Unemployment rates are the lowest they have been in three years! This is great news for both companies and employees. The United States Unemployment Rate for April 2012 was 8.1, the lowest it has been since January 2009, and has been slowly going down since the end of 2010. Companies are now faced with a critical opportunity to re-engage their workforce before employees leave for greener pastures.
Employees plan to explore their job options. According to Atlanta-based Randstand, one of the largest human resource staffing companies, almost half – 45 percent of employees plan to pursue new job opportunities in the coming future. In a time of right sizing, little to no raises and benefit cuts some companies have begun to think of employees as replaceable – underestimating the cost to replace star talent. Programs and budgets to support employee engagement were not a focus and many companies used the economy as an excuse to not respect their most valuable assets.
Ensure your employees feel valued and understand their role and growth opportunities within the company. One of the most cost effective things a company can do to increase engagement is to listen. Does the employee feel valued? Are they happy? What can the company do to help with their development? Two-way communication goes a long way to make the employee feel respected.
Retaining and attracting top talent needs to be a focus. In addition to encouraging management to create dialogue with employees, internal communications and engagement programs are key to retaining top talent. Depending on your companies’ culture and size, the programs can vary from a recognition program to an innovation platform to a compelling intranet that provides your employees the opportunity to connect and access training and development materials. Before initiating new programs, take the time to understand the needs and preferred communication style of your workforce. Custom programs that match your culture and objectives may take more time to develop but will likely create a larger impact in your overall engagement.
Do you understand the value in employee engagement but you don’t know where to start? Call Tribe, we would be happy to help.