alert and feel productive and useful among their reasons for not retiring. Position them as knowledgeable teachers and resources to your younger staff members. Be very generous with your praise, gratitude, interest and respect. In-Sync Management Tactics Be a manager who’s willing to adapt yourself to meet the needs of your entire staff. Remember that employees don’t typically leave their jobs – they leave their managers. Find out how each member of your team is wired and why he or she responds to situations in specific ways. 10 www.wib.org Western Independent Banker http://www.wib.org

Table of Contents Feed for the Digital Edition of Western Independent Banker - May/June 2009

Western Independent Banker - May/June 2009 Contents A Message from the Chairman How to Keep Employees Happy … On a Shoestring Budget Keeping Good Employees in Today’s Marketplace Asset Appreciation: Front Line Employees Hold the Secret to Balancing Customer Loyalty and Profitability Great Places to Work – WIB Member Banks Why Real, Live Bankers Still Matter Getting the Best Results from an Executive Search Best Practices in Lender Incentive Programs The Enlightened Control Freak: How to Lead So Your Team Will Love, Follow and Work Like Crazy for You Even in These Wild and Tough Economic Times The Frightened Leader Don’t Train – Educate! WIB Service Corporation Report WIB Calendar New Members Advertiser.com Index of Advertisers

Western Independent Banker - May/June 2009

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