Talent retention has become one of the biggest issue business leaders face. This relatively new concern has grown over the last decade, from 28% of companies reporting that it was their most important concern in 2009 to nearly 60% of companies in 2013. Why is retention suddenly top of mind?
Historically, retention was never much of a concern. Employees were hired by a company and became ‘company men’. The gold watch employees were given after decades of service was a reality, with little turnover among staff.
Times Change
A litany of factors affected the standard of the long-term corporate employee, including corporate mistrust, increasing reliance on technology, layoffs and a rapidly growing workforce.
The rising generation of employees are more likely to change jobs in search of a new experience and are less inclined to feel an attachment to a big corporation. Today, companies face a revolving door of employees, with most
employees actively looking to change jobs every three years.
A stable workforce is an essential element in running a successful company. From building corporate culture to managing customer relations, consistency is one of the most important parts. Companies trying to build a lasting business must focus on retaining their workforce.
Can retention help reduce costs?
Replacing an employee can cost up to 50 percent of their annual salary. Finding qualified employees requires advertising and promotion. The loss of the employee may lead to increased overtime as other employees pick up the slack.
These added costs, in combination with time spent on interviewing and on-boarding new employees, can severely impact a company’s budget. It is in a company’s best interest to retain employees who are qualified and trained for their position.
How can you retain talent?
One of the most effective ways of retaining talent is through employee engagement. Creating an environment that retains talent takes effort, but the dividends are worth the effort.
First and foremost, one of the key parts to retaining talent is to pay well. Changing jobs can be attractive when employees get a
10 to 20 percent pay increase. While pay is not the most important part of a job, it is important.
Pay your employees a comparable wage and offer regular raises for increased responsibilities and contribution to the company’s growth.
Cultivate a positive corporate culture
Develop an atmosphere that allows your employees to grow professionally and personally and recognize their efforts.
Be flexible. With the rise of technology’s use in the workplace, allow your employees to take advantage of flexibility as much as possible. Can employees work remotely? Allow them to work from home once a week. Find ways that show your employees that you will work with them on scheduling as much as possible.
Provide training
Continue to train your employees as much as possible. Use cross-training to not only offer additional skills, but to help employees see the bigger picture of your company. Bring in outside enrichment opportunities to invest in your employees’ skills and abilities.
In today’s competitive workforce, retaining talent is more important than ever. Not only does it impact your costs, it can impact the entire demeanor of the company. What are you doing to improve the employee retention rates of your organization?
Michele Bailey is president and CEO of
Blazing Agency and
My Big Idea™. These two lines of business work congruently to support her clients’ success.
In the quest to attract and retain skilled workers, many employers are looking to incorporate wellness programs into their company.
More than simply a perk to be included in a benefit package, however, employee wellness programs are an effective means of improving a workplace and can have long-term effects on a company’s culture and bottom line.
Considering the addition of a wellness program to your workplace? Studies show that wellness programs are more than a ‘feel good’ addition to a benefits package and can have long-term positive results for both the employee and the employer.
Corporate Culture
Workplace culture can affect every aspect of a business. From employee turnover to customer relations, the culture of a workplace shows clearly. For many companies, the relationship between job satisfaction and corporate culture is clear.
When employees are happy with their jobs, they are more likely to perform better, have reduced absences and better interactions with other employees and customers.
A
study in occupational health revealed that participation in a work provided wellness program can increase job satisfaction and improve corporate culture.
Corporate Savings
Payroll is typically the largest expense that companies face. In fact, labour costs can account for up to 70% of business costs. It includes taxes, wages, benefits and more. As payroll costs continue to climb, business leaders are searching for ways to reduce the costs associated with payroll.
According to
one US study, implementing an employee wellness program is one of the most effective means of reducing costs. For every dollar spent on wellness programs,
medical costs are reduced by about $3.27.
In addition, payroll costs can escalate as employees lose work time due to sickness or other health related issues. Reducing absenteeism is another benefit to implementing an effective employee wellness program. Employer
costs associated with absenteeism can fall by $2.73 for every dollar spent on wellness.
Interested in reducing payroll costs? Calculate the savings you could see from the addition of a wellness program.
