Today, organisations need to create and sustain engagements with their employees. Therefore, it is important to apply behavioural economics studies in understanding human behaviour and tying that back to drive business strategies
Workplace dynamics are rapidly changing, and with it what employees expect and what makes them tick. Organisations that merely consider pay cheque and perks as a means to foster engaged and loyal employees are going to be left behind in the race, while those that tap into the latest trends to inspire their workforce will stay ahead of competition and the curve.
Technology is a key facilitator in inspiring employees this year. More and more organisations are not just coming to realise the need for technology in recognising employee milestones, service anniversaries and everyday success moments, but also decoding insightful metrics on new employee engagement and manager recognition practices. Organisations that want to leverage technology in the best way possible need a recognition system that analyses employee behaviour to offer useful real-time data insights on manager recognition budget, recognitions awarded, duration since the last recognition etc.
Statistics show that employee turnover rate is 17.7 per cent lesser among employees who have been recognised at least once when compared to others. Keeping track of recognition frequency can help the HR team drive and sustain a culture of recognition. Futuristic platforms can shed light on new employee engagement by tracking their progress on-boarding activities and job satisfaction levels. They can also take the burden of tracking employee service anniversaries off managers, and make these milestone moments meaningful for employees by allowing their closest friends and family members to join in on the digitised celebrations. The share-ability and social value addition that technology brings makes it indispensable in the current day and age.
Take the tailored EVP approach. Finding the right talent in the market matters, but finding the right fit for the organisation, matters far more for the long-term growth roadmap; this is where Employee Value Proposition (EVP) comes in. A study by linkedIn Business Solutions shows that a strong EVP can boost retention rate by 25 per cent. Organisations need to start with a strong EVP — one that reflects the brand’s values, goals and identity.
Once the right EVP for the organisation is drawn out, it is simply a matter of putting it into action through different phases of the employee life cycle. It is only natural that the organisation starts and attracting and retaining employees.
Create brand advocates. It is crucial for organisations to stay in tune with what their employees value and why to build a meaningful EVP. Employees reciprocate as they receive. When organisations are invested in their employees, they can expect them to return the favour by turning into powerful brand endorsers and advocates towards customers and prospective employees. Statistics (TalentBoard) reveal that 76 per cent of candidates carry out their research to really get to know a company, than just reading up a brand’s story on the official website.
Managers matter. According to statistics (Dr Brad Shuck, 2015), 28 per cent to 36 per cent of employees claim they work with leaders who have a dysfunctional approach. Another report (Adkins & Harter, HBR, 2015) shows that nearly half the people leave a job to escape a bad manager. Simply put, organisations need to start with their managers if they want to foster a happier workplace with loyal employees. Train managers on behaviours that matter, measure compliance and reward them for positive outcomes. A happy and motivated manager is likely to pass that contagious good energy to the team. Empower managers with the right tools so they can consistently reward and motivate their team, and get another step closer to building a happier workplace.
According to a study by Equifax Workforce Solutions, the chances of a new employee who is going to quit, stand high during the first six months, with 40 per cent of turnover occurring during the first month. The best-in-class companies know how to overcome this. A strategic well-rounded on-boarding strategy focuses on aligning the employee with the organisation’s culture, mission and vision, setting expectations for achievable milestones and growth goals, boosting learning, productivity and job satisfaction, and ultimately solidifying the relationship with their workforce.
The writer is Siddharth Reddy, MD, BI Worldwide India
