To Increase Retention, Start Investing

June 6th, 2014

Why do organizations paying top wages and providing superb benefits lose great talent nonetheless? Of course, some turnover is to be expected. But if you truly engage and develop your employees, there’s no good reason for such potentially devastating losses.

The Power of Engagement

Employee engagement is critical to any organization that seeks to retain valued workers and continuously enhance performance.

  • Engagement is the level of commitment and involvement an employee has toward their organization and its values. Typical behaviors of engaged employees include speaking positively about their company, showing a strong desire to be an integral member of the organization, and exerting extra effort to contribute to ongoing business success.
  • Engaged employees will stay. They are advocates of your company and its products or services. They perform better and are more motivated. Last but not least, there’s a direct link between employee engagement and profitability.

Driving factors that define and influence engagement include:

  • A culture of respect where outstanding work is valued.
  • The availability of constructive feedback and mentoring.
  • Opportunities for professional development and career advancement.
  • Fair and appropriate rewards, recognition and incentive systems.
  • Effective leadership.
  • Clear job expectations.
  • Adequate tools and resources to complete work responsibilities.

Are Your Employees Engaged?

Building engagement starts with determining your baseline level and then taking actions to raise the bar. It’s all based on actively listening to employee feedback.

  • The best tool to identify your baseline engagement level is an employee survey. Pay close attention to the results and promptly initiate follow-up improvements. When leaders listen, employees respond by becoming more engaged. The end result is increased productivity and retention.
  • Engaged employees are more satisfied in their roles. Thus, they tend to remain loyal, be promoted and strive for higher performance levels. Listening to your workforce, acting on their contributions and actively involving them in decision making are essential to bolstering engagement.
  • Engagement is not a one-time action. It should be a continuous process of measuring, analyzing, defining and implementing improvement. Insist on increased engagement at the managerial level and promote it throughout your organization.

Growth and Development

Employee development has become one of the most desired employee benefits. It not only leads to improved productivity and morale, but organizations that focus on their employees’ growth build enduring positive impressions and earn lasting loyalty.

  • Keep your employees engaged in continuing their career. Training and development are ways to demonstrate that their company values them. This is the bridge that leads to workforce satisfaction and a higher retention rate.
  • Training and development build skills and boost psyches. Employees need to know that the job they do is important to the success of the business and that their company is investing in them. Their self-worth grows as they feel more and more valuable.

It Pays Off

A recent study by the American Society for Training and Development showed that 86 percent of “top-level” organizations have robust employee training programs, compared to 74 percent of “typical” companies. The EQW National Employer Survey reported that a 10 percent increase in employee development funding resulted in an 8.6 percent gain in productivity among employer respondents. At the same time, a 10 percent increase in equipment investment led to productivity growth of just 3.4 percent.

To learn more about boosting retention through engagement, development and related business strategies, read our related posts or contact Select Group, Inc., today. As the leading big data recruiting firm, we have the industry expertise necessary to help you find, recruit, and hire the best talent available. Contact us today to learn more!

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