Corporate Buy In
Wellness programs are only effective when they’re being used by employees. How can you ensure that employees are aware of the program and receive the benefits of it? Corporate buy-in.
To maximize the effectiveness of a wellness program component, engage senior level management in the launch of your program. Demonstrate to employees that everyone within your organization sees the benefits of the program and takes advantage of the components it offers.
Does your wellness program promote walking? Encourage lunchtime walks, led by a senior management member to motivate everyone. Find ways to
include corporate leaders in your wellness program.
Not only will they benefit personally, it will increase the level of engagement among employees overall. Experts agree that including senior management is one of the most important factors of a successful wellness program.
Adding a wellness program to your employee benefit package can be effective in improving corporate culture and reducing costs. Encourage participation at every level within your organization for maximum results in health, both physically and financially.
Michele Bailey is president and CEO of and . These two lines of business work congruently to support her clients’ success.
Emily Post, the maven of etiquette, was adamant in her penchant for showing gratitude. Regardless of the situation, the correct social response demanded a written expression of thanks.
In today’s tech-savvy world, written thank you notes have been relegated to formal social occasions such as weddings. Many business experts recommend using a written thank you after an interview as a way of indicating your interest in a position and of keeping your name near the top of the list.
In many circumstances, etiquette advisors now recommend that a simple email will suffice to show appreciation. Even with the use of technology, however, most people have gotten away from sending thank you notes, to the detriment of social relations.
Why have people shied away from showing their gratitude?
In most instances, people would agree that they are thankful and appreciative of another’s efforts. Whether it is a colleague who stays late to finish a project, a contact who provides meaningful input into a project or a supervisor who offers motivation, most individuals realize that they benefit from another’s assistance. Why aren’t more people willing to show their gratitude?
Reason #1: Feelings of Inadequacy
A careful look at the education system reveals the basis for this concern. Without wading into the controversial waters of current educational curricula, the simple reality is that schools are no longer teaching students of any age how to write a thank you note.
As a result, most adults express concern over their competency in showing their gratitude. Unsure about what to say and hesitant to say something awkward, many people simply choose to say nothing, missing the opportunity to share their gratitude.
Reason #2: Underestimating the Impact
Perhaps most compelling in the study, researchers discovered that people are simply unaware of the positive impact that showing gratitude can have on others.
When asked to predict the response of those receiving a thank you note, researchers found that the sender of a note severely underestimated the way they would feel. Recipients of thank you notes reported that they were more inclined to think positive thoughts about the sender and were grateful to be recognized.
Interestingly, neither age nor gender made a difference in the results. When a person received a thank you note, they perceived the sender to be genuine, warm and appreciative – regardless of how inadequate the sender may have felt when writing the note.
Business leaders who wish to solidify relationships in the workplace, or anyone looking to
improve their social relationships and well-being, may be surprised at the value of a simple ‘thank you’. While gratitude is not a currency that can be traded for favours, one might be surprised at the benefits that come from showing appreciation for others.
Perhaps you had it drilled into your head as a child: Don’t forget to write a thank-you note! After every birthday or holiday, your mom would systematically get out a box of cards for you to begin the laborious task of writing a note detailing your appreciation for a gift.
That simple task may be the key to unlocking a new level of success in your relationships with others.
Feeling unsure of what to write? Visit your local bookstore for a book on writing thank you notes or do a simple web search for inspiration on what to say.
Not sure if it will really mean anything to the person you’re writing? Start with those close to you, perhaps by writing a thank you note to a friend or family member and express what they mean to you. Who can you thank today?
The My Big Idea™ program includes a dedicated section on gratitude and provides an effective framework to craft the ideal thank you note appropriate for any situation.
Michele Bailey is president and CEO of
Blazing Agency and
My Big Idea™. These two lines of business work congruently to support her clients’ success.
Effective bosses want their employees to succeed. It benefits your employees, and the company as well. Keeping your employees happy is an essential part to their success. In fact, studies show that happy
employees are 12% more productive than unhappy employees. Taking it a step further, happy employees put their happiness to work and bolster company success by outperforming their competitors by 20%. Helping your employees thrive is a win – win.
