Workplace fable: The Puzzled Executive and the secret to retaining employees
Mark Price shares his workplace fables - true stories form the business front line that can teach us lessons about career success...
When the Puzzled Executive was glum. He was normally chipper, having built an award-winning businesses that invented and exported whizzy gadgets around the world.
“What’s wrong?” his friend asked, when they met for a coffee.
The Puzzled Executive explained that, although the staff turnover had always been high, a growing number of his European employees were going home.
“Do you know why?” asked his friend.
“I suspect it might be pay, as sterling has devalued,” the Puzzled Exective explained.
“So is pay the only reason people work for you?” asked the friend.
The Puzzled Executive thought about it. “Good question. I think there are other things they value, but I’m not sure what they are. It’s always been easy to recruit people, so I’ve not taken much interest.” He started to reflect more deeply on his problem.
But doesn’t your business depend on having better staff than your competitors? Doesn’t it cost a fortune to train new ones?
“You sell your products around the world, do you do that solely on price?” quizzed the friend.
“Of course not. Every market is different, and our consumers and competitors are always changing. We spend two million pounds each year on insights into them,” explained the Executive.
“How much do you spend on employee research?” asked the friend.
“Nothing,” replied the Puzzled Executive.
“But doesn’t your business depend on having better staff than your competitors? Doesn’t it cost a fortune to train new ones? Aren’t experienced people more productive?” suggested the friend.
“You’re right,” replied the Executive, starting to see the light.
The Puzzled Executive surveyed his staff and to his surprise found that pay wasn’t the major concern. Instead, he discovered that the employees weren’t getting information about the company’s plans and felt that their ideas weren’t listened to. The Puzzled Executive took steps to resolve both - and, lo and behold, staff turnover fell.
Moral of the tale:
It is a folly to spend large sums on customer and competitor insights, but fail to understand your own team.
Mark Price is author of Workplace Fables: 147 True Life Stories (￡10.99, Stour Publishing). To order your copy for ￡8.99 plus p&p, call 0844 871 1514 or visit books.telegraph.co.uk
Share your Workplace Fables and learn more about Mark’s mission to improve workplace happiness at engaging.works/ideas
