Employee retention & turnover, engagement, recruitment, succession planning, culture management, performance management…these are today’s top workforce management issues mentioned by HR leaders and practitioners when asked by Globoforce to share their latest trends and insights into directing the employee experience. We’ll take a quick look at the top three human resource challenges that organizations face today – retention/turnover, engagement, and recruitment – and the most effective approaches to managing them.
Retention is the top HR challenge, mentioned by nearly half of all SHRM professionals who shared their topmost concerns. As revealed in this Zoe Training article on employee engagement, the cost of losing an employee can range from tens of thousands of dollars to twice a position’s salary, considering the costs of hiring, onboarding, and lost productivity.
Organizations that demonstrate lower engagement levels say they also experience more absenteeism and turnover. Engagement, according to David Dye of Deloitte Consulting, is optimized by “meaningful work, hands-on management, a positive work environment, growth and development opportunities, and establishing trust in leadership.”
As a natural consequence to dealing with increased employee turnover, recruitment practices must also be addressed. What is complicating the challenges around recruiting is the near-record number of job openings in the U.S. – 5.7 million as of the end of February 2017. To help ease the task of filling positions, instead of always trying to find the perfect candidate, some HR professionals believe organizations should be hiring for potential and then investing in training, development, and on-the-job coaching.
Top Strategies That Contribute to a More Human Employee Experience
In addition to asking HR professionals to identify their most pressing challenges, Globoforce also learned the top strategies that organizations today are using to improve upon them and enhance the overall employee experience. Here are the most effective strategies that companies are currently using to do just that.
- Values-based recognition programs. This type of system, which recognizes employees who exemplify an organization’s core values, is found to be more effective at enhancing employee engagement, promoting a positive workplace culture, instilling and reinforcing corporate values, increasing productivity, and increasing employee happiness – all of which helps retain employees. In addition, organizations that devote at least 1% of payroll to a values-based reward program are more likely to experience even greater improvements in retention and financial outcomes.
- Health and wellness programs. 81% of surveyed organizations offer wellness programs, making it the most implemented strategy for creating a positive employee experience.
- Learning and development. Research shows that employees who stagnate in their positions are more likely to leave a company.
- Regular and frequent coaching to replace annual performance reviews. Companies who employ a coaching culture and incorporate such people-focused practices are more than twice as likely to have effective performance management than the average company.
ZOE Offerings that Support Implementation of Human Workplace Practices
One of the most effective ways to ensure a positive shift in organizational outcomes is through our management consulting services to help guide your leaders in recognizing, assessing, developing, and leveraging your human resource capability.
We also offer instructor-led training solutions that are recognized to successfully support the development of enhanced employee experience in the workplace. Here are a few suggested programs:
This program shows participants how to develop low-cost, spontaneous recognition ideas that motivate employees to top performance.
Individuals working in high-stress, customer-facing positions face demanding interactions as a regular part of their job requirements. Having to work with people in stressful situations, deliver difficult news, and offer appropriate emotional and logistical support to constituents/clients on an ongoing basis can take a very real toll on the providers. When the demands of the job outweigh the emotional reserves we have available to us, we can suffer from “compassion fatigue” and related stress which can lead to negative consequences within both a professional and personal context. Employees learn techniques for using Emotional Intelligence (EQ) to increase resiliency and handle the difficult situations that can lead to compassion fatigue.
This program helps organizational leaders develop a practical framework for understanding the process, management responsibility, and skills involved in coaching and mentoring. Participants will focus on eliciting high performance with an emphasis on giving positive (supportive), and constructive feedback.
This course helps participants improve their coaching skills by: Assessing participants’ current coaching strengths and weakness, as measured by the “Coaching Skills Inventory”; helping participants understand the difference between true coaching and basic problem solving; introducing participants to a seven-step coaching process for performance improvement; and allowing participants to apply their new coaching skills through interactive case studies.
You can research even more program options by searching through our online training programs catalog.