No matter your size or industry, chances are you’ve struggled with retaining or hiring employees at some point in the recent past. Last year, about one in four employees left their job, costing employers some $600 billion in turnover-related costs. By 2020, that number is expected to jump to $680 billion.* So there’s a lot at stake when it comes to improving retention rates, and having more engaged employees is a key strategy in making that happen.
In addition to decreased turnover, there are other benefits to amping up employee engagement – from less absenteeism to a more motivated, productive workforce. All of that can directly improve your bottom line, and doing so doesn’t have to cost a bundle. Here are three quick and easy ways to make it happen:
Recognize the good stuff
Be sure you’re taking time to identify employees going above and beyond, and recognize them personally and publicly. The most common ways of doing this are Employee of the Month programs and employee recognition meals. But there are other gestures you can add to the mix – giving away company merchandise is fun for the employee and also benefits the company’s brand. Lunch with a supervisor is well-received by employees and also gives the supervisor one-on-one time to assess future potential or address concerns. Shout-outs in the company newsletter, on social media or at department meetings are also easy to execute.
Whatever form your recognition takes, the key is making a genuine effort to recognize employees’ outstanding work. Over time, it becomes easy to just go through the motion of employee recognition programs, and in doing so the program loses meaning and purpose.
Reward with opportunities
If you have employees doing good work, make sure they’re being given opportunities for advancement – whether that’s considering them for an open position or providing continuing education/professional development based on their interests. Long term, this will benefit your business as much as it does the team member, and seeing it in action will drive up engagement among co-workers.
Give your team a voice, and then listen
Employees who feel involved are more likely to buy into your company’s mission and goals. Find ways for team members to participate at every level of the organization. For example, if your organization is considering a rebrand, include your employees in the process by asking for suggestions for a new tag line, or allowing them to vote on a logo or color palette. If you’re planning an event, ask employees for input on the details. An employee survey can also be a great way for employees to feel heard, and can help organization leaders address internal challenges before they trickle down to customers.
There are hundreds of ways to involve employees in the success of your business while improving loyalty and retention. If you’re looking for strategies to implement with your workforce, let us know.