Tuesday November 18, 2014
When you think about it, it’s not rocket science. Happy employees are motivated employees, motivated employees are productive employees, and so on. It’s people who make or break a business yet, in many companies, all the focus is placed upon earning money and not on how employees play a vital role in this.
But the employers who do take pains to manage their talent end up making more money. A report was carried out by Oxford Economics and reveals that replacing people incurs significant costs for employers: £30,614 per employee. The cost of putting in place structures to address employee happiness is far cheaper and easier than it is to continually lose talent to competitors.
If everyone recognises that employee happiness and retention is crucial to a business’s health and bottom line, why don’t more companies have a structured approach to it? Perhaps it’s because they simply don’t know how.
Some employers may feel that the happiness of their employees is something that they don’t have a lot of control over, however they couldn’t be more wrong. It’s important to manage this in a tactical, measurable, outcome-lead, material-investment type way.
Research that we have carried out in the past has shown that engaged employees need: communication, leadership, a clear career path, development and to have shared values with their employers whilst having their own aspirations met.
With all of these in mind, doing the following things will help prevent your top people from leaving:
1. Respect – this simply comes down to treating your employees like adults, and the GenYers will expect nothing less. Ongoing, two-way communication and consultation with managers allows people to have a voice and are able to influence their own progress and environment. People also want the information to enable them to deliver an excellent job, keep them in the know, and remain inspired.
2. Structure – make sure that everyone knows what their role and responsibilities are, and how this will be measured. This also comes down to everyone knowing the culture and values of the organisation, ensures that everyone is aligned and working towards them.
3. Accountability – the saying is true - what gets measured, gets done. Measure everything. Building a management infrastructure with leaders that are visibly accountable for what the do, supports this and creates a results-driven, achievement focused culture.
4. Fulfilment – developing employees as people and not just for business is important. Enriching lives, developing skills, and experience that will make their personal and work life better.
5. Ownership – employees need to be given freedom to take ownership of their roles. Avoid micromanagement, stand back, and let your people do what they do best.