They’re happy, you’re happy, the bottom line is happy. How can you help your employees thrive?
Create the environment
People want to feel as though their work matters. They want to work for something larger than themselves and see the results of their labors. By creating a positive environment, your employees will feel valued and engaged in their jobs. A positive work culture is essential to helping your employees thrive.
Allow for growth
Do your employees have room to grow? Offering your employees development opportunities – both personal and professional – can demonstrate that you are committed to their success. Employees in all demographics report that they
want development and training; offering them the opportunity is an indicator that they matter.
Promote healthy work/life integration
Employees want to be valued as individuals and want to be seen for their whole-selves. Promoting a
healthy work/life integration is essential. Encourage your employees to set flexible boundaries between their work/home lives.
Discourage after-hours email, weekend work, or other practices that blur the line between work and non-work hours. Lead by example and take regular time off, encourage disconnecting on weekends and encourage conversation about employee lives outside of work. A practical way to tackle this conversation is to acknowledge that sometimes one part of our lives will get or need more focus than another, and this is normal.
Seek regular feedback
Ask employees how they feel about the culture of the organization, what’s working and what needs to be improved. Asking for employee input demonstrates that you value their opinion, and that their voice matters. This helps create a positive environment where employees can thrive. By encouraging employees to be open about their feelings, they will feel more engaged in the work of the organization.
Practice effective communication
Give employees information they need. Be transparent about corporate concerns (as appropriate), share exciting news, discuss future plans for expansion. Communication is one of the most effective ways of helping your employees feel connected to the organization.
However, communication is more than simply dispensing information. Be an active listener to your employees. Focus your attention on what they’re saying and demonstrate that you are empathetic. Ask questions, ensure that you understand what the other person is saying. With a
high percentage of employees (50%) reporting that no one in their leadership team listens to them, communication is one of the most important things you can do to help your employees thrive.
Helping your employees thrive is essential to running a successful business. Look for ways to encourage your employees to take advantage of the positive culture you’ve built. The results will improve not only your corporate success, but increase the positive vibe surrounding your company. Success breeds success, and people will be
drawn to a place where the employees are thriving. How can you encourage your employees today?
Michele Bailey is president and CEO of
Blazing Agency and
My Big Idea™. These two lines of business work congruently to support her clients’ success.
An employee who is confident is more likely to succeed. Unsure employees are hesitant in their work, less likely to take risks and often perform at lower levels of success than other employees. As a result, their work performance suffers. This can affect the entire organization. Why should you care about the confidence of your employees? Because your success depends on theirs.
If your employees seem uncertain in their job performance, it may be time to take decisive action toward improving their self-confidence. Here are five easy things you can do to bolster their confidence levels.
Use compliments
Everyone likes to hear, “Good job!” for a job well done. Often, however, it becomes perfunctory and meaningless when everyone hears the standard line. Be sincere in your praise and be specific. Use details about their efforts to demonstrate that you are aware of their individual effort. Gratitude is a powerful thing.
Use a balanced approach to criticism
No employee is perfect. You know they make mistakes; they know they make mistakes. There’s nothing wrong with bringing up weaknesses that need to be corrected. However, it can be a confidence killer when that is the only time you communicate with an employee.
Employees shouldn’t feel a sense of dread about being called to the manager’s office (
this can be avoided if you establish weekly 1:1s). Make sure you are equally forthcoming with praise of their accomplishments as well as constructive criticism.
Encourage development
Employees want professional development. Encouraging them to take advantage of opportunities demonstrates that you are confident in their ability to take on additional responsibilities, and that you are invested in their success. According to a
Gallup poll, employees who felt that someone at work encouraged their development stated that their standard of living had improved as a result.
One of the key indicators of their standard of living? Self-confidence. Employees who feel as though someone is invested in their future are more likely to develop more confidence in their current job.
Be sensitive to times of personal crisis
Employees who lack self-confidence may find their confidence plummet even more during a personal crisis. Added stress may escalate concerns and fears. To prevent additional confidence drain, speak privately to employees who may be going through personal situations. Reassure them of your confidence in their ability and of the company’s support during their crisis.
