Taking measures that establish and advocate for your employees’ happiness on the job is an important aspect of running a successful business. 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 you can increase your employee retention rate and cut down on overhead cost of recruitment.
How much does the rehiring process cost your business exactly? 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 Things Candid
Management transparency has a direct 94% correlation with employee happiness. Honesty truly is the best policy and being open with your employees about the direction of the business can empower them. If your employees feel a greater sense of involvement within your business, they will feel more important and valued. Employees who feel valued will stick around.
2. Be Supportive
Your employees play an integral role in the success of your business. As hard as you try, this can't be a one-person show and as hard as they might try, no one's perfect. When a team member is struggling, instead of reprimanding and punishing, support them through this challenge. This can be a learning moment for them and an opportunity to strengthen your team. 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 An Example
Embody the characteristics you expect from your employees. 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, and were more likely overall to stay with the company.
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, but also cultivates a work culture that motivates employees to work harder, and stay with the business longer. Get tips and tricks for running your local business sent straight to your inbox by signing up for our newsletter below: