In today’s competitive talent marketplace, employees are one of the most important priorities for companies however they often run a risk of being overlooked. A strong, dedicated, well rewarded and the valued workforce is a big differentiator in company’s overall results.
So, when the key players leave the organization, it takes a lot of effort to reach the optimum level with the new employees. The true cost of employee quitting is not easy to know as there are many aspects which are intangible, and often qualitative in nature. Besides, it is an established fact that the cost of re-hiring employees is higher than making efforts to keep the larger part of the existing and the competent workforce intact.
WHERE DO MOST COMPANIES MISS THE TRICK?
Most of the organizations lay stress on Employee Retention, which is more like a cure than a prevention to an ailment. Most retention policies lack initiative and are usually reactive in nature.
Companies need to realize two things –
- They are not addressing the ‘WHY’, people want to quit in the first place
- Most retention solutions are temporary and restrictive in nature
Saving the attrition can be profitable for the organization but it CANNOT be left alone to retention efforts which are echoed by 59 % respondents in a Deloitte report, that their companies were either not ready or only somewhat ready to address the employee experience challenge. Most companies lack the strategy to keep people content, valued and respected but still stress on retention.
THE WAY OUT
Engaged employees contribute more to the success of the company than the retained ones
If companies really want to work and help people not only stay but contribute, then they should look to build on the engagement levels. In the same study by Deloitte, it was found that 80% of executives rated employee engagement either very important or important.
Engagement definitely resonates with the top two Great Place to Work companies 2017, Salesforce and Adecco.
That’s how employees of Salesforce feel about the company –
In Adecco’s case, it is liked by its employees because of being an inclusive company, embracing difference, prioritizing flexibility, engaging, allowing learning. Employees feel respected, valued and given every chance to make their individual futures better. Learning and career development opportunities open to everybody play a major part, resulting in a culture of meritocracy which allows high-potential talents to rise from entry-level positions to leadership roles.
Knowing the seriousness of engaging employees, companies such as GE, L’Oreal, and Cisco have senior leaders with the title of “director of the employee experience,” and that trend seems to continue in 2018 and beyond.
“Highly engaged employees make the customer experience. Disengaged employees break it.”
–Timothy R. Clark
With this being said, here’s a quick list of 8 points that companies can build their engagement strategy on
RULES of ENGAGEMENT
Ongoing & Futuristic
– Starts with the first day at work of each employee and be a continuous practice. There should be periodic surveys that can help companies to know the pulse of the engagement policy and it can be improvised in order to stay competitive and compelling
Interactive & Transparent
– Employees should be able to share their opinion, feedback and ideas on engagement, this nurtures commitment and involvement. Keeping the doors open, share decisions, open growth plans, fair promotions, leadership surveys and acting upon those survey results will lead to transparency in how the companies operate and values opinions
Respect and Inclusiveness
– It is the openness for people of all origins and treating everyone equal. Involving the staff in company-related activities goes a long way in instilling confidence among the staff for the organization and inclusivity breeds contribution
Match Expectations with Aspirations
– It is significant and critical that the gap between companies’ expectation and employees’ aspirations are met consistently. Companies can provide the growth and learning path and it is upto the employees to take benefits of the same. At the same time, aligning employee expectations with organizations goals should be the endeavor well met from both sides
Rewarding & Learning Opportunities
– Appraise employees who work harder (and often better) than their peers, such employees expect their organizations to treat them well—by providing them with stimulating work, lots of recognition, compelling career paths, opportunities to learn and up-skill which also includes mutual peer to peer learning and the chance to prosper within the organization and other financial & non-financial benefits
Culture, Environment, Communication
– Culture breeds work environment and open communication methods and forums is a differentiating factor between a good and not so good company. A friendly, open and positive work culture springs up the performance and leads to more involvement from the staff, making them feel engaged
Empowerment with Accountability
– It is largely seen that when you give freedom to employees to express at work, they create magic. When the employees feel empowered, they take personal accountability to achieve results. Making staff members accountable for their actions goes well and keep actions balanced out
– Leaders play a crucial part in building and keeping the teams united and focused. Great leaders can make a mediocre company look good, create development paths, address the pain points, give them recognition and more. Thus having leaders and not managers can make a real difference. Investing in leadership can take care of the employee issues to a great extent
These points can help companies foster a fruitful relationship with their employees. As Richard Branson says
“If you take care of your employees, they will take care of the clients”
To wrap up, companies should not forget, engaging employees is not an end; it is simply a means to an end.