The Cost of Employee Turnover
Employee turnover is constantly on the mind of human resources professionals in all types of organizations. However, once you see the infographic from TribeHR below you might put some urgency behind an employee retention initiative. On average, a new employee costs over $57,000 in lost productivity, on-boarding costs, benefits application, and that figure does not even include the cost of training. For the cost of $57,000 could pay a junior level employee for an entire year, which has much greater potential to have a lasting impact on your business than simply bringing on a new employee. Want to lower the cost of employee turnover? Keep your current employees on board! Make sure employees feel appreciated through recognition of exceptional actions. Provide opportunity for learning and growth through professional development. When employees feel appreciated and feel like their employers are investing in them, employee turnover will decrease and retention rates will rise.
Employee Engagement Reaches New High
According to a study released last week, employee engagement has reached levels that it has not experienced since 2009. 68% of employees are now engaged based on the survey of 400,000 employees at nearly 5,000 various organizations. The average increase over the last 3 years has been about .43%. If this rate continues, employee engagement could be back to 2007 levels, which was 70.6%. Throughout the past 7 years the same top three items have had the greatest impact on employee engagement:
Invest in Employee Training
The title pretty much covers it for this one, so if you have to stop here (which we at GiftCard Partners DON'T recommend) you've gotten (part of) the point. For most organizations, employees are the biggest and greatest asset. Invest in them! Employees matter, and employee training produces ROI like any other investment. Here are three ways to invest in your employees.
Employee Motivation Key to Employee Satisfaction
We all learned in Psych 101 about
Maslow's hierarchy. The same way that you can't worry about your safety if you can't breathe, employees can't focus on their work if there is no employee motivation. When employees become stagnant in their positions they start to focus on everything but the task at hand, not to mention focusing on finding other more motivating job opportunities. Below are Brian Ward's, co-founder of Affinity Consulting and Training Inc.,
seven key motivators. Employee motivation fits these criteria in a unique way.
Employee Activism: Encouraging Employees to Become Brand Ambassadors
Employee activism is a new movement that goes beyond customer satisfaction and employee engagement, and is becoming an underlying foundation in successful companies. Many employees are defending their employers from criticism and acting as brand ambassadors for their companies, both online and offline. It all begins with social media. Many companies are intrigued about ways to enhance employee engagement, but highly concerned about an employee’s use of social media, especially during the work day. But rather than limiting an employee’s media usage, companies should be promoting the benefits and encouraging their employees to become activists for the brand they represent. Many companies still remain somewhat skeptical, and not without reason. Reasons for caution include valid concerns about privacy, cybersecurity, productivity, and actions by rogue employees that could go viral. This behavior is the exception to the rule and most companies already take a lot of care in building their culture with people they can trust , so why not trust them to advocate as well? Here are some tips to successfully build employee activism:
