It is important to take into account that symptoms and signs vary among individuals and each worker should be regarded as an individual. For this reason managers should give attention to detail and really help reassuring their staff.
In conclusion, the next big step for organizations is to recognize well being as a prominent factor for employee’s motivation and invest in training, appropriate changes and internal psychological recognition programs.
Is it better let employees go and hire new ones or actually engage them harder so they are retained for long??
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
Increased engagement reduces absences. In fact, a Gallup study shows that highly engaged workplaces saw 41% lower absenteeism
Low employee engagement is an expensive problem as it costs businesses $4,129 on average to hire new talent and around $986 to on-board the new hire. That means you lose over $5,000 every time an employee leaves the organization, not to mention time and effort to on board and train an employee!
Main solution lays in a fast and efficient Employee on boarding process with a long term Engagement plan that will result in higher retention rate.
1 – Appreciation
To appreciate and recognize the hard work of your employees 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 employees feedback and making the necessary changes we reinforce employee motivation, boost 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.
It could be done through letting employees manage projects, including employees in company meetings and recognizing good teamwork.
4 – Consistency
Invest in an engagement plan and incorporate it within the company’s culture and remain consistent with the core values and ethics of the organization.
As a result, it will increase the long term retention rate and keep employees happy. In addition, it will increase the Employer Brand which will turn your employees to your brand ambassadors attracting new talent.
Another trend is the flexibility afforded to each workforce, as more companies let their staff work remotely from home saving significant costs on office space and giving the employees more freedom to manage their time giving them a better balance in their work and personal lives which is very important for the employee wellbeing.
In addition, with the growth of the gig economy and more skilled individuals preferring to work as freelancers, we see a huge increase of freelancing demand with new platforms developing such as fiverr.com that offers a marketplace for companies looking for freelancers to do specific work for them in any sector.
75% of candidates research about a firm’s reputation and employer brand before they actually apply for a job and since Social Media has entered the employment world access to this information is widely available.
Companies invest heavily in cool trendy offices with amenities as never seen before, team bonding trips, attending large events, corporate parties, introducing new products. These are all efforts to raise and boost their employer branding to retain employees and share their happiness with friends and Social Media attracting external talent to join the company.
Employees are employer’s best Brand Ambassadors!
In today’s new competitive employment market, companies must rely on current employees to help source qualified candidates for open roles. Employee referrals are important for companies, since they have been referred by an employee, they already know the company culture, share values, skills, work ethics.
Talent brings Talent!!
Have you ever wondered what the most effective employee Referral Rewards and incentives are to get the most from your referral scheme?
Your first point of call is making your company a great place to work and develop. This will naturally encourage others to promote opportunities to others.
Great employee referral programs and rewards are vital if you’re looking to turn your existing work force into proactive recruiters.
Some companies have used all-inclusive holidays, charity donations, concert tickets, Days Off, gym memberships.. Others cold hard cash… Some employees just like recognition and a pat on the back!
Google:
In 2019 Google employed over 103’000 people worldwide, so what does google have to say about employee referral?
Sometimes a cash incentive is not always the was forward. Google tried doubling their cash incentive for referrals, and it made no difference to the number of referrals coming in.
Google found that their staff were extremely willing to refer friends, but the company’s process needed streamlining.
Increasing the information flow of new roles, updates on hiring, and giving frequent updates and reminders made the employees much more engaged and gave them the extra “nudge” to refer friends.
Distillery:
Distillery is a computer software company located in Australia that has no issues attracting candidates, their issue has been the quality of candidate.
After introducing an employee referral program and looking to current software developers for recommendations, Distillery found a significant increase in quality resumes.
Working in a high-tech environment, naturally Distillery turned to new gadgets and technology to motivate their employees to spread the word of vacancies within the company.
There is no right or wrong answer when it comes to referral rewards and incentives and what works for one company may not work for another. You need to research your employees and discover what’s going to work best for them.
When you engage an agency recruiter to source candidates for you, there are a number of factors in play:
It’s all well and good to have a job description and be able to talk about technical aspects of the job with confidence… But it’s crucial for the recruiter to be able to paint a picture of the work environment, the team dynamics, and the aspects of the job that are not written on the job description.
Now think about these questions, and replace your agency recruiter with one of your employees…
Getting a killer Employee Referral Platform will mobilise your army of recruiters and make recruitment their second job!
After a great week in October meeting clients, and new leads at Unleash Paris, we are already looking ahead to Unleash Spring 2020 at the London Excel.
Employee Referrals are the growing trend. More and more people we speak to are starting to see the value in their own employees for their recruitment process.
If you are attending Unleash Spring 2020, drop by and see us, and let us show you how the Kukatree Automated Referral Platform could give you the edge you need on employee referral recruitment! Check out the advantages here https://kukatree.com/#kukatree-section-1
70% of companies have employee referral schemes and are as a majority run in house.
The problem with many Employee Referral programs is that they are too formal, not actionable, lack communication with the employees, employees are not even aware of how to make a referral, and often don’t have a real feedback about their Referrals & Rewards!!
keeping on top of reporting, updating your individual employees, and the candidates can be a heavy work load.
Manual actions lead to employees being less engaged. This could be having to log on to intranet to see a job; having to email HR for an update on their candidate; being unable to see jobs and workflows on their phones…
In order for employees to be the best possible recruiters, they need everything at their fingertips!
Today’s employee needs all information to be readily available and accessible on many different platforms.
They need to be getting updates without having to ask and they need to be able to view, share, and refer in the easiest and quickest way possible.
Pop up notifications, update emails, reward updates, visual performance tracking…. all of these things can really help to keep your employees motivated to be involved in the program.
An outsourced employee referral recruitment platform can take away all of these headaches for a HR manager. Most outsourced platforms can easily integrate with HRICS platforms. They can also be automated and add no additional work to the talent sourcing process.
One huge hurdle facing hiring managers in small to mid-size businesses, is brand awareness.
Talent professionals in SMBs say that “Lack of awareness or interest in their employer brand“is one of their top 5 challenges they expect to face in hiring.
The top 3 channels to extend the employer brand are company Website, Social Media, and online Professional Networks.1
Job seekers are more and more putting a large emphasis on understanding the brand, its credibility, and what it’s like to work in a company before taking the plunge.
“88% of millennials believe that being part of the right company culture is very important and 78% of people will look into a company’s reputation as an employer before applying for a job”2
Whilst improving website content, blogs, and overall landscape of the company is vitally important, one step that can be easily simplified is the outreach, and visibility of your brand.
Increasing the brand awareness doesn’t have to be a costly experience. Very easily, companies can leverage off their own employees to push their brand within their professional networks and social media outlets. This helps the company to get to a much larger audience.
A referral platformcan help to boost your brand awareness. Giving your employees a simple solution to share company jobs, re-tweet interesting company posts, and refer friends to your firm, adds a large amount of credibility to your brand, and also engages your employees to be a larger part of the overall company process.
“79% of job seekers are likely to use some form of social media in their search2.”
Companies with a stronger employer brand benefit from an average of 43% cost reduction per hire, and will attract 50% more qualified candidates2.
It’s easy to see the benefits of expanding the employer brand, and utilising social media to grow your target audience!
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