By: Cord Himelstein, Vice President of Marketing and Communications, Michael C. Fina Recognition
The U.S. Bureau of Labor Statistics reports that in some industries, the average job tenure has shrunk to little more than two years. Now more than ever, building relationships and introducing new employees to the company culture early on is critical to fostering long-term loyalty. The first days, weeks, and to a larger extent, the first year at a company is a crucial time when the employee decides if their new job is a good fit. That’s why 23 percent of new hires turnover before their first anniversary. Replacing them also costs between 16-20 percent of their salaries!
No matter the employee, everything must be done to make those first moments of connection rewarding and invigorating. Integrating employee recognition into onboarding creates great opportunities for companies to connect with and support employees as they adjust to the culture. Even though layering employee recognition efforts into onboarding efforts can boost early engagement, a recent Michael C. Fina Recognition survey of HR professionals showed that only 33 percent of organizations currently do so. For shame!
A commitment to recognizing workers prior to their first day, on their first day, and throughout the first year of employment can help accelerate cultural adoption and greatly increase the chances of them staying longer. These efforts need not break the bank either. Here are some of the most popular budget-minded ways organizations are helping new hires feel welcome:
Onboarding Kits: Offering a customized onboarding kit with a personalized gift—and making an employee’s first day a recognition event—can help a new hire get acclimated more quickly. This can be something as simple as a swag bag with a customized t-shirt and other personalized gifts, although some companies create an entire onboarding experience to introduce employees to company values, expectations, and the overall work journey.
First Day Festivities: Many organizations celebrate employees on their first day with a special breakfast or lunch with coworkers. This is a great opportunity to make personal connections with peers—an important factor in retention. Also, making sure managers spend a good amount of time on the introduction process can ease any anxiety a new hire might have as well as speed up the acclimation process.
Extra Manager Involvement: Beyond introductions to the team, establishing a positive manager-to-direct-report relationship is a silver bullet for voluntary turnover. According to Gallup, only 1 in 5 employees say their performance is managed in a way that encourages them to do outstanding work. Setting regular progress meetings and having informal touch-base conversations help ensure the new hire knows someone is always available for consultation and support.
The onboarding phase has grown in importance over the last decade but with job tenures shrinking it is becoming mission-critical. Integrating recognition program strategy with the onboarding experience is the best way to encourage personal relationships, show new employees your commitment to their satisfaction, and start building loyalty and engagement from day one.
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Showing posts with label talent retention. Show all posts
Showing posts with label talent retention. Show all posts
Wednesday, August 23, 2017
Tuesday, June 20, 2017
‘Me’ Versus ‘We’ in the Workplace
By Ahu Yildirmaz, Vice
President, Co-Head of the ADP Research Institute
Nearly two-thirds of employees are actively looking for a
new job, or open to a new one. Let that sink in for a moment.
T his might not come as a shock for employees, but for managers and executives, the story is different. With wages
on the rise, employees are realizing that they hold much more power than in the past
to seek out and negotiate for their dream job. In fact, job switching is at an
all-time high. ADP’s Workforce
Vitality Report found that 27 percent of U.S. workers are changing jobs on
an annual basis.
These statistics, at the very least, should give employers pause because they often underestimate how much of their workforce is looking for new
opportunities. According to new ADP research, 46 percent of employees are passively
looking for new jobs, but on average, employers think only 23
percent of their workforce is passively looking. With unemployment so low, keeping
employees engaged is critical. The cost of frequent turnover can also be financially draining.
The ADP Research Institute recently released two major
pieces of research that examined these workforce trends, Evolution
of Work 2.0 and Fixing
the Talent Management Disconnect. The big takeaway from these reports is
that employees are looking for engagement, meaning, and opportunity for
advancement in their jobs. Meanwhile, employers are focusing on the bigger picture, which includes brand reputation, long-term performance and their bottom line. We call
this employee-employer friction "the ‘me’-versus-‘we’ mindset."
This disconnect is not sustainable if employers want a
productive, engaged workforce. Today, employees are calling the shots, and if they
are not engaged at work, the data shows they are likely to seek better opportunities elsewhere. Here are a few insights on how employers can minimize the
‘me’-versus-‘we’ mentality and better engage their employees.
