Retain Employees or Let Them Go?

In today’s fast-paced market, retaining top talent is a big challenge for most companies
According to a new research done among 600 US businesses with 50 to 500 employees, 63.3% of companies say retaining employees is actually harder than hiring them.
The following facts show the direct impact of Employee Engagement:
Employee engagement increases productivity in the organization. Engaged employees outperform their peers that are not engaged. Overall, companies with high employee engagement are 21% more profitable

Employee engagement reduces absences. In fact, a Gallup study shows that highly engaged workplaces saw 41% lower absenteeism

Low employee engagement is a pricy problem! It costs businesses $4,129 on average to hire new talent, and around $986 to onboard the new hire. That means you lose over $5,000 every time an employee leaves the organization, not to mention the unquantifiable cost of losing an experienced employee!
A fast and efficient Employee On boarding process with a long term Engagement plan is more likely to increase the retention rate.
Here are 5 key Drivers:

1 – Appreciation

· Appreciation and Recognition of your employees hard work will drive their personal performances and increase motivation in the workplace
· As a result, Employees will put more time and effort into their role and be an important element in the organization’s growth and success

2 – Feedback
· By listening to employee feedback and making the necessary changes, we reinforce intrinsic employee motivation, assist with employer branding, enrich internal organizational culture and help drive long term growth.

3 – Leadership
· Promoting and encouraging employee leadership can work as a steppingstone for employee innovation and creativity
· This could be done through letting employees manage projects, including employees in company meetings and recognizing good teamwork

4 – Milestones
” Setting up goals and targets together with your employees to evaluate their performances and success in their role.
” Sitting down with them to analyze the results and put together a plan for potential improvement.
” Having set milestones will humanize the process, increase communication and build confidence in your organizational culture.

5 – Consistency
· Invest in an engagement plan and embed it within the company’s culture
· Remain consistent with the core values and ethics of the organization
· A consistency in the Engagement plan will drive long term success, keeping employees happy, retained and increase the Employer Brand.

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