We have been interviewing leaders from around the globe and one of the top problems they face is hiring and keeping the right talents engaged.
If you are a CHRO, CEO, CFO or a Leader who is concerned about losing your best talent?
Do you feel that losing your strong bench of star-employees carries more than financial costs?
Do you need to keep high performing employees to ensure productivity and team dynamics?
In our recent interview, we have discussed a few questions on the ROI of Employee Engagement and here's a summary of the conversation:
What's the difference between employee engagement and employee retention?
Employee engagement is the extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work. Employee engagement involves a lot of activities from the hiring process to bringing your employees to a journey within the organization where they will that they learn, they grow and they belong. Employee engagement can drive both performance and loyalty in your organization.
Employee retention is the organizational goal of keeping talented employees and reducing turnover by fostering a positive work atmosphere to promote engagement, showing appreciation to employees, and providing competitive pay and benefits and healthy work-life balance. Therefore, employee engagement is both a virtuous/vicious cycle and employee retention is the result of failing on the engagement.
Why employee retention is so important?
Employee retention of top talent is more difficult than before. A company that has an effective employee engagement strategy and a highly engaged workforce is more likely to retain top performers as well as attract new talent. Successful organizations are value-driven with employee-centric cultures and these takes a lot of people intervention.
The Return of Investment (ROI) for organizations is the result of employee retention in terms of cost and time of replacement including payouts. It has short and long-term impact on productivity on individual, team and departmental level as people in the team might have lower morale when key talents leave. Finally, war on talent especially in the virtual space.
Having a high retention rate means keeping staff members long-term, resulting in less time and resources required for training new staff and having the loyalty needed to run a business. Consider the amount of time, resources, and money that goes into training a new employee.
What are the top 3 strategies used to continuously engage employees?
"Companies know that the top is crowded and since there is no way up, your best employees just might be looking for the way out." Engage them by using as many channels as possible because we are all unique in terms of intrinsic and extrinsic motivators. Retain them by focusing on these 3 main area:
Appreciation through reward and recognition
Benefits in terms of financial (competitive salary & perks) and non-financial (wellness programs - mental health, wellbeing, etc. )
Career development which includes both personal and professional development which in turn give a win-win result on performance
What are Leaders going to discover at the Masterclass on 23rd July?
Career Awareness as a lever to increase employee engagement/retention of their strong bench.
Support employees in knowing their worth
Help them know their potential for growth
Offer daring opportunities - not in a linear promotional sense but rather in a lattice network
Career Awareness which is often overlooked
Allisha who enjoyed a successful career in Pharmaceutical Industry. Later, as a Senior Partner to the CEO in a Fortune 500 Company successfully lead more than 20 team transformations. She will share proactive solutions to retain critical employees required for success.
Join us for a masterclass on 23 June, Wednesday at 4PM at https://www.ctsolutionsglobal.com/career-coaching