Offer employee benefits
Benefit packages speak volumes about the company’s
investment in its employees. A quality benefits package can improve employee retention, reduce absenteeism, and influence employee performance. The engagement of employees outside of work hours, such as through a benefits program, can create a positive relationship between employee and employer. This leads to greater sense of fulfillment and loyalty, and in turn, can improve the employee’s sense of confidence.
Employee engagement is one of the most important indicators of a company’s success. Supporting an employee’s confidence in their abilities demonstrates that the company sees value in them, both personally and professionally.
This approach is beneficial in encouraging employees to bring their whole-selves to work and can generate increased employee engagement. Who can you encourage today?
Michele Bailey is president and CEO of
Blazing Agencyand
My Big Idea™. These two lines of business work congruently to support her clients’ success.
With nearly
70% of employees reporting that they are disengaged at work, it is apparent that there are thousands of people not working toward the goals of their organization. According to a recent survey,
only 2 out of 10 employees reported that they can see a direct connection between their job goals and that of their employer. How can you align the goals of your employees with that of your organization?
Work backwards
In many cases, in the minds of your employees, the goals of an organization don’t translate well into actionable steps. To align employee goals with the organizations’, start with the end goal. Then, develop employee level goals to support the larger picture.
If the corporate goal is to “Treat customers with respect”, how does that relate to the average employee? For those in customer service, it might be obvious, for those in legal, accounting or other departments that don’t have daily contact with your customers, it may be ambiguous.
Define the goals into action steps and individualized goals that employees can work toward. Does it mean every employee is responsible for handling customer service issues as they arise? Does it impact the way customers are greeted? What does the goal look like for each employee?
Communicate
How do you inform employees about the goals of the company? Break the goals down into small talking points. Add one to each staff meeting to introduce and reinforce the corporate vision. Ensure that on-boarding processes include information about the corporate goals, and how each position supports that goal.
Don’t assume that everyone “just knows”. Communicate clearly the goals of the company to each individual. Put them in writing. Display in public locations. Use them in marketing and internal communication.
Increase transparency
Tie employee’s daily tasks to the larger corporate goal. Allow them to see how their daily activities affect the success of the organization. This can help prevent employees from being caught up in the day to day drudgery of their tasks; they see clearly how their efforts impact the company. In addition, increasing transparency helps everyone stay accountable for their work. When everyone can see the success (and failures) of the team, individuals are more motivated to work hard toward their goals.
Develop actionable goals
Employees who have clearly defined goals are more likely to be successful at work. Help your employees
develop goals that are tied to the corporate goals. Offer goal-setting workshops to assist employees in crafting
SMART goals for their position. Help them identify ways they can meet the corporate goals through their own goal-setting plan.
Create excitement
Recognize and reward employees who meet their goals. Broadcast success stories as a way to motivate and inspire others to keep pushing towards their goals. Find ways to celebrate the achievement of goals – no matter how small or incremental.
Track new clients, sales records, customer satisfaction results; whatever the specific goals of your organization are, find ways to measure them, and celebrate their achievement. Use mistakes as a learning opportunity to improve, and encourage employees to keep working on their goals, even if they don’t meet them right away.
Goal alignment is one of the most important aspects of effective leadership. When you get everyone in your team working in the same direction, it can be a powerful opportunity for your company to succeed. How can you improve the goal alignment of your organization today?
Recognize and reward employees who meet their goals. Broadcast success stories as a way to motivate and inspire others to keep pushing towards their goals. Find ways to celebrate the achievement of goals – no matter how small or incremental.
Track new clients, sales records, customer satisfaction results; whatever the specific goals of your organization are, find ways to measure them, and celebrate their achievement. Use mistakes as a learning opportunity to improve, and encourage employees to keep working on their goals, even if they don’t meet them right away.
Goal alignment is one of the most important aspects of effective leadership. When you get everyone in your team working in the same direction, it can be a powerful opportunity for your company to succeed. How can you improve the goal alignment of your organization today?
Michele Bailey is president and CEO of
Blazing Agencyand
My Big Idea™. These two lines of business work congruently to support her clients’ success.
