Retention
If you are consistently working through recruitment, realization, recognition, and redirection, you will enjoy the fruit of your labor—employee retention.
In their book, The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value, Frederick F. Reichheld and Thomas Teal discuss the benefits of having long-term employees, including:
- Lower hiring costs;
- Lower training costs;
- Higher efficiency;
- Better customer recruiting;
- Higher customer retention;
- Higher customer referrals; and
- Higher employee referrals.
Employee retention is the return on investment in the other four Rs. Putting time and effort into your staff makes good business sense. It will save you time and money when you have a fully trained, fully functioning staff member who can take initiative and help you grow your business.
When you have long-term employee retention, you will see the merging of values, goals, and objectives. These employees often become ingrained into the culture of their practices, departments, and institutions because a good leader has created buy-in, loyalty, and—ultimately—has given them something to which they have connected.
Finding the Coach: Managers might feel that moving an employee to the retention part of the cycle means their work is done. Skilled leaders never assume that a long-term employee knows everything and is completely satisfied. These leaders will continue to take time with these faithful staffers, knowing that they must continue good leadership to keep good employees.
Mastering the Five Rs of physician leadership is the springboard to a happy, lucrative business. Following the tips presented in the Five Rs, and seeking additional advice on good leadership skills, will help you build strong, initiative-taking, loyal, long-term employees, and your practice, department, or institution will benefit greatly.
References
- Robbins SP. The Truth About Managing People…and Nothing But the Truth. FT Press, 2003.
- Allenbaugh GE. Coaching … A Management Tool for a More Effective Work Performance. Manage Rev. 1983;72:21-26.
- Reichheld FF, Teal T. The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value. Harvard Business School Press, 1996.
