Given the realities of today’s labor market, minimizing worker turnover is one of the top challenges facing human resources personnel today.
Surveys indicate that retention and turnover have overtaken worker engagement as a principal challenge. A big reason for this change is the robust labor market.
In the greater Atlanta area, the unemployment rate sits at a modest 5.1 percent, according to the Bureau of Labor Statistics. Furthermore, the federal agency has revealed the region had one of the 12 largest year-over-year job growths for U.S. metropolitan areas in July 2017. Simply put, workers have pretty good employment options right now in Atlanta and they are expected to for some time.
One strategy to address the issue of turnover that businesses are increasingly implementing is to build a “best place to work.”
A supportive culture is quickly becoming a differentiator and a crucial part of drawing in, engaging and hiring talent. An ideal culture puts people first and is based on strong relationships, dedication to worker happiness and a strong focus on career development.
As a result of benefits seen from these programs, businesses are now investing more in recognition plans as an approach to boost business metrics, like reducing worker turnover.
The benefits of recognition and positive culture
Surveys show a recognition program that syncs up with company values makes staff members happier. A happy worker is the best type of worker because they tend to make happy customers, be more productive and be more engaged with their company, which means lower turnover.
Surveys also show a recognition program improves relationships in the workplace. People often stay at a job because they like the people they work with. Friendships at work make for better collaborations and lower stress.
Finally, a positive culture can attract talent. In a recent survey by National Society of High School Scholars, millennials highly ranked multiple Atlanta companies, as employers they would like to work for, citing factors like career growth opportunities, fair treatment of employees and flexible work hours.
Fostering a culture of positivity and recognition
With so many benefits to be had for such little investment, it makes perfect sense for companies to properly recognize employees and adopt a ‘best place to work’ atmosphere.
The biggest part of such a program is the regular recognition of employees. Employees’ yearly review time isn’t the only time to recognize the work of your staff. Take time frequently to identify people individually. When possible, acknowledge employee contributions on the spot to connect recognition with behavior.
Managers should also take time to connect with their employees on a personal level. Asking employees about their interests and motivations is a great way to tailor recognition and acknowledgement in a more personal manner.
Many companies are finding that providing employees both a high degree of freedom and a healthy level of accountability translates to a more engaged workforce. Trust your employees to act professionally; you hired them after all, and unprofessional people should be weeded out in the hiring process.
Finally, as the survey of high school students revealed, a desirable place to work provides all kinds of opportunities for employees to grow their careers.
At Thompson Technologies, we support the many employee engagement programs our clients put in place. Please contact us today to find out more about how we collaborate with our client companies.