Demonstrate Opportunity
for Advancement
Growth and career development matter to employees. But, the
Fixing the Talent Management Disconnect report found that only 15 percent of employees
say they have been given defined development goals for their positions. Less
than half (42 percent) of employees say they receive recognition for good work
and, similarly, just 44 percent of employees feel their managers support their
career development. The good news for employers is that many employees still say they
would like to find that opportunity for advancement within their own company.
Better training is a way for employers to demonstrate that they want to invest
in their employees’ futures. Companies should seek to align their training
practices with employees’ growth goals, which could have a broader talent
management impact.
Make the Work Meaningful
According to the Evolution of Work 2.0 report, 46 percent of
employees globally would consider another job opportunity even if it paid the
same or slightly less than their current position, proving salary isn’t
everything when it comes to employee retention. What matters is the work. The Fixing the Talent Management Disconnect report shows that enjoying
the work they do is the most important factor—outside of compensation, for
employees to stay at a job. Companies need to ensure that employees are able to
do the jobs they were hired to do and that they aren't bogged down by menial tasks. Providing
tools and technologies that handle smaller tasks and create efficiencies is one way to help the workforce get back to doing meaningful work.
Build a Better
Manager
Our research has shown that poor relationships with direct managers are the top reason that employees choose to leave a company. Does this
mean there are just a whole lot of bad managers out there? Probably not.
More likely, it means that managers may not have the training they need to support
and encourage the employees that report to them. Training managers to better
communicate and engage with their employees is one of the most important investments
a company can make and ultimately leads to better engagement and retention.
These insights all come back to one important truth: employee engagement is paramount to business success. Employees want to be fulfilled in their work,
and as our research has shown, money isn’t everything. If your company is
struggling with engagement, changing course doesn’t have to be a complete
overhaul. Simple shifts in attitude and management style could be the secret to keeping talent in the door.
Tuesday, July 19, 2016
Keeping Employees Motivated
A new report captures surprising insights on the future of work
By Jeff Vijungco, vice president of Global Talent at Adobe
The workplace is changing faster than ever before with four generations working side-by-side, technology advancing at a rapid pace, and the line between work and life blurring more each day. New research from Adobe shines a light on employees’ attitudes about work and the future of technology in the workplace. The report, “Work in Progress” surveyed more than 2,000 office workers who use computers daily as part of their jobs in India, the U.S. and U.K. The findings reveal unexpected insights about today’s workforce. It goes without saying that engagement all starts with great people leadership, but here are some other takeaways from the U.S. results that shed light on what’s motivating employees today.
1. Tech is The New Perk of Choice
With companies today operating across many different systems and time zones, workers say good tech (not ping-pong) is what keeps them happy in the office. Eighty-one percent of U.S. workers single out access to cutting-edge technology as the top contributor to their overall job satisfaction, above perks like food, on-site amenities and slick office design. People want to get stuff done and tech should be an enabler to drive a culture of productivity. Employees who said their company’s technology is “ahead of the curve” feel twice as creative, motivated, and valued as those who say their company is “behind the times.” Yet, just one in four workers believe that his or her company’s technology is ahead of the curve.
It boils down to productivity. Eighty-five percent of workers believe technology makes them more productive, and a majority also think it improves their work-life balance and makes their workday better and easier.
2. People Actually Love to Work
Employees need to be challenged intellectually and connected emotionally to their job to be happy. Our research shows that people really love to work with seventy percent of U.S. office workers saying they love their jobs. Eight in ten would even keep working if they won the lottery—and of those, half would, surprisingly, stay in their current roles.
Not only do people love to work, but a majority also define themselves by the work they do and spend more than forty percent of waking hours during their days off working or thinking about work.
3. Pay Isn’t Everything
On the contrary, money a warning sign. If you come for money, you’ll also leave for it. The driver of employee engagement must be centered around making a difference. People want to make an impact on their society or community, in addition to feeling recognized for their successes. Forty-seven percent of respondents said they would move to their “ideal” job for less pay and most people would rather work long hours doing work they love, than shorter hours doing work they don’t enjoy.
4. Moonlighting Has Become Mainstream
Look around you; it’s likely that someone sitting near you holds more than one job. One-third of respondents across income levels are holding one or more jobs in addition to their primary profession. And those that do, whether for money or to pursue a passion, say they are more likely to feel happy and optimistic than those that don’t have more than one job.
Could this be an indicator of what’s to come? Well, it might be since more than half of U.S. workers predict that most people will have multiple jobs in the future.
People want more than a large paycheck and showy benefits, and companies need to provide better experiences with flexibility, meaning, and opportunities for growth—or they may just lose top talent. In fact, research shows that a majority of workers are likely to leave their job for a new opportunity, and even half who love their job would still make a switch. Employers need to help integrate their employees and be mindful that they have both a professional and personal life.
By Jeff Vijungco, vice president of Global Talent at Adobe
The workplace is changing faster than ever before with four generations working side-by-side, technology advancing at a rapid pace, and the line between work and life blurring more each day. New research from Adobe shines a light on employees’ attitudes about work and the future of technology in the workplace. The report, “Work in Progress” surveyed more than 2,000 office workers who use computers daily as part of their jobs in India, the U.S. and U.K. The findings reveal unexpected insights about today’s workforce. It goes without saying that engagement all starts with great people leadership, but here are some other takeaways from the U.S. results that shed light on what’s motivating employees today.
1. Tech is The New Perk of Choice
With companies today operating across many different systems and time zones, workers say good tech (not ping-pong) is what keeps them happy in the office. Eighty-one percent of U.S. workers single out access to cutting-edge technology as the top contributor to their overall job satisfaction, above perks like food, on-site amenities and slick office design. People want to get stuff done and tech should be an enabler to drive a culture of productivity. Employees who said their company’s technology is “ahead of the curve” feel twice as creative, motivated, and valued as those who say their company is “behind the times.” Yet, just one in four workers believe that his or her company’s technology is ahead of the curve.
It boils down to productivity. Eighty-five percent of workers believe technology makes them more productive, and a majority also think it improves their work-life balance and makes their workday better and easier.
2. People Actually Love to Work
Employees need to be challenged intellectually and connected emotionally to their job to be happy. Our research shows that people really love to work with seventy percent of U.S. office workers saying they love their jobs. Eight in ten would even keep working if they won the lottery—and of those, half would, surprisingly, stay in their current roles.
Not only do people love to work, but a majority also define themselves by the work they do and spend more than forty percent of waking hours during their days off working or thinking about work.
3. Pay Isn’t Everything
On the contrary, money a warning sign. If you come for money, you’ll also leave for it. The driver of employee engagement must be centered around making a difference. People want to make an impact on their society or community, in addition to feeling recognized for their successes. Forty-seven percent of respondents said they would move to their “ideal” job for less pay and most people would rather work long hours doing work they love, than shorter hours doing work they don’t enjoy.
4. Moonlighting Has Become Mainstream
Look around you; it’s likely that someone sitting near you holds more than one job. One-third of respondents across income levels are holding one or more jobs in addition to their primary profession. And those that do, whether for money or to pursue a passion, say they are more likely to feel happy and optimistic than those that don’t have more than one job.
Could this be an indicator of what’s to come? Well, it might be since more than half of U.S. workers predict that most people will have multiple jobs in the future.
People want more than a large paycheck and showy benefits, and companies need to provide better experiences with flexibility, meaning, and opportunities for growth—or they may just lose top talent. In fact, research shows that a majority of workers are likely to leave their job for a new opportunity, and even half who love their job would still make a switch. Employers need to help integrate their employees and be mindful that they have both a professional and personal life.
Friday, July 8, 2016
The Three ‘U’s of Building a Career Development Program
By Lindsay Moroney, Chief of Staff for The Muse
When it comes to creating a career development program, there’s no one-size-fits-all approach. Employees today expect different programs at different types of companies and stages in their career. Each team member is also unique and has distinct needs and wants. But if you want to grow and nurture your team the right way, there’s one consistent truth: U make the difference.
Here are the three Us I recommend when contemplating building your career development program:
1. Understand what makes your team different
Researching other companies’ policies is tempting and can help to generate ideas, but remember that what works at one workplace won’t necessarily address the challenges at yours. Also keep in mind that what you implement must be specific to not only the team you have, but also to the team you seek to grow. Here at The Muse, we regularly survey the team to see what their growth goals are and which opportunities, if given the choice, they’d want us to spend our money and time on. It’s simple, but it ensures that we’re constantly learning from our team and building programs that will impact them most.
