High employee turnover comes with many costs. Based on research by Gallup, the total cost of employee attrition ranges from 50% for an individual contributor, to up to 250% of the annual salary for a senior leader.
In addition to monetary costs, there is also impact to employee morale. Clients can also be impacted, as the quality of service may suffer during periods of reduced staff or while new team members are being trained and onboarded.
We’ve put together a few keys steps that will help organizations lay the foundation for improving employee engagement and reducing the cost of attrition.
Commit – The most important factor in your success to improving employee engagement is being open to feedback and being willing to make improvements
Measure Employee Engagement – There are a variety of assessments and surveys to measure employee engagement. If employees are able to remain anonymous and provide honest feedback, you will have the baseline at which to measure improvements.
Understand Factors that Drive Engagement – Consider aspirations, motivations, and communication styles.
Clear Communication – Set clear expectations for each team member. Additionally, provide timely, clear and constructive feedback. Say what you mean and mean what you say. Remember clear is kind!
Earn the Right to Lead – Model the behavior you expect; listen to understand and not to respond; earn your team’s trust by actions over words alone.
Customize Your Leadership – Not everyone is engaged by the same things. Understand your team members’ strengths, weaknesses, values, and who they are as individuals.
Work with a Trusted Partner – If you are committed to making improvements to employee engagement and reducing the associated costs, work with a trusted partner who can help guide you through the process. For more information, reach out to us at email@example.com or visit our website at http://www.mccllc.consulting.
Continue Measuring Employee Engagement – This is a continuous process in a constantly evolving climate. Progress will need to be monitored on a regular basis.