Engage & Retain
How to engage and retain “A” players to move the business forward.
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Read Whitepapers“LSA Global’s ability to engage and retain talent has been a blessing. They have designed and delivered our Employee Engagement Survey for the past 3 years. Their ability to help us sort through complex organizational changes that impact reporting, and provide flexible, customized information gives a high level of comfort and confidence in the work. The survey results have helped us identify and take actions to engage and retain talent while addressing the concerns of our Gen Y workforce. In all, LSA provides us with great value and expertise, and I would highly recommend them.”
Mike Normant | Senior Director Training | ServiceSource
How you engage and retain talent matters. If you take care of your employees, they will take care of your business. According to the Bureau of Labor Statistics, over 2.7 million people quit their jobs each month. The business costs and benefits of employee engagement and retention are hard to ignore.
According to four recent studies, disengaged employees and unwelcome attrition create greater than 10% lower profits, almost 20% lower operating income, and up to 30% lower earnings per share. Conversely, higher employee engagement correlates to nearly 20% greater productivity, more than 10% higher customer satisfaction, and up to 50% less voluntary turnover.
Research has identified over three hundred potential engagement drivers and confirms that only a “vital few” make a significant difference for each organization.
Before investing in engagement and retention solutions, make sure that you truly understand the critical factors required to target high value employee groups for your unique situation.Then equip your leaders and managers with proven tools and strategies to enable them to mobilize their employees’ energy and commitment to be engaged, retained and aligned with your business strategy, priorities, and initiatives.
Studies show that engaged workers are over 40% more productive than their unengaged counterparts. Yet, a whopping 70% of workforces are at best complacent and at worst actively disengaged. Creating a competitive advantage through people requires both a top down engagement strategy and a bottom up approach to motivating and retaining individuals.
A recent study of over 1,200 employees across 12 US-based companies found that 45% of employee engagement is accounted for strictly by management practices. Another 15% is influenced by organizational systems.
Most companies have just scratched the surface of the benefits that employee engagement and retention can have on their bottom line. Employee engagement should be viewed as a strategic tool for optimizing workforce contribution. To be effective, it should be considered in all aspects of leading and managing within an organization.
Our approach to Employee and Retain Talent has four key components:
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- Identify the Role Employee Engagement and Retention Play in Your Business Strategy. The role should be a central focus in the design, execution, and measurement of your business plan.
- Focus on Implementation First, Then the Survey. Ensure that you have the desire, time and ability to implement employee engagement and retention solutions in a way that makes sense based upon the survey results. Too often companies jump first to selecting “the right engagement survey” without thinking through the strategy, culture and talent implications of the potential actions required to measurably improve employee engagement.
- Use an Engagement Survey that Provides Strategic Insight and Enables Immediate Action. While they may be good for a consultant’s bottom line, standardized or abbreviated engagement surveys typically provide leaders less than half the information needed to make decisions and take action. The key is to use a validated and customizable survey that is action-driven rather than curiosity-driven.
- Make an Employee Engagement and Retention Index a Key Performance Indicator. Your engagement index is the equivalent of your company’s market capitalization for your employees, and it should be used to evaluate all human capital programs looking to improve employee advocacy, discretionary effort and retention.
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