How to Increase Employee Engagement to Decrease Attrition
Employee engagement matters. Why?
Think of all the time, money and effort you and your organization expend in trying to recruit and hire top talent. Shouldn’t you spend the same resources on working to keep them performing and on board? It is management’s job to engage and retain the talent required to execute the business strategy.
First some eye-opening employee engagement and retention statistics from our Best Places to Work data…
- About 30% of new hires quit after approximately six months on the job, and most knew after their first week that they did not plan to stay long-term
- More than three out of four executives recognize that employee retention is one of the most important aspects of their job because of the tremendous costs of employee turnover
- Over one-third of new employees will begin to look elsewhere if they don’t receive a pay raise after their first year on the job
- Remote employees are half as likely to quit as workers who must check in and out of the office each day
Now some employee engagement and retention antidotes…
- Attract Top Talent
The recruiting and hiring processes are critically important to both employee engagement and employee retention. You need to find the talent that reflects the values you desire, the competencies you need and the organizational culture you have purposefully shaped to execute your strategy.
- On-Board Top Talent
Design a new hire on-boarding process that clearly promotes company values, accurately describes the work you have hired for, and builds mutual respect and trust. Work with your new employees to plan their first few months on the job…the tasks for which they will be responsible, the quality of output you expect, the timeline for achievement, and how they can report progress and seek guidance. You want new employees to connect with the company’s purpose and their team goals as soon as possible.
- Develop Top Talent
Provide targeted and learning and developmental opportunities for employees to grow in their field that are aligned with your business strategy so they feel they are making progress and stay marketable. If there is no career path ahead where they are, employees will look for one elsewhere.
- Provide Performance Feedback
Regular feedback on how employees are doing and how the company is faring keeps employees committed to the task at hand. They need to understand what is working and what is not so they can be more effective and know how they can help the company reach its goals in a way that is aligned with the corporate strategy and organizational culture.
- Empower Your Workforce
When possible, give your workers options. Not only are they less likely to quit because they appreciate the chance to plan their own time, but they are also apt to work longer and harder…a win for both the individual worker and the company.
- Reward and Recognize
Continually monitor how you reward and recognize your employees. At a minimum, make sure your compensation package is competitive and your benefits make sense.
If you consider your workforce your competitive edge, treat your employees well so that they stay where they feel they contribute in a meaningful way. Engage them in order to retain them.
To learn more, download our Employee Engagement and Retention Toolkit