Key Employees and 'Golden Handcuffs'

By: Kendall Rawls | 5,382 Reads | 2 Shares

%3Cp%3EMoving+into+the+holiday+season%2C+and+a+tighter+than+ever+job+market%2C+we+are+seeing+reports+that+hiring+for+the+%3Ca+href%3D%22https%3A%2F%2Fwww.franchising.com%2Farticles%2Frecruit_earlier_and_pay_more_this_holiday_season.html%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Eseason+may+be+more+costly%3C%2Fa%3E+than+what+franchisee+owners+may+have+budgeted+%28or+be+able+to+pay%29.+In+fact%2C+Multi-Unit+Franchisee+Report+recently+reported+that+the+%3Ca+href%3D%22https%3A%2F%2Fwww.franchising.com%2Farticles%2Frecruit_earlier_and_pay_more_this_holiday_season.html%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Eaverage+hourly+wage+for+seasonal+workers+is+expected+to+increase+by+almost+32%25.%3C%2Fa%3E%3C%2Fp%3E%0D%0A%3Cp%3EIn+our+last+article%2C+%22%3Ca+href%3D%22https%3A%2F%2Fwww.franchising.com%2Farticles%2Flow_unemployment_rates_can_spell_trouble_for_franchisees.html%22+target%3D%22_blank%22+rel%3D%22noopener%22%3ELow+Unemployment+Rates+Can+Spell+Trouble+for+Franchisees%2C%3C%2Fa%3E%22+we+tackled+the+cost+of+turnover+and+how+having+the+right+type+of+culture+can+help+you+retain+key+employees.+Here+we+are+going+to+go+deeper+into+what+retention+really+looks+like+with+key+employees+or+up+and+coming+managers.+For+instance%2C+when+your+key+talent+is+growing+within+the+organization%2C+they+want+greater+opportunity+and+therefore+retention+strategies+go+beyond+instilling+culture+and+how+much+you+can+afford+to+pay+the+employee.%3C%2Fp%3E%0D%0A%3Cp%3EAn+example+of+this+that+I+witnessed+recently+was+with+a+colleague%27s+brother-in-law+who+works+for+a+large+software+company.+For+the+sake+of+anonymity%2C+we+will+call+him%2C+John.+John+has+been+with+his+organization+for+twelve+years+and+his+skill+set+and+reputation+of+the+company+for+whom+he+works+is+highly+sought+after.+His+organization+has+a+great+culture%2C+he+makes+%22good%22+money+and+the+benefits+cannot+be+beat.+In+comes+the+%22golden+handcuffs%22+which+are+those+things+that+go+beyond+the+norm.+In+order+to+ensure+he+stays%2C+he+has+been+offered+generous+bonuses%2C+and+most+recently%2C+the+opportunity+to+telecommute.+Sure%2C+the+bonuses+are+great%2C+but+a+key+factor+in+retaining+him+was+working+with+him+to+provide+a+benefit+that+mattered+to+him%2C+personally.+Telecommuting+is+something+that+will+allow+him+more+opportunity+to+spend+time+with+his+family%2C+which+to+him%2C+was+more+important+than+continued+bonuses+or+increases+in+pay.%3C%2Fp%3E%0D%0A%3Cp%3EGolden+handcuffs+are+not+for+every+employee%2C+but+they+are+for+those+that+demonstrate+star+potential+with+competencies+that+include+versatility%2C+non-self-centric%2C+thinking%2C+and+empathy.+More+specifically%2C+qualified+employees+that+should+be+considered+should+have+a+diverse+set+of+competencies+such+as%3A%3C%2Fp%3E%0D%0A%3Cul%3E%0D%0A%3Cli%3EStrong+and+quick+intellect+-+they+must+demonstrate+successfully+dealing+with+difficult+customers%2C+vendors%2C+and+the+crazy+unique+situations+that+go+on+in+your+business+on+a+daily+basis%3C%2Fli%3E%0D%0A%3Cli%3EPositive+mental+attitude+-+energetic+and+above+average+people+skills+with+a+%22do+what+it+takes+to+get+the+job+done%22+focus+versus+simply+punching+the+timeclock.%3C%2Fli%3E%0D%0A%3Cli%3EDesire+for+more+-+they+want+more+and+might+even+possess+an+entrepreneurial+spirit%3C%2Fli%3E%0D%0A%3C%2Ful%3E%0D%0A%3Cp%3EWhen+looking+at+your+current+key+employees+and+future+leaders%2C+can+you+identify+those+that+you+just+know+you+would+not+want+to+lose%3F+If+you+can%2C+you+must+do+all+you+can+to+retain+them.+When+it+comes+to+retention%2C+discussions+beyond+salary+increases%2C+bonuses%2C+or+promotions.+There+are+other+factors+to+consider%2C+including+what+is+most+important+to+your+key+employee.+One+size+may+not+fit+all+when+developing+out+your+retention+strategies.%3C%2Fp%3E%0D%0A%3Cp+style%3D%22border-top%3A+3px+solid+%23DDDDDD%3B%22%3E%26nbsp%3B%3Cem%3E%3Cstrong%3EKendall+Rawls%3C%2Fstrong%3E+knows+and+understands+the+challenges+that+impact+the+success+of+an+entrepreneurial+owned+business.+Her+unique+perspective+comes+not+only+from+her+educational+background%3B+but%2C+more+importantly%2C+from+her+experience+as+a+second-generation+family+member+employee+of+The+Rawls+Group+-+Business+Succession+Planners.+For+more+information%2C+visit+%3Ca+href%3D%22http%3A%2F%2Fwww.rawlsgroup.com%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Ewww.rawlsgroup.com%3C%2Fa%3E+or+email+%3Ca+href%3D%22mailto%3Ainfo%40rawlsgroup.com%3Fsubject%3D%22+target%3D%22_blank%22+rel%3D%22noopener%22%3Einfo%40rawlsgroup.com%3C%2Fa%3E.%3C%2Fem%3E%3C%2Fp%3E

Published: October 30th, 2018