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.
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 Development Can Mean the Most
Employee development is an underutilized human resources tool. Putting an emphasis on manager coaching and development at all levels of an organization can be the best way to build a great culture and make your organization a great place to work. Employee development begins with clear and open communication, giving employees the resources they need and giving employee autonomy where possible. Avoiding micro-managing in favor of long-term employee development not only makes your workforce stronger as individuals, but it breeds a culture of loyalty, trust and advancement. As you can see below,
only 46% of employees feel that their managers communicate openly and clearly. Ensuring that employees are getting honest feedback and that expectations are being set and communicated appropriately are two of the most important things a manager can give an employee to help further develop their careers. A solid foundation will lead to a long future for your employees and your organization. When employees are happy, satisfied and feel like they not only work each day, but learn and improve, productivity and job satisfaction also improve.
Integrating Employee Advocacy into Your Marketing Program
Integrating employee advocacy and collaboration is a great way to build camaraderie across teams and encourage employees to work together no matter what department they work in or who their boss is. The same goes for departments and areas of your organization. Employee advocacy is extremely effective when working to amplify your marketing program.
