Managers can agree that employee engagement and retention are at the top of their priority list. The problem? Many employees in today’s job market feel uninspired by their work, get bored after 2 years and start job hunting for something new.
Quick turnover drains companies, both financially and creatively. Quantifying exactly how much it costs businesses to replace every employee who leaves is a challenge, but estimates are out there. Here are some highlights from a collection of estimates on the costs of employee turnover:
All these numbers point to the same basic conclusion: employee turnover is expensive.
Outside of financial burdens, employee turnover puts a ceiling on the quality of a team or individual’s work. The reason? Companies with high turnover have fewer employees with a high degree of institutional knowledge.
If most employees leave a company after just a few years, then the company never benefits from that golden combination of skills, talent, and critical institutional knowledge that helps business thrive.
Here are 5 employee engagement practices that can help you retain top talent:
It shouldn’t only be left to managers to praise good work. When you hear about someone’s achievement, go over and personally congratulate them. It’ll mean a lot to that person and they’ll likely do the same for you when your big wins come through.
Find a way of offering recognition that works for your personality and your schedule. This will make your intentions easier to deliver on.
If you aren’t exactly a smooth talker, then offering recognition during meetings might not be an option. Choose instead to write heartfelt letters once a month.
The modern workplace is evolving quickly as office locations expand and work-from-home becomes more normal. With this, organizations are met with the increasing challenge of maintaining transparency and team collaboration within a department across the workplace.
Encourage an environment where your employees can come and talk to you at anytime without judgement or repercussion. In a toxic environment, employees can't thrive and resentment builds until it implodes. If an employees feels they work in an environment of transparency, they are more likely to be solution-oriented, and they can comfortably navigate problems and get the job done.
A perk that has quickly become mainstream for its flexibility, personalization, and cost and time-saving benefits for HR, a Lifestyle Spending Account is an employer-funded account for employees to spend on perks.
With Lifestyle Spending Accounts, HR experts create a perk budget for their team and each employee gets the power to use that money to pick exactly what perk they want and need most.
By personalizing your perks, you actively support your employees’ individual needs which demonstrates you care and want to help them reach their full potential. And that will always increase their happiness and engagement at work!
To shake up the workday, or start Monday off with some inspiration, Cooleaf recommends hiring a motivational speaker to come into the office. Maybe your team would benefit from a creativity workshop or team-building seminar to improve in-office relationships. Employees will be grateful for the opportunity to grow and learn from experts and will come out of these experiences more energized and focused.
Surveys are one of the few ways to actually measure and track engagement, so definitely make this part of your efforts.
Ask questions like:
When you focus more attention on engaging employees, the results are higher productivity, better retention rates and improvements in organizational success across the board.
What activities has your company used to increase employee engagement? Let us know in the comments below.
For more fun and engaging ideas visit SnackNation! Surprise & delight your employees with America’s #1 office snack delivery experience.
Attention CEOs, Business Owners, HR Managers: Want to learn which steps to take to create a more productive work environment?
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