2. Build programs unique to your team
Jack Welch, former chairman and CEO of GE, increased the company’s value with management programs like his “up or out” model—if employees aren’t improving and being promoted, they must eventually be let go. While Welch’s style worked wonders for GE, this specific idea wouldn’t work at a rapidly growing startup like The Muse: We need individual contributors as we scale; the institutional knowledge each team member holds is priceless for us; plus, as we’ve learned from our people, not everyone wants to become a manager! So our programs aim to support all types of employees—which leads me to the third U:
3. Uncover the power in each team member
Programs that support career development can come from anyone on the team. Google’s Laszlo Bock wrote in Work Rules! about a spontaneous program where one Googler set up office hours for anyone who wanted to talk about his or her career path. It was filling a need the company hadn’t thought to ask about or to create a program for. But when it became popular, it was formalized into a program now called Career Gurus. The lesson? Good ideas can come from anywhere. Make sure your team knows they are welcome to share their ideas or even create their own career development opportunities.
If you’re strapped for resources, consider starting small with a specific group that needs your support—like new managers or rising stars—to build a program that satisfies their unique needs. However you choose to do it, though, make an effort to understand what your employees want and need, build unique programs for them, and uncover the power in each team member to act when they see a need. You’ll develop your employees’ careers for their benefit and your company’s benefit.
When it comes to creating a career development program, there’s no one-size-fits-all approach. Employees today expect different programs at different types of companies and stages in their career. Each team member is also unique and has distinct needs and wants. But if you want to grow and nurture your team the right way, there’s one consistent truth: U make the difference.
Here are the three Us I recommend when contemplating building your career development program:
1. Understand what makes your team different
Researching other companies’ policies is tempting and can help to generate ideas, but remember that what works at one workplace won’t necessarily address the challenges at yours. Also keep in mind that what you implement must be specific to not only the team you have, but also to the team you seek to grow. Here at The Muse, we regularly survey the team to see what their growth goals are and which opportunities, if given the choice, they’d want us to spend our money and time on. It’s simple, but it ensures that we’re constantly learning from our team and building programs that will impact them most.
2. Build programs unique to your team
Jack Welch, former chairman and CEO of GE, increased the company’s value with management programs like his “up or out” model—if employees aren’t improving and being promoted, they must eventually be let go. While Welch’s style worked wonders for GE, this specific idea wouldn’t work at a rapidly growing startup like The Muse: We need individual contributors as we scale; the institutional knowledge each team member holds is priceless for us; plus, as we’ve learned from our people, not everyone wants to become a manager! So our programs aim to support all types of employees—which leads me to the third U:
3. Uncover the power in each team member
Programs that support career development can come from anyone on the team. Google’s Laszlo Bock wrote in Work Rules! about a spontaneous program where one Googler set up office hours for anyone who wanted to talk about his or her career path. It was filling a need the company hadn’t thought to ask about or to create a program for. But when it became popular, it was formalized into a program now called Career Gurus. The lesson? Good ideas can come from anywhere. Make sure your team knows they are welcome to share their ideas or even create their own career development opportunities.
If you’re strapped for resources, consider starting small with a specific group that needs your support—like new managers or rising stars—to build a program that satisfies their unique needs. However you choose to do it, though, make an effort to understand what your employees want and need, build unique programs for them, and uncover the power in each team member to act when they see a need. You’ll develop your employees’ careers for their benefit and your company’s benefit.
Tuesday, July 5, 2016
How to Motivate and Retain Millennials in The Workplace
By Lisa Copeland
Companies are always on the lookout for the best and brightest prospects, and there seems to be no shortage of potential from the millennial generation. Unfortunately, a growing trend is causing some concern.
While there is an abundance of worthy applicants, millennials are job-hoppers, with many changing jobs every two to three years. It used to be that people found a company in their line of work and stuck with them for their entire career. So what is it about millennials that they can’t stay still?
To find out why this generation has been flaunting the tradition of long term employment with a company, our team at The Culture Works surveyed more than 5,000 millennials to find out what really motivates them in the workplace, and how companies can be more successful at long-term employee retention.
What motivates Millennials?
Millennials are motivated by loftier ideals than the “me” generation that was in its twenties in 1980s,. We found that a major goal was to make an impact and affect positive change in the world. They often feel a sense that destiny awaits, and become frustrated that they don’t find themselves in a position that makes them feel like their work is important.
For others, the pursuit of knowledge is the goal, and these workers thrive on the ability to continue learning, no matter where it takes them. As long as they continue to get better at what they do, they will change jobs as often as they need to.
The third largest motivating factor we found was family. Having their family be proud of them and being able to balance work and home life greatly influences what job they take, and how long they stay.
What doesn’t motivate Millennials?
