Our nation’s economy is thriving and unemployment rates are at some of the lowest since 1969. For employers, this creates a challenge in finding and keeping workers. Creating a great workplace culture that will attract talent, make them want to stay and keep them engaged is an important strategy in meeting this challenge.
To do this