How does your business actively ensure your employees are satisfied at work?
Taking measures that establish and advocate for your employees’ happiness on the job not only increases business productivity, but also saves your business from a high turnover rate, (and the high costs associated with it).
Employees with lower engagement levels at work are four times more likely to leave their jobs than those with a higher level of engagement at work, according to a recent article by Forbes. In contrast, over two-thirds of highly engaged employees had no plans to leave their company. Simply by instituting changes in your business practice that focus on employee satisfaction not only translates to an increase in your employee retention rate, but to greater success for your business overall.
Apart from the lengthy process of recruiting new candidates (and hiring them) after an employee quits, how much does the rehiring process cost your business?
According to a recent article in the Wall Street Journal, it can cost your business upwards of twice an employee’s salary to find and train a replacement – a cost that can be easily avoided by implementing these employee engagement tips:
1.) Keep it candid
Management transparency has a direct 94% correlation with employee happiness. Honesty truly is the best policy – being open with your employees about business information that may be confidential or sensitive allows you to facilitate a mutual trust between you and your employees and empower them with a greater sense of involvement (and importance) within your business.
2.) Be supportive
Your employees play an integral role in the success of your business – they help keep it afloat. By reciprocating their support for your business through a show of appreciation for the hard work they do, you not only make them feel good about working for you, but you motivate them to work even harder. Apart from creating a supportive environment, you decrease employee turnover; employees with supportive supervisors are 1.3 times more likely to stay with a company.
3.) Set the example
Embody the characteristics and carry out the behavior you expect your employees to display. According to a recent article by Entrepreneur, in companies where leaders modeled the behavior expected of everyone else, employees were 55% more engaged, 53% more focused, were more likely overall to stay with the business.
Employee engagement is crucial to the success of your employees – and your business. Promoting your employees’ engagement with your business not only saves you the time and money of rehiring new employees, but also cultivates a work culture that motivates employees to work harder, and stay with the business longer.