Improving Employee Engagement
As the economy continues to improve companies are becoming increasingly concerned about employee retention and the impact of attrition on the bottom line. Recent research suggests that as many as 1 in 3 employees will change jobs in the next 12 months and that 31% of employees are actively disengaged and looking for alternative work.
According to a US survey, on average employees cost organizations much more than they actually earn the company for a significant amount of time; this is especially true in Sales roles if you consider the hiring costs, training, company car + benefits, time spent contacting prospects and getting up to speed on products, services and the company culture. It is the same scenario for employees, who often struggle to contribute or to feel they are adding value for their first 6 – 18 months in a new role. However, with the right support from On-boarding, Coaching, Training, Leadership and Teamwork a new employee can become productive much quicker.
What about existing employees? Retention is becoming a concern as the Millennials are apparently looking for swift career growth and often management struggles to motivate this particular group. 40% of employees are supposed to ‘leave their managers’ not the job or the company. This is confirmed by research at Harvard which has concluded that high performing companies always have happier staff, lower attrition rates, and greater customer satisfaction and loyalty.
Again, according to a survey in the US, the rest of those who walk away do so for a number of complex reasons such as:
- Lack of compensation: though they state that over compensating people won’t always make up for a poor work environment
- Job fit: If you glamorize the role people will leave when they discover the reality of working long hours, for example
- Career opportunities: The Millennials in particular are supposedly motivated by career opportunities, having a purpose to their role, work life balance and enjoyment
- The work environment: is important to employees who want to contribute, fully utilize their skills, feel appreciated and feel that they ‘fit in’
At Natural Talent Bristol we hear long-standing employees and managers complain that they have become ‘invisible’, that their work is unrecognized, and that they don’t feel they belong in an ever changing culture. This is when CEOs, HR and Line Managers need to take more of a strategic view of Employee Engagement and retention, communicate the mission, vision and strategy and create a more engaging work environment by:
- Increasing internal Communication and use of the Intranet
- Creating Focus groups
- Conducting regular Employee Engagement surveys
- Organizing Away days and fun events
- Recognizing efforts, behaviors, long service, and outstanding contributions with worthwhile rewards and experiences
- Investing in Career Growth with Coaching and Training
What are your experiences?