Looking for some quick employee engagement advice? You’ve come to the right place.
2016 was a good year for the economy. In Q3, GDP growth exceeded expectations showing a 3.2% increase. Moreover, consumer spending was up and by November, the unemployment rate reached a 9-year low of 4.6%.
Good stuff, right?
Right. Unless you’re trying to attract and retain the best employees to ride the economic wave.
The reality is that whether it’s a good economy or not, the world’s best companies are the best BECAUSE of their people and culture.
The great thing about a culture is that once you really get it going, it evolves on its own. It’s self-organizing. It’s dynamic. It just feeds on itself.John Mackey, CEO of Whole Foods Market (a YEI Customer)
And while you might not talk about employee engagement in a board or investor meeting, it’s a core element of shareholder value. Effective employee engagement initiatives go far beyond the warm and fuzzy. They help you control costs, attract customers through radical customer service, accelerate growth, and measurably impact KPI’s.
The pressure is on to get employee engagement right. Like RIGHT NOW.
According to a recent report in Fast Company, traditionally aspirational employers in CPG and Advertising are losing high-talent employees to digitally native technology companies like Amazon, Facebook, and Google, all of whom invest heavily in culture and see actual ROI from employee engagement investments.
Healthcare also faces some serious challenges. According to the Wall Street Journal, nurses are retiring at a record pace. This demographic shift is happening at the same time demand for nurses has increased due to coverage for increased overall employment and an aging population. Companies are scrambling to offer more money, benefits, and cultural differentiators like concierge services to help with grocery shopping and other errands.
Other industries are feeling the strain too. For example, transportation companies see turnover rates that exceed 100%. Many retailers struggle with employee retention, and according to Chain Store Age magazine, retailers “spend about 16% of the average hourly worker’s annual wages on turnover each year. Assuming the average store associate earns around $21,140 annually, it costs a company $3,500 to replace each departing employee. Those costs add up quickly for large retail enterprises.”
When employees become invested in the company, they care about what they do and the people they work with. In other words, a good culture creates a sense of belonging to something bigger than yourself, which in turn inspires employees to go the extra mile for customers.Darius Mirshahzadeh, CEO of MoneySource (a YEI Customer)
A strong economy with low unemployment means employees can pick and choose where they want to work. What can innovative organizations do beyond compensation to stand out from the crowd, to boost their Glassdoor scores, to attract and retain top talent, to reduce costs associated with recruiting and replacing employees? We’ve curated actionable employee engagement advice that looks beyond compensation and on what matters to employees. Today’s workforce demands more from their organizations, including but certainly not limited the ability to:
- Focus on work that’s meaningful
- Learn and develop new skills
- Know that managers appreciate their work
Over your next 15-minute lunch or while taking the train home, we strongly encourage you to skim our employee engagement advice for executive leadership teams. Here’s a snapshot of what to expect:
- ROI data that supports the investment in employee engagement
- A few tips on how you and your managers can connect with Millennial employees
- How to add more frequent feedback into day-to-day operations
- Ways to better connect cross-functional or global teams
- How to quickly align behaviors to your corporate values
- How managers can apply insights to coach and improve performance
You might also like the advice from 10 top performing employees on how to create a great place to work.
YouEarnedIt is a SaaS HR technology platform that redefines the way companies engage with their employees. By providing tools to connect, reward, reveal and report in real-time, YouEarnedIt can consolidate employee engagement initiatives into one, easy-to-use mobile platform for teams of all sizes. Since launching in 2012, YouEarnedIt has delivered its flexible software to small enterprises and Fortune 500 brands across several industries. Visit youearnedit.com for employee engagement advice or schedule a quick demo here.