Unlike the generations before them, most millennials are not highly motivated by money, prestige or autonomy. They are not attracted to a company because it has a famous name or is willing to give them a fancy title. Many millennials crave direction and teamwork early in their careers and aren't eager to step on their colleagues to get ahead. Money is definitely satisfying, and almost anybody would rather have it than not, but it’s surprisingly not a huge incentive to stay.
What can your company do to motivate and retain Millennials?
Your company needs to reach out to the idealistic side of millennial employees to show them that they are integral to the company and make an impact through their work. Explain clearly the mission of your company and how it makes the world a better place. Challenge your millennial employees to learn and set goals on a regular basis, starting in the very first week on the job. A good timeframe for accomplishing a set goal is six months. This gives the millennial enough time to work towards a goal without being overwhelmed by it. Be sure that this goal is tied to at least one core value or mission of the company.
You can also help your millennial employees better manage a work-life balance and look out for their well-being. Many millennials haven’t learned how to shut off. While they may have lots of energy, young people need to be encouraged to take their vacation days, turn off their work computer at nights and on weekends, and go out regularly with friends or family to recharge their batteries. Millennials should learn to balance, and it’s a manager’s job to help them adopt that skill.
Now is the time for millennials. The world is getting smaller and it’s all within reach for them. Don’t let the brightest slip out of reach for you. A little adaptation to their thinking can keep valuable employees with you for years to come.
Lisa Copeland is a global workplace expert specializing in culture, engagement, leadership and teamwork. She is part of the leadership team at The Culture Works. To learn more, visit www.lisacopeland.com and http://www.thecultureworks.com/
Companies are always on the lookout for the best and brightest prospects, and there seems to be no shortage of potential from the millennial generation. Unfortunately, a growing trend is causing some concern.
While there is an abundance of worthy applicants, millennials are job-hoppers, with many changing jobs every two to three years. It used to be that people found a company in their line of work and stuck with them for their entire career. So what is it about millennials that they can’t stay still?
To find out why this generation has been flaunting the tradition of long term employment with a company, our team at The Culture Works surveyed more than 5,000 millennials to find out what really motivates them in the workplace, and how companies can be more successful at long-term employee retention.
What motivates Millennials?
Millennials are motivated by loftier ideals than the “me” generation that was in its twenties in 1980s,. We found that a major goal was to make an impact and affect positive change in the world. They often feel a sense that destiny awaits, and become frustrated that they don’t find themselves in a position that makes them feel like their work is important.
For others, the pursuit of knowledge is the goal, and these workers thrive on the ability to continue learning, no matter where it takes them. As long as they continue to get better at what they do, they will change jobs as often as they need to.
The third largest motivating factor we found was family. Having their family be proud of them and being able to balance work and home life greatly influences what job they take, and how long they stay.
What doesn’t motivate Millennials?
Unlike the generations before them, most millennials are not highly motivated by money, prestige or autonomy. They are not attracted to a company because it has a famous name or is willing to give them a fancy title. Many millennials crave direction and teamwork early in their careers and aren't eager to step on their colleagues to get ahead. Money is definitely satisfying, and almost anybody would rather have it than not, but it’s surprisingly not a huge incentive to stay.
What can your company do to motivate and retain Millennials?
Your company needs to reach out to the idealistic side of millennial employees to show them that they are integral to the company and make an impact through their work. Explain clearly the mission of your company and how it makes the world a better place. Challenge your millennial employees to learn and set goals on a regular basis, starting in the very first week on the job. A good timeframe for accomplishing a set goal is six months. This gives the millennial enough time to work towards a goal without being overwhelmed by it. Be sure that this goal is tied to at least one core value or mission of the company.
You can also help your millennial employees better manage a work-life balance and look out for their well-being. Many millennials haven’t learned how to shut off. While they may have lots of energy, young people need to be encouraged to take their vacation days, turn off their work computer at nights and on weekends, and go out regularly with friends or family to recharge their batteries. Millennials should learn to balance, and it’s a manager’s job to help them adopt that skill.
Now is the time for millennials. The world is getting smaller and it’s all within reach for them. Don’t let the brightest slip out of reach for you. A little adaptation to their thinking can keep valuable employees with you for years to come.
Lisa Copeland is a global workplace expert specializing in culture, engagement, leadership and teamwork. She is part of the leadership team at The Culture Works. To learn more, visit www.lisacopeland.com and http://www.thecultureworks.com/
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