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.
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