Hiring great employees is hard enough, but keeping them is impossible, unless they feel engaged.
Engagement is something we have (and always will) talk about, because it continues to be a major problem for a lot of people. Statistics and reports are still showing, despite minor improvements, disengaged employees are by far and away the majority. Disengagement is one of the key contributors to employee turnover, which accounts for more than $300 billion in losses to the American economy.
The question remains: when you hire someone new, are you getting your money’s worth from them? Or are you contributing to the growth of that $300 billion? There are a lot of stresses when it comes to hiring the right person. And getting it right (or wrong) can mean big bucks.
The easiest way to combat disengagement is on the front end – the hiring process. By actively sourcing and finding the most engaged candidates for a position you will greatly reduce the risk of any negative costs. Not to mention, an engaged hire means greater longevity. Engaged employees have a 44% higher retention rate and have 51% less turnover than their disengaged counterparts. This means you don’t have to worry about going back to square one and hiring someone new, because engaged employees are active participants and are committed to the work.
According to the Staffing Industry Review, these individuals produce 37% higher sales figures than the average employee, have 125% less job stress (think happier employees), and are 31% more productive. The difference is remarkable. It’s night and day between an engaged employee and one who isn’t. Staffing Industry Review also claims, “Best-in-class organizations are 350% more profitable than organizations with average levels of employee engagement levels.”
Attracting talent to empty positions, and keeping them there, shouldn’t be difficult. And it isn’t, if you’re looking for the right people – engaged people. This is where industry expertise really comes into play, and if you do not know how to attract engaged people, then that is exactly where you begin. You must understand your company’s current engagement levels, what is lacking and how to re-engage them. This can start and end with your mission, values, and the core of your business.
Chances are if you are not connected to those, neither are you employees.