High employee turnovers cost the industrial market millions of dollars every year. Costs associated with employee benefits, administrative and operational work, lost training efforts, and lost productivity quickly add up. But that’s not all — studies show that companies spend the equivalent of six to nine months of an employee’s wages in order to find and train their replacement. Hiring and retaining quality employees is just a start to creating a strong work force. Consistent communications, mentoring and coaching for success, and recognizing and rewarding employees are great tools to help build workforces that are actively engaged, motivated by purpose, and happy with their jobs.
Helping employees become more invested in their work begins with honest and open communications. On-going communications and messaging can transform levels of engagement, drive up productivity, and produce a rewarding work environment. Show that the company cares about the well-being of each employee. Engage in social and philanthropic causes and events to build a connected and caring workplace.
Make Work Meaningful
Most people are motivated by purpose and desire to make a connection to something good that is bigger than themselves. The science of human motivation shows that people genuinely want to have a lasting impact on their work — they just don’t know how. If an employee can first identify the impact that a project will have on the company, his or her team, and career, then that project will become much more meaningful than just busy work. Companies that figure out how to bridge this gap not only will have a workforce that knows how to impact the bottom line, but will also attract and retain quality personnel.
Recognize and Reward Achievements
Social science and behavioral economics provide a wealth of insight on motivation, recognition, and rewards. In short, employee recognition, rewards, and gratitude work extremely well. Employees who know they are valued are more likely to be happy workers. Create loyalty by offering opportunities for advancement so that employees can visualize their career path in your organization.
In today’s knowledge economy, the overall strength of most organizations is human capital — the people that make it work. Companies who are trying to achieve a sustainable competitive advantage need to attract, motivate, and retain quality people. Make employee-centric values the center of your workforce development program to attract and retain employees, enhance performance, and build a vibrant, values-based culture.