The obvious benefits of employee retention
are the cost avoidance of turnover, maintaining productivity, and preservation of employee morale; however, benefits also extend into recruitment and ultimately in creating brand ambassadors.
While we hope that the right employees stay with us for life, sometimes it’s not an option. Even after an employee has left your company, they might still have an influence on your bottom line. According to the Bureau of Labor Statistics, Baby Boomers held an average of 11.7 jobs in their career. So how do you “retain” employees, even after they walk out your door?
It’s important to build a culture of engagement and recognition that inspires brand advocacy whether an employee is still working for you or not. Hopefully, you are hiring for and retaining employees that truly believe in what you do, why you do it and what your organization stands for. If this is the case, and they leave on amicable terms, chances are they will continue to recommend your product or service and even refer future employees. Not to mention, they may even make their way back and become what is called a “boomerang” employee. Survey results actually state that in the past five years, 85% of HR professionals reported having received an application from a former employee.
Workforce hosted a webinar, Why Retention is an Outcome – But Not the End Goal – of Employee Engagement, which covered the new definition of retention in today’s fluid workforce. “Employees are employees for life; before, during and after they are part of your organization. Make full-lifecycle retention possible through proactive employee engagement.”
Here are four methods and statistics to support enhancing employee engagement and increasing retention.
Method: Purpose Beyond Profit
Stat: Millennials intending to stay with their organizations for at least five years are 25% more likely than others to report a positive sense of purpose. Source: Deloitte Millennial Survey 2016
Stat: Coaching and mentorship leads to 70% improvement in work performance. Source: International Coaching Federation
Stat: Recognizing employees leads to an average increase of 3.7 years in length of service. Source: P&MM
Method: Incentive Travel Programs
Stat: 72.4% of incentive travel earners report an increase in loyalty. Source: SITE/Incentive Travel Council
A top performing workforce, longer years of service and an increase in loyalty will keep your company thriving today and in the future.
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