The topic of most concern to our clients over the last few months has been finding and retaining labor. After one such conversation with a client, we went to a sandwich shop for lunch and noticed a full staff bustling about the food preparation area. And yet, another sandwich chain across the street had a HELP WANTED sign out front.
This experience caused us to question why one shop had plenty of employees and another could not staff a shop within the same geographic area. Across industries, fully staffed businesses enjoy greater opportunities because they are ideally positioned to deliver on promises.
How are some employers attracting quality talent – and plenty of it?
How do some employers keep their staff on board and fully engaged?
How do employee perceptions factor in?
As a follow up to last month’s Navigator, we will further discuss ideas for finding and retaining quality labor.
GPS: People: Employee Attraction and Retention
According to a survey released by Gallup in March of 2022, employees who strongly agree that their organization cares about their overall well-being, in comparison to others are:
• 69% less likely to actively search for a new job
• Five times more likely to strongly advocate their company as a place to work
• Five times more likely to strongly agree they trust the leadership of their organization
• Three times more likely to be engaged at work
• 36% more likely to be thriving in their overall lives
This new data highlights the importance of focusing on your employees. The organizations that best respond to the changing labor environment will ultimately be the most successful at attracting and retaining employees, while building a best-in-class business.
How will you differentiate your business from other businesses, employees may choose to work for?
How do your employees feel about working with you?
Roles and Responsibilities
Clearly defined roles and responsibilities built into easy-to-understand job descriptions are helpful in clarifying expectations for employees. You can now attract and hire the right people to fit the roles you need to fill. Potential employees will be more attracted to a well-defined role than something ambiguous.
Now that you have employees who understand exactly what is expected of them to be successful, you can then hold them accountable. It is also helpful to establish a daily touch point for members of teams to discuss what was accomplished in the previous workday and what to focus on in the coming day. Not only do these huddles improve accountability, they also help shape a culture of being engaged at work.
Allow for Upscaling
Employees will look for new jobs when they feel their ability, pay or growth is capped within the company. Provide opportunities for employees to grow and develop new capabilities. This will naturally lead to the pay increases they will want and need. Consider paying for your employees to attain new certifications and education to help them grow and, in turn, help you grow. Doing this will gain commitment from them to stick with you.
Changes in Perception Across Time
Over time, employees will be attracted to and stay with organizations that focus on the employee. And they will bring their friends and associates with them as well. These quality employees will lead to increased productivity, efficiency and profits.
If you would like to learn more about enhancing employee well-being and other strategies to ensure that you and your company are performing at your best, let’s talk.
Initiatives Toward Employee Well-Being
- Stay abreast of new options in health insurance and health benefits plans. Consider investing in an employee assistance program. Ensure that mental health care is included in the offerings.
- Consider adding a retirement benefit option or increasing your 401K or similar retirement benefit contributions.
- Research local community colleges offering education and certificates for employees to achieve. These relationships with the local colleges may also help attract new employees.
- Schedule regular meetings with low-level staff without middle management present, ensuring that they have a private way to alert you should a serious management issue arise. Your open-door policy is not enough. Your employees will appreciate this even when all is well.
- Ensure that management takes the time to get to know employees’ backgrounds, strengths and individual situations. As the owner, do the same for management and for any essential employees.
Have you heard about our new Altitude Assessment? In just 10 minutes you can complete a free, confidential evaluation showing where your business stands today.
Eight fundamental areas of your business will receive a high-level analysis, yielding practical insight on the progress of your company.
Eagle Corporate Advisors works with business owners, like you, ready to overcome obstacles and transform their paths to success. Throughout the journey, we work together to create value across your organization and unify your team toward sustainable results.
We do this first by listening and gaining a thorough understanding of the current state of the enterprise, along with your vision for the future. We leverage our experience and proven process to create achievable steps and timeframes. The optimal path is achieved through candid conversations as we make the journey together, giving you the freedom to choose the path that’s best for you.