Retaining Your Star Employee . . . Without a Budget
Keeping your star employees is an essential task when you are leading a lab. But what do you do when you don't have room to promote them or budget to give them a raise?
Many management experts will tell you that salary and title are not the most important factors in retention. Rather, people stay at jobs when they are challenged, engaged, and appreciated.
- Retaining high-performing employees is a top leadership consideration
- Salary and promotions are usually not the top factors in employee satisfaction
- Learn seven powerful tactics for retention that won’t cost you a cent
Contributing Lab Leaders
Jeff Myers, M.D., Ph.D.
Director of Anatomic Pathology and MLabs; Vice Chair, Clinical Affairs and Quality, University of Michigan; ASCP President
Wally Hopp, Ph.D.
Senior Associate Dean for Faculty and Research; Herrick Professor of Business, Ross School of Business, University of Michigan
The fact is—far too many labs are losing their star employees because “the only place for them to go up is to go out.” Many lab leaders are desperate to retain staff members, but lack the budget to compete on salary. But if you get creative, you’ll find far more compelling ways to keep your star performers.
Look inward, and consider these questions:
Think about your best manager ever—how did he/she motivate you?
What makes you happiest at work?
What keeps you at your current job?
What could your manager do to increase your job satisfaction?
What new opportunities would you appreciate?