Hiring the best people is not enough. Although it is widely agreed that Recruitment is a big challenge for tech founders and tech businesses of all sizes, attrition is an even bigger problem.
Attrition is the loss of employees for various reasons such as termination, resignation, retirement. Turnover measures the rate at which employees leave your company over a period of time.
High turnover and employee disengagement are among the major issues all employers are facing. And undoubtedly, employee turnover is detrimental to business growth affecting costs, staff morale, productivity, and leadership prioritizing.
81% of businesses agree employee turnover is a costly problem.
(Research by Workest)
The US Department of Labor reported 4.3 million Americans quit their jobs in August 2021, while 10.5 million jobs remained open in the same month. This trend is estimated to heavily impact Australia in just a few months by early 2022. According to Gartner’s behavioral scientists, the ‘Great Resignation’ is a trend that should be of concern to all Aussie employers. ‘Some research shows that up to three in five Aussies could be looking to change jobs in the coming months.
The constant ‘war for talent’ is magnifying. So, what does it take to reduce attrition and retain top talent? What can make the difference?
Mainly, if you want to stay on top of the game you should develop an effective Employee Engagement Strategy, which significantly affects Employee Retention. Employee engagement is now a top priority and it has been for all employers across the globe for some time. It is one of the most important factors to drive profitability to a business and there are a lot of benefits associated with having a good strategy in place.
Engaged companies grow profits as much as 3X FASTER THAN THEIR COMPETITORS
(Study by the Corporate Leadership Council)
When people feel engaged, they care and do their best to achieve your company goals. Hence they are more productive and they deliver results.
In a Gallup study of nearly 200 organizations, companies with the highest levels of employee engagement were 22% more profitable and 21% more productive than those with low levels of engagement.
Apart from more efficient and productive employees, employee engagement improves morale, boosts employee wellness, improves customer satisfaction, reduces absenteeism to 41% and ultimately reduces turnover.
According to Gallup’s 2021 Report: State of the Global Workplace, only 15 percent of employees are engaged in the workplace.
85% of Employees Are Not Engaged in the Workplace
This is an opportunity for your business to improve your culture and talent pool. How to do this?
HR professionals have the knowledge and tools to measure where your people are at and anticipate challenges in your business by implementing an effective Employee Engagement Measurement Program.
Knowing how to measure employee engagement is the first step to improving it. There are some great techniques and tools to help us measure employee engagement pretty much from anywhere. We use Pulse Surveys since they provide excellent data, together with quick, consistent, and actionable insights. The bonus for this is that your employees will feel heard and that their opinion matters.
Once the data is collected and analysed, we work on an exhaustive action plan. From experience working with several clients, I noticed there are many quick wins that can be implemented to start elevating employee engagement levels.
Employee engagement levels can easily go up or down if not properly maintained or built on engagement strategies. Knowing how to measure employee engagement will ensure that issues can always be addressed in a timely manner.
We design and help Tech founders and business owners implement an overall Employee Engagement Strategy to increase employee engagement levels and retain staff. To maintain this in a sustained period of time, it is important to continuously seek improvement.