Many traditional leadership notions have been turned upside down over the past couple of years. For example, savvy bosses understand that workers can be just as productive at home as they are in the office. People enjoy having some level of control over how and when they do their work. Leaders who don’t keep up with the times risk losing their talent to companies who are more in tune with what employees value most.

Julie Winkle Giulioni, a bestselling author and keynote speaker, says it’s important for leaders to reflect on any prior assumptions they may still be holding onto. By letting go of outdated beliefs, leaders often benefit from greater employee satisfaction, retention and results.

Wondering if you may be relying on outdated assumptions? Keep reading this issue of Promotional Consultant Today, where we highlight some of the most antiquated leadership practices and beliefs that Giulioni believes should be retired now.

Money is the biggest motivator. People work for paychecks, but a higher salary is no longer the panacea it once was. Giulioni says that employees expect to earn a fair wage, but they want more from their work and organizations — they want a sense of purpose. She recommends that bosses get to know what motivates each individual on their team. Talk to employees about their role in your organization’s bigger picture.

Flexibility is a perk. In years past, remote work was seen as a reward. Now, employees expect it. Organizations that offer remote work enjoy 25% lower turnover and drastically reduced (up to one-third) time to hire new staff members, Giulioni says. If your team currently has rigid policies in terms of where and when people work, ask yourself how you can incorporate more flexibility. Look for ways to give employees more autonomy. It’s good for them and good for your company.

Once-a-year recognition is enough. Employees want to know they’re a valued part of the team. When they feel undervalued, many will simply leave. McKinsey research shows that 52% of employees who resigned recently say they felt unappreciated by their boss. Giulioni says it’s critical for leaders to move away from one-and-done approaches to recognition and feedback and embrace an ongoing dialogue. Some things to think about: Do your team members feel truly valued by you? How can you offer a steadier stream of recognition and feedback?

Employees will wait out difficult times. Giulioni notes that in the past, people paid their dues and put in their time as a prerequisite to earning promotions, more responsibilities and job perks. But, she says, the loyalty contract was nullified decades ago. Professionals know how quickly things can change and that employers don’t offer any guarantees. So, what can bosses do now? Pay attention to the small things and address challenges and annoyances as they arise.

If you want to hang on to your employees and build the best team, make sure you are keeping up with the times. Salary is important, but it’s not the only thing. Also, remember that employees expect flexibility, and they want to hear from their bosses more than during an annual review. Finally, many professionals aren’t willing to put up with the same kinds of challenges they endured in previous years. Bosses who keep these things in mind are on their way to creating thriving teams.

Compiled by Audrey Sellers

Source: Julie Winkle Giulioni has been named by Inc. magazine as a Top 100 Leadership Speaker. She’s a bestselling author, keynote speaker and regular columnist for multiple publications.