How to Develop and Retain Your Employees Throughout Their Careers
Posted on August 28, 2017
With two out of three employees disengaged at work, today’s companies must deal with lower productivity, higher turnover costs and an overall decrease in growth. But it doesn’t take a lot of effort to produce big results: a 5% increase in employee engagement has been shown to lead to a 25-85 increase in profits.
Employee engagement is about everyday interactions with your employees that show them you care about their career. That’s why it’s so important to engage employees during every stage of their employment, from recruiting to onboarding to their day-to-day jobs. Here are three ways to develop, engage and retain your employees on an ongoing basis:
1. Recognize them for a job well done
Studies have shown that 58% of the difference between high and low employee performance is predicted by recognition. In addition, employees who receive recognition are seven times more likely to stay with the company. Recognition can be as simple as writing employees a message on their birthdays or work anniversaries, taking the time to say “thank you” for a job well done or sending them a handwritten note.
2. Review their performance and drive conversation
A formalized, consistent performance review process helps motivate career conversations and lets employees know their development is important to you. Having open conversations with employees about their job performance and career goals and offering constructive feedback increases their engagement.
3. Understand what makes them tick
Having the right employee data and analytics, such as reports on compensation, benefits, employee tenure, demographics and certifications, can help you better understand your workforce and allows you to make strategic decisions. In addition, having quick-and-easy access to employee information such as birthdays, children’s names or hobbies can enable you to engage with them on a more personal level.
For more guidance on engaging your employees throughout their career at your company, download the whitepaper *Employee Engagement: Why You Can’t Afford to Get it Wrong
Sources: Gallup’s State of the American Workforce Report, People Metrics Employee Engagement Report, Lizz Pellett, Bob Nelson