Make Employee Retention a Priority to Reap Bigger Benefits
Investing in Employee Retention For Better Engagement
Employee retention is not just another item on your to-do list. It has the potential to have a big impact on a variety of areas in your company, including productivity, your budget and the focus of your human resources department. If you’re not investing in employee retention, much of your staff may always be short-handed or in transition, which means they’ll spend a lot of time putting out fires.
A recent Gallup poll found that 51 percent of the workforce is currently looking for another job or keeping an eye out for other opportunities. If you find that number a bit staggering to consider for your own staff, it might be a good idea to evaluate your current efforts at keeping employees engaged and see where you might need to close a gap or two.
More than a job: Gallup says that traditional motivators are still important to employees, such as monetary reward, flexibility in both location and hours and retirement plans. Employees are also looking for more than this, hoping for an opportunity to find meaning in their jobs. While a dominant thought used to be that work provided for the other areas of life where people found meaning, employees now want to be just as passionate about their job as they are about their families and other interests.
In other words, if an employee must be at work, they want that environment to be a place where they can thrive, in areas like creativity and emotional health. Employees still value the 401(k) and flexible work hours, but asking for additional perks like one-on-one coaching and other feedback opportunities indicates that your employee is seeking to align their passions with their work.
Improving employee retention: An employee that wants to engage in their job is ultimately a great benefit to your company. How do you implement the kinds of personal development opportunities that create an environment of employee growth?
- Offer executive-style coaching at every level. Much of the time, only employees at the C-suite level receive focused, one-on-one coaching, but you should be coaching your emerging talent with this type of investment.
- Match employees with their best possible role. Igniting your employees’ passion may be as simple as switching them to a position that better matches their interests and skills. Use a behavioral assessment to objectively determine the best fit for each employee.
- Measure the effectiveness of your coaching program. Don’t wait for your employee retention numbers. Instead, have employees assess the effectiveness of their coaching sessions on a regular basis so you can continue to improve your process.
Helping your employees identify their passions within your company is incredibly rewarding for them personally and for your organization. At PI Consulting Group, we offer resources like the Predictive Index, which allow you to align your team members with their ideal role. Let us help you take your company to the next level.