Times are changing quickly. Employee retention is on every business owner’s mind. In many ways, it might be one of your biggest pain points. In job markets like this, it’s easy for an employee to jump from job to job – and that can be a big problem for a growing business.
A recent article from Employee Benefit Adviser Magazine stated, it costs a company on average six to nine months of an employee’s salary, in recruiting time and the cost of training to replace her.
Historically, you may have focused on salary and benefits as a priority to attract and retain a quality workforce, but in this job market you may have to up your game.
At Employee Solutions Group, we focus on “employee engagement”. Specifically, the extent to which our employee’s personal goals and interests align with the vision and goals of our company.
Our L.I.V.E. Your Success strategy aligns each team member’s goals and objectives in four key life areas;
L – Lifestyle, where you are today and where you want to be
I - Income needs and long-term financial goals
V – Values, personally and professionally
E – Equity, building something for the future
In addition, we focus on their natural talents and abilities. We work in collaboration to create a career plan that support what’s most important to them. From there we take a coaching approach in training, development, motivation and productivity, hosting a specific time each week to discuss personal activity that leads to achievement.
Research has shown that organizations with highly engaged employees have outperformed their competition’s productivity by an average 147%. If you’re a business owner like me, looking at the bottom line, a focus on employee engagement and creating a favorable work environment were a no-brainer.
If you’re thinking about how to improve your own “employee engagement”, consider these tips;
Employee engagement is not about extreme change, but small change with a specific focus – to show appreciation and improve communication. Remember, greater engagement leads to greater productivity and a stronger bottom line.
What ways can you create employee engagement in your business?