If you don't want to hear the dreaded phrase "high turnover rate" associated with your company, you'll have to find ways to engage your workforce to improve employee retention.
Employee Feedback Is A Must
One of the first steps to improving employee retention and engagement is getting feedback from employees using in-house questionnaires.
Social media surveys and Twitter polls, for example, might be another opportunity to collect valuable employee insights.
However, make sure to offer employees anonymous survey opportunities if they're not comfortable using their name.
Ensuring confidentiality through a third-party survey company may be the best approach to take while gathering workers' input.
When it comes to measuring employee engagement, SurveyGizmo suggests asking a variety of questions including "Does your manager inspire you?" and "Do you feel valued for the work you do?"
Gaining a better understanding of what drives and motivates employees on a daily basis can serve as a springboard to either creating or revamping your incentive, loyalty and rewards programs.
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The High Cost Of Employee Turnover
Completely overlooking the employee feedback step can contribute to unexpected departures, disengagement in the workplace, where only 25 percent of workers surveyed by Aon Hewitt claimed to be highly engaged, and costly and time-consuming hiring practices.
It's no secret that millennial employees aren't married to their jobs, and they're willing to jump ship if a better paying opportunity comes about. That is, of course, if they're not engaged at their current job.
Related: Employee Retention, Turnover Rate Hinge On Respect
A Gallup survey revealed millennials are 26 percent less likely to leave their employer for a new position that offers a raise of 20 percent or less if they're engaged in the workplace compared to those who aren't.
Gallup also noted that millennials, who comprise the largest workforce group in America, account for nearly $31 billion in U.S. turnover costs annually.
Understanding millennials' work preferences and job satisfaction levels can help you devise a plan to tackle any shortcomings in your company's programs.
Turning Info Into Action
After garnering feedback, evaluate employees' responses and see if there are any major themes that can be drawn from them.
For example, the feedback may reveal that employees are feeling overworked and underappreciated.
Having worker insights at your fingertips, you can spark employee engagement by introducing incentives, such as additional paid time off and gift cards for completing certain objectives, to your rewards program.
You can also launch a recognition at work program.
Additionally, there are cost-effective ways to express your appreciation that can inspire positive workplace engagement including:
- Emailing upper management, detailing your employee's accomplishments and how he or she benefitted the company
- Offering employees perks such as the opportunity to work remotely or keep a flexible schedule
- Telling your employees how great their work has been lately and outlining the different ways they can advance their career with the company during a free lunch
Employee retention can be made much easier if workers are engaged, or re-engaged, and know how much you respect their achievements in the workplace.
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