Effective Ways to Retain and Motivate Your Top Fundraisers
Published: 10/24/2018
Within the realm of fundraising, a dichotomy exists regarding retention, says William J. Mountcastle, president and principal consultant at Health Giving. Although it seems contradictory, retention IS about money, but it is also NOT about money. Understanding both sides of this equation can help you develop strategies to retain and encourage top talent in your foundation.
The Financial Impact of Turnover
Retention is, indeed, about money. When fundraisers leave, the costs go beyond just replacing them. According to the Advisory Board Company, replacing a fundraiser costs an estimated $66,500. Moreover, the loss of a high-performing major gift officer can put an estimated $2.7 million in potential philanthropic revenue at risk.
This financial impact is exacerbated by interruptions in relationship development with donors, reduced productivity during training periods, and a loss of momentum while the position remains vacant. The effects are not only felt financially but also in the continuity of organizational relationships, which can be unsettling for donors, clinicians, and program leaders alike.
The Trust Deficit
High turnover can harm an organization’s reputation among donors and key stakeholders. Relationship trust, built over time, is irreplaceable. Each departure creates a gap in trust with donors, potentially delaying, or even derailing, major gifts. Rebuilding this trust requires time, during which vital opportunities may be lost.
Retention Beyond Money: The Motivational Factors
While financial considerations are crucial, the motivation and retention of top fundraisers go far beyond money. Trustworthy leadership, career advancement opportunities, and a focus on employee well-being play a significant role. Studies indicate that high-performing fundraisers prioritize:
- Learning and engagement
- Clear progression pathways
- Recognition and appreciation
- Autonomy and responsibility
- Positive work environment
- Mission inspiration
- Sense of belonging
- Team camaraderie
Building an environment that fosters these elements helps retain fundraisers by addressing their intrinsic motivators.
Strategies to Retain and Motivate Top Fundraisers
Set Clear Expectations
Align the goals of major gift officers with organizational objectives and hold them accountable. Clear expectations provide direction and a sense of purpose.
Praise Publicly, Correct Privately
Recognition in front of peers can be motivating, while constructive feedback given privately can help maintain morale.
Foster Career Growth
Encourage long-term career development for fundraisers by creating growth-oriented experiences and opportunities.
Invest in Training
Provide fundraisers with effective training to ensure they feel prepared and supported in their roles.
Promote Work-Life Balance
Offer flexible or reduced work schedules to help employees maintain a healthy balance between work and personal life.
Develop Supportive Systems
Streamline processes to reduce administrative work and eliminate redundancy, allowing fundraisers to focus on their primary responsibilities.
Encourage Independence
Top fundraisers value autonomy. Give them the freedom to make decisions and take actions that align with their expertise.
Create an Engaging Environment
Combat tedium by fostering an enthusiastic, enjoyable workplace culture.
Build a Donor-Centric Culture
Encourage organization-wide involvement in the fundraising process to cultivate a collective, donor-centered approach.
Recognize and Reward Success
Acknowledge excellent performance and ensure employees feel appreciated for their contributions.
Building Relationships Beyond the Transaction
Retention efforts should also focus on genuine relationship-building. Showing real interest in fundraisers as individuals and ensuring follow-through after inspiring moments can reinforce their connection to the organization’s mission.
Focusing on both the financial and motivational aspects of retention can help create an environment where top fundraisers are motivated to stay and grow. By addressing both sides of the retention dichotomy, you'll sustain impactful, long-term relationships with your staff and, ultimately, with your donors.