The new Millennial workforce is filled with employees looking for employers with whom they can align their ideals and ambitions. As such, it is imperative to ensure your business is designed to address all employee concerns and aspirations in order to retain the best workforce, with the most engaged people to minimize turnover loss and maximize employee engagement for your business’ bottom line.
According to studies conducted in 2018, employers find that only 44% of their workforce give “discretionary effort” (being fully engaged) within their work environments, and only 9% of those employers surveyed “strongly agree” with that statistic.
With unemployment at its lowest, 3.7% in the united states and 5.9% in Canada, it shows that while less than half of employees are actively engaged, these numbers indicate that despite the retention rate, there is no shortage of employment opportunities for dissatisfied employees to find another job.
If you want to ensure that your workplace is thriving, there are a number of different things that must be observed, but the most important one is: Employers must recognize that employees spend one-third of their lives on the job.
As a result, employers need to stop assuming that the paycheque at the end of the day is enough to keep the average employee satisfied.
Just as the work performed is expected for the paycheque, the opposite is just as true, and with both ends expecting those things as the bare minimum, if an employer expects more from their workforce than simply clocking in and doing the bare minimum of what is expected, then more needs to be provided in order to get the desired results out of your employees.
It’s been seen that employees feel more satisfied with tangible goods received for having completed a job with exemplary effort vs simply having received a monetary lump sum. With this and the aforementioned statistics in mind, getting to know your employees and making them feel that they are valued members of your organization will not only foster feelings of importance but will also pave the way for creating a more loyal employee base and lay the foundations of a truly engaged workforce.
As the national rate of employee retention/turnover ranges between 22-24% in North America, the cost of those lost employees can add up.
Keeping all of these statistics in mind can be somewhat daunting and at Applauz we understand that.
The most important thing to take away from all of this is simple: If you focus on improving employee engagement, you will save money both on turnover rates (you can calculate your ROI on Employee Engagement here), but your employees will go that extra mile to make sure your business grows.
Setting up an employee awards platform for the increasing millennial generation is key and at Applauz Recognition we can help you get everything off the ground to make sure your employees are treated well, and they know that you value them. Start here today!
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