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Employees quit for all types of reasons.
A great deal of research and data exists to help unearth the answer to the thorny question: Why do people leave their jobs?
Much of this research yields mixed results. Some studies find that "salary" is the number one quoted reason. At the same time, other research shows that "bad management" is the top reason.
No matter what the reason, one fact remains: when we look at the top reasons for quitting, they are all related to engagement. Simply put, they are under the power of the employer to change.
This is where a strategic engagement program comes into play.
An employee engagement strategy identifies key areas of the employee experience: compensation and benefits, career growth, leadership, etc.
The goal is to keep employee turnover low by systematically improving each area of the employee experience.
That said, it's 2020, and many employee retention strategies are supported by technology.
Let's look at how digital tools can promote retention by walking through the employee life cycle's key steps.
We'll follow a new hire through each level of their experience.
This will help illustrate how digital tools serve to support employee's engagement at every stage of their evolution in your company.
Turnover is often due to inadequate hiring methods at the very beginning of the employee life cycle: recruiting.
In short, the person hired wasn't the right fit for the job, in terms of personality or work experience. Sometimes people shine in interviews but don't live up their in-person pitch.
In short, old fashioned interviews only give you a mere slice of someone's personality and character.
Also, a slow, redundant recruiting process will result in losing top talent. In short, high-demand candidates who don't stay on the market for very long.
Reports by Talent Now show that top candidates stay available for only ten days before getting hired!
This is where modern data-driven tools come in to assist recruiting professionals.
First, recruiting tools help speed up the hiring process. This increases the probability that you will keep a high-demand and quality candidate.
Second, AI-empowered tools provide recruiting professionals with data. These valuable insights sharpen decision making, and as a result, lead to higher quality hires.
Tools like Go Arya and Recruit Robin use AI to source talent from over several online platforms simultaneously. And apps like XOR and AllyO use chatbots to help recruiters automate the initial screening process, filtering through candidates faster and with higher precision.
Next, tools like Psychometrica, Qualtrics, Teamscope help recruiters make sharper personality assessments. The result: more informed decisions about the people they are hiring. Higher-quality hires, and lower turnover follows as a consequence.
Your new employee has made it through your technology-enabled recruiting funnel and is now onboarded!
At this point, an organization should try to consistently show confidence in employee's potential by actively developing their talent and empowering them.
Unfortunately, numerous companies fail at this step.
Managers aren't afforded the tools, resources, nor the training to prioritize employees' growth and development. And the old paradigm--employees as a means to an end--prevails. It's no wonder that companies that operate under these outdated beliefs have such high turnover rates.
That said, prioritizing intrinsic motivation is key to keeping employees engaged. In short, employees want to feel they weren't merely hired as a means to an end. They want their job to help actively advance their personal and professional growth.
First, employees must feel like they are working towards something tangible and concrete.
The power of goals can be illustrated with a simple scenario:
Personal trainer A tells their client to hold a plank until exhaustion. The client checks “plank” off the workout list, but did they feel good about it? Did they improve? They have no idea!;
Personal trainer B creates a progress plan, asking their client to hold a plank for 30 seconds at first, and progressively increases the time by 10 seconds at every workout.
Which client do you think will see improvement faster? And which client you think will feel better about themselves? Personal trainer B, of course!
Creating clear objectives at work means a manager must motivate by zooming-out and articulating a higher-level vision for your company. But also, zooming-in and motivating with short term goals, too.
Holding people accountable for precise goals gives them a sense of ownership and empowers them. Setting a benchmark also challenges them to improve their skills and abilities.
Professional development and goal tracking can be facilitated with the help of goal and performance tracking software.
Several software solutions exist to help communicate goals and transparently monitor their progress, not only across a team but the entire organization.
Your new employee is no longer considered "new." They have been working for you for quite some time now.
But it's unclear as to whether or not they are truly happy. Managers are busy. They don't have much time to dedicate to regularone-on-one meetings.
Surveys can be time-consuming and complicated to administer, so many companies abandon employee surveys entirely. Or they only measure employee satisfaction infrequently, once a year, or less.
Again, it's not surprising to learn that companies who neglect gathering employee feedback experience high turnover–these organizations have no idea if employees are satisfied!
All too often, executives only pay attention to employee happiness once absenteeism and turnover are high among top talent. In short, when employee disengagement is symptomatic.
To avoid this, it's incumbent on executives and managers to keep their fingers on the pulse of the workforce satisfaction—to monitor engagement levels.
This can be done with a variety of modern and practical employee survey methods.
Modern survey tools take care of the work of building and administering anonymous surveys.
Expert-driven questions are pre-set to measure critical areas of engagement. These tools also offer detailed reporting features. In short, the application builds dashboards and interprets the data, so areas of improvement are quickly identified.
Your employee is making their way through each level of tenure and is now a valued member of the company and their team.
If the employee feels their loyalty and dedication are taken for granted, it’s precisely at this point in the life cycle where an employee is vulnerable to turnover.
For example, if you fail to acknowledge an important milestone, such as a second or third work anniversary.
Shining a light on employee loyalty and efforts is key to mitigating turnover.
This person has dedicated valuable time to your company. Working hard to implement key initiatives, so your company can grow and achieve its bottom line.
First, ensure the employee's current compensation is fair. Re-evaluate their salary and other benefits to take into account their growth in skills and knowledge. Their compensation must also consider their overall contributions to your business.
Second, make sure to show employee appreciation and gratitude consistently. This is where a reward and recognition tool comes into play, to support a company-wide culture of recognition.
A reward and recognition program takes saying “thank you” to the next level—employees equipped with a social-media style platform where they can receive and give public praise to their colleagues.
Implementing an official recognition tool and program demonstrates to your employees that gratitude and appreciation are the number one priority for your company.
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