Improve Employee Retention with These Coaching Strategies 

Improve Employee Retention with These Coaching Strategies JPG header image

October 26, 2022 | Allied Solutions

This article was originally published by CU Today. 

Employee turnover is one of the most serious threats facing credit unions today. 
There is an undeniable link between employee engagement and employee retention. Engaged employees are retained employees. On the other hand, disengaged employees are more likely to leave their current organization, and it’s happening every day.

 

Are disengaged employees really a concern? 

Yes. The 2022 Gallup State of the Global Workplace report highlights that employees are more disengaged than ever. Last year, 60% of employees felt detached at work, with a meager 21% that felt truly engaged. Your employees - engaged or disengaged - impact revenue, the member experience, and organizational growth. Truly engaging employees requires uniquely coaching your diverse workforce.  

Detatched vs Engaged employees graphic showing 60% detached and 21% engaged

 

How can a diverse workforce of employees be engaged? 

Most leaders are coaching employees on a basic level, but that isn’t enough in the current workplace landscape. Leaders need to be equipped to motivate in different ways to meet different needs, and to coach to each employee’s unique set of challenges and opportunities.  

There are many forms of diversity that employees bring to the workplace today. A few that have the greatest impact include their age, behavioral style, working location (i.e., remote, in office, hybrid), lifestyle and life goals. Successful leaders tailor their coaching approaches to meet their individual employees’ needs and goals. 

 

4 Strategic Approaches to Coaching Employees 

The main reason that coaching doesn’t happen isn’t because leaders don’t believe in its power; often they don’t know how to coach effectively. Most times they haven’t been coached on coaching.  

When developing a coaching strategy, a one-size-fits all approach will not work in today’s employee-driven environment. There are many facets of your employees' learning and development to take into consideration, including:

  1. Generational: Age diversity in the workplace is highly valuable. Each generation, from the Silent Gen to Gen Z (colloquially called Zoomers) brings a unique set of perspectives and values to the table. For example, Gen Z employees (born between 1997 and 2012) value having a voice, they seek collaboration, and they don’t expect to build a career at just one organization. Meanwhile, Gen X (born between 1965 and 1980) value stability, a strong work ethic, and are mostly company loyal. Knowing what each generation values can help leaders set expectations and coach employees with these values in mind. 
  2. Behavior style: There are a variety of behavior and communication styles employees possess, and numerous assessments to help classify specific styles. Assessments such as DISC, Myers-Briggs or the Enneagram can help leaders understand key motivators and behaviors to better adapt their approach for better coaching conversations as well as how their teams’ diverse styles can work together to best accomplish goals. 
  3. Location: While your credit union may have had multiple locations pre-pandemic, the span of employees has grown with remote and hybrid working options. To coach employees across varying locations: 
    • Schedule regular, individual touchpoints with team members 
    • Incorporate multiple channels of communication to inspire collaboration regardless of working in the office or remotely. 
  4. Lifestyle: Perhaps the most impactful yet most overlooked aspect of employee diversity is life goals. Similar to behavior style, this is often not immediately evident but can be uncovered through employee coaching. Understanding your team’s season of life will help determine their work-related goals and motivators. For example, a new parent or an adult child taking care of aging parents may be more oriented to complete their work by 5pm, whereas a college student and soon-to-be-retiree may not mind more flexible hours. It is key to customize coaching rewards and challenges in a way that recognizes these personal goals. 


Download our free resource, Establishing a Strong Learning Culture: Checklist for Leaders 

Who needs workplace coaching? 
The short answer: Everyone, all the way from the executive team down to the front-line team. Strategic leadership coaching is crucial for organizations that desire to grow through and in spite of the Great Reshuffle. Gallup notes that when organizations invest in their employees’ well-being and development they attract talent, increase employee retention, and see an increase in productivity. 

The workplace is rebuilding and restructuring after the worst of the pandemic. Leaders coaching their employees is more crucial than ever. To reduce turnover, increase retention and growth, and truly engage employees, leaders need to be better coaches. While coaching does impact retention and revenue, it helps your employees find meaning in their work. 

At Allied, coaching is one segment of our 4-pronged approach for accelerating employee performance and creating sustainable growth for credit unions.

 

About Allied Solutions

Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology-based products and services customized to meet the needs of over 4,000 banks and credit unions, along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains several offices strategically located across the country and is a subsidiary of Securian Financial Group, Inc.


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Content in the blog posts are the opinion and views of the writer, and don't necessarily reflect the opinions or views of Allied Solutions.

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