Low employee engagement threatens retention – 10 things you can you do now
According to a recent study by Quantum Workplace, there will be a talent retention struggle in 2017 and beyond. They theorize that the answer to the question “it would take a lot to get me to leave, this organization,” has the second largest decline and ranks at the bottom of total favorability factors. This indicates that retention will be a struggle in 2017, particularly for organizations that don’t pay attention to team dynamics and career development. It was viewed as the top predictor of employees leaving an organization. Only 47.4% of exited employees said it would take a lot to get them to leave the organization, while 62.5% of retained employees said the same.
This statistic is further reinforced by a recent study done by Deloitte, 82% of companies are seriously worried about their leadership pipeline. Yet, only 8% of companies have strong programs to build leadership skills and their millennial populations.
Employee retention is only going to get further exacerbated with low unemployment statistics and higher demand for talent.
The question is what are you doing to keep your best talent engaged, committed and loyal to the organization? What can companies do now to prevent their employees from leaving?
There are many things a company can do if you get started right away. Here are Inward’s suggestions:
- EVP - Nail down a compelling and persuasive Employee Value Proposition that is aligned with the corporate Purpose, Culture and the Company Brand. Treat this exercise the same way that you do and external advertising campaign. Allocate resources, time and budget that incorporates message architecture and creative flair.
- Effective Communications - Establish a regimented internal communication program that promotes employee dialogue and transparency. Share the company strategy and performance measures regularly. Ultimately, you want to a spouse a feeling that the employee believes that the organization will be successful in the future.
- Diversity and Inclusion - Opportunities should be given to employees regardless of race, gender, age, ethnic background, disability, sexual orientation or other differences. Diversity and inclusion matter. It is a driving force in attracting and retaining the millennial workforce. Don’t just give it air time by talking about it, give it tangible demonstrable action
- Meritocracy and Transparency - create an environment where everyone is treated fairly, where people are rewarded for their contributions and innovation. No matter of seniority, tenure, sex or age.
- Establish Pride - People want to work for a company that they can be proud. This means they work for a company that are making meaningful contributions to the environment, society and the communities in which they operate. They are companies who have brand recognition and awareness in the marketplace and have stellar reputations and images
- Challenging and Quality Work - No matter where an employee works in an organization, they need to feel fulfilled and that their role and activities are contributing to the success of the organization. They need to understand how their labor contributes to a quality experience, exceptional products and services and successful revenue for the company.
- Clear Career Path and Development - All employees deserve and should receive professional growth and career development opportunities. Employees should be counseled and mentored and given a developmental career map, which outlines their path to career performance for a lifetime.
- Recognition and Rewards – Aligned with meritocracy, people should be recognized and rewarded for their contributions and efforts toward the company achieving goals and its success. Recognition comes in the form of adulation (public or private), incentives, accelerated promotions, new challenging opportunities. Make it known as part of the culture that people who contribute will be recognized and rewarded.
- Real-time Employee Engagement Measurement and Accountability - Companies are moving away from annual employee engagement surveys to real-time people data to drive high engagement. Explore ways to receive people data with actionable intelligence on demand monthly and quarterly so you react quickly. This will enable, which factors drive employee satisfaction and retention and alert the organization for significant changes in real time without having to wait a year or more.
- Stimulating Workplace Environment - Reconsider your work space environment. Wherever possible, in common areas, create an open workplace environment that contributes to collaboration, discussion, friendships and fun. Millennials, a growing segment of the workforce population are ambitious, tech-savvy and as a creative cohort has notably different working styles and preferences than other generations. They may be more productive sitting in cafés or lounge areas than in traditional workstations. Their ease with mobile technology enables many of them to work anytime, anywhere. Hierarchy, tenure, and seniority are no longer the key factors in design, and flexible work zones.
If you are thinking about what your company can do now, to increase employee engagement and improve attracting and retaining talent, consider these quick fix suggestions. If you would like to discuss how to implement these ideas, please give Inward a call.