Your Total Guide To business

People Development: Engaging with your Employees to retain them during market changes!

Employees have already joined your business due to their desire to work for you as well as being happy with your company benefits, however, to give them purpose throughout their career journey, the engagement of an employee plays a vital role in retaining them.

Top tip #1 Build the trust with your employees - For the Line manager/business leaders/colleagues to interact and communicate with other employees to understand individual differences, as well as to demonstrate shared values and authenticity. The employees will feel more confident in their role and within the company from the time spent by management/colleagues with them and by fulfilling their purpose. The trust can also be demonstrated from company perks such as flexible working.

Tim Thurston, Director of Team-i comments about trust:

“From the research that I have undertaken with several elite sports teams, trust in one’s colleagues is key trait of a high performing team. This trust begins with everyone understanding what their role is and where it fits into the achievement of the team’s purpose. Understanding that different roles require different attributes, particularly when they are different to your own attributes. It’s absolutely key and leads to respect.

When an individual then fulfils their role and hence makes their contribution to the team, that respect increases and over a period of time leads to trust. For a team to reach its full potential, there must be trust between all team members: superiors, subordinates, and peers."

Top tip #2 Make your employees feel appreciated and empowered - Recognition and Praising employees instead of criticism will increase engagement levels. Customer satisfaction surveys can identify/rate how happy the employees currently are, although, conversations with the employees about what else could make them be happier/feel more supported will make them more grateful and engaged. These engaging techniques can help in conversations with employees in other areas of the business e.g. investment in staff.

Dan Gale, Independent Mortgage, Equity Release & Protection Adviser of Mather & Murray Financial Ltd highlights:

"Employer benefit solutions do not need to be overly complex nor overpriced. With tax relief available, and with so many solutions on offer, to benefit both the employer and employee it's certainly worth considering. 76% of employees are more likely to stay with employer if they offer a good employee benefit package. 2 in 3 employees want flexibility in choosing which employee benefits they receive. 85% of employees questioned said they would purchase at least one employee benefit if their employer didn't provide it. 3 in 4 said they expected their employer to provide guidance on employer benefits*.

“We're in a challenging employment environment where unemployment is at an all-time low meaning employers should want to look after, and retain the staff they have through extra benefits, added value and going to extra mile. Losing staff to a competitor through lack of investment is short sighted and avoidable".

*Source: Capita - Employee insights report (Workplace Benefits 2018).

Top tip #3 Having conversations with your employees about their future within the company - Communicate the company’s progression plans/what you have earmarked the employee for in the business, demonstrating your value and commitment to the employee e.g. succession plans and enhanced benefits. Also encourage stability by giving clarity to the employee regarding vision for the business and how their contribution will help achieve the business goals.

Findings from Correct Careers Coaching’s retention survey from a UK sector leading company with a turnover £600+ million; highlight this company’s retention rate increased since implementing retention strategies such as enhanced promotion opportunities and introduced retention allowances for specialist roles.

Top tip #4 Focus on company culture - If employees have built strong synergy with their manager, team, and colleagues they are more likely to be engaged and invest in creating a future for the business. For employees to bond; the time spent together at business events/workshops, team building activities, or charity projects will help individuals get to know one another on a personal level, support, and collaborate better. This can also encourage employees to help and praise colleagues for further engagement.

Ben Caton, Managing Director of SWSE.org.uk demonstrates the importance of culture in other areas:

“Employers are tasked with creating cultures of engaged learning, development, and support that not only appeals to a younger, more tech focused workforce but also an older core.

It is estimated according to a recent study that 22% of millennials expect a response within 10 minutes of asking their employer for support. While 77% of the current global workforce rates employee wellbeing and assistance programs as a key factor when deciding upon a potential new role.

It is now up to the decision makers to change the narrative of employee engagement on a global scale.”

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Top tip #5 Continuous investment in the employee’s future - The employees will feel valued from receiving extra training to develop their skills and knowledge. As well as the employees, be provided with additional resources/technology to help them perform better within their role.

Research from Correct Careers Coaching found evidence that 83% of sales professionals feel they require support in using social media for building business relationships, emphasising employees desire to engage more with their customers via social media.

Employees that are more engaged within a company, are more likely to go that extra mile and have increased performance, creativity, and loyalty for your business!

If you would like to have a more detailed discussion regarding employee engagement and retention solutions to action these tips for your business contact Jamie on:

Email: [email protected]

Telephone: 07599 332178

Website: www.correctcareerscoaching.com