Treat them well.
There are a few reasons.
Reason One: Well treated employees are more productive, engaged, treat customers better, and will contribute to your bottom line. Employees (the right ones of course) are great assets who provide service, innovate, invent, and create.
Reason One is the “right” thing to do, but somethings are interfering with it.
This is not a complete list, but here are a few interference observations.
The Recession. The fears associated with economic decline cause a retreating, and no or low investment in people. Years go by, and despite economic improvement, the pattern of retreat and non-investment continues.
Old Patterns and Mindsets. Recognizing only a certain type of employee performance or style. Thinking that employees are “lucky to have a job” or “don’t have the same work ethic as we did.” Having benefits structured in a way that access to them requires long periods of service. These patterns sometimes go unnoticed by those in the pattern, but have negative results on current employees.
The Incumbent Bargain. Not realizing that the person holding the job today is well below market price. Through a series of decisions (see other observations for insight) you may be completely unaware of the current one-sided deal you are getting.
On to the other reasons (as if Reason One wasn’t enough).
Reason Two: Unemployment rates have been steadily declining. When I assist organizations trying to find talent, it feels more like trying to pan for gold, long after the gold rush has moved on. With rates below 3% in my own State, essentially there is almost no-one left, and other companies are going to start stealing your talented employees.
Reason Three: The Old Patterns and Mindsets not only create dissatisfaction with current employees (essentially incentivizing them to look elsewhere) but also position your organization at a disadvantage to attract new talent. You may find your organization is in a death-spiral of employees leaving and no easy way to replace them.
Reason Four: It is going to cost you if you have not been attentive to the market shifting around you. If the Incumbent Bargain is not on your radar screen, you may be surprised what it will cost you to replace your experienced and knowledgeable employees. More and more today I hear “we are going to have to pay what?” when it comes to replacing existing employees. The “you are lucky to have a job” may soon be replaced with “you are lucky to still have me” dialogue.
Whatever reason you choose Treat Them Well, you may be surprised if you don’t.