Employee Retention Strategies and Tips Series: Employee Engagement
One of the biggest challenges we see in the talent acquisition space today is employee turnover. As we continue to navigate through times of uncertainty, we don’t anticipate there being any slowdown in turnover. According to a recent study by Gartner, trends show that annual turnover was likely to jump 20% in 2022 to around 37.3 million employees leaving their job by year-end.
As we are rounding out 2022, we have seen the effect that high turnover has had on companies, especially our Titus Partners who have also experienced the impact of backfilling critical roles in their operations. We expect turnover to continue to rise through the fourth quarter and into 2023.
The challenge for many companies has been finding a way to adapt to mounting economic pressure in a post-COVID-19 pandemic world while being creative in hiring candidates who will stay. Companies are deploying employee retention strategies such as:
- Engagement and employee experience
- Developing employee growth opportunities
- Promoting work-life balance
- Diversity, equity, and inclusion initiatives
Over the next few weeks, we plan to take a deeper dive into each of these strategies with key takeaways and actionable items that you can implement within your own retention strategies. We will kick off our deep dive into employee retention strategies by starting with employee engagement.
Employee Engagement Strategies
When companies lose high-performing employees, the impact is felt throughout the organization. Turnover affects everyone, from HR and leadership to managers and co-workers, even morale and especially your bottom line.
Losing good employees due to negligent disengagement – or the lack of employee engagement all together is a solvable problem with immense cost-saving benefits.
Improve the Employee Experience
Much like customer experience focuses on improving business-to-customer interactions, employee experience looks at improving workplace-to-employee engagement. The employee experience does not start during employment but rather at the very beginning of the hiring process.
A positive employee experience will impact an organizations overall performance, from attracting talent to offboarding an employee. Some tips for improving the employee experience include:
- · Create communication feedback loops
- · Provide meaningful work opportunities
- · Improve communication
- · Clarify expectations
We created Hire 4 Performance training courses that walk you through our 4-phase process for hiring that will equip you with the framework and tools you need to put the right people in the right seats, at any level of your organization. We currently offer an Introduction course worth 2 SHRM/HRCI credits and a full Certification that is worth 10! Visit us online to learn more or to save your seat! Space is limited.
According to Gallup, the decline in engagement was centered around having a lack of clarity in expectations and feeling disconnected to the mission or purpose of their organization.
Another one of the tools that we offer at Titus is our performance management system, Etho. Etho offers support in solving the most common, yet complex people issues that organizations consistently experience. Our all-in-one platform provides clarity on what is specifically expected of each employee and their progress in real-time so that you can focus your attention on employee retention, performance, and engagement. Want to see Etho in action? Let’s chat!
In the next part of this series, we will explore the benefits of developing growth opportunities as a strategy of employee engagement.
Partner with Titus
More than recruiters, Titus Talent Strategies are a team of talent optimizers who genuinely care about the work we do. We empower companies to put the right people in the right seats through informed, connected strategies that combine data with an empathetic understanding of what makes people tick. We recognize that our partners are investing in us and that results mean more than just people placed in a role. It’s about impact and connection.
Want to start a journey towards building a high performing culture? We can give you a roadmap. It takes less than 10 minutes.