As reported by HRDive, 81% of employees said they experienced more energy, happiness and productivity when they felt trusted at work, and 47% would take a pay cut up to 20% if it meant being trusted more.
Employers can not underestimate the value of a trusted manager-employee relationship.
Trust is earned and managers must make an effort – and a continuous one – to develop trust among employees. Employees need to know managers have their backs and their interests in mind. With an impending recession, employees are nervous about job stability and will need to trust that their employer will be honest and upfront about any potential changes.
Following three years of rapid change and unknown situations, combined with the Great Resignation that left many employees overwhelmed, stressed and burned out with the loss of colleagues and the increase in workloads, any additional change in personnel, budgets or operations could be the final straw.
As companies seek ways to combat the talent war and increase employee retention, they must focus on building a culture that values two-way communication, a strong manager-employee relationship, and a commitment to employee development. Investing in employees through time and resources is a great way for employees to build trust in their employer.
Additionally, employees need to feel trusted. Micromanagers who question every move and decision can affect morale. Employees want to feel confident that they are doing their jobs well and are valuable members of the team. An alternative would be for managers to recognize employees and ask about their challenges regardless of performance. A strong, trusted relationship will help employees to feel comfortable asking for help and to develop the confidence they need to execute effectively.
Finally, managers must communicate – not just to the employee but with the employee. Take time to check in – show empathy and concern. Work through challenges together and develop an action plan to address them. Be honest if it could take time or additional budget to follow through – setting clear expectations, and providing updates as necessary will help employees to trust their manager is being honest for forthcoming. Hiding bad news or misguiding expectations will create a toxic culture of mistrust that will spread across the team.
Developing a culture of trust and communication between employees and managers is important to driving retention.
Contact us today to learn more about our modern approach to performance management and development and how it solves for retention. Don’t just take our word for it, see what our Customers have to say.