Leaders can't always control pay, but they can influence four loyalty anchors that keep people: clarifying purpose, building trust with colleagues, showing visible progress, and giving genuine praise. These five factors reduce turnover and build engagement.
So what are loyalty anchors and how can they help you to improve retention and decrease turnover? Well, as an effective leader, there are 5 loyalty anchors, 5 things that will keep people in your organization and thriving in the culture that you've built. And those 5 things are pay and progress and people and purpose and praise. Now, of those 5, Pay may be something you don't have any control over, but as a leader, the other 4, making sure that you clarify their purpose and how what they do is making a positive impact, making sure that you surround them with good people who they enjoy connecting with and building trusting relationships with, showing them progress, not just towards a compelling common goal, but progress so that they feel that they are developing as a worker, an individual, to other opportunities, and then finally, praise. Do you help them to feel seen and appreciated for the effort they're giving. If you really want to recruit the people that are already in your locker room, if you want to build a culture of retention, focus on those 5 loyalty anchors. That's what effective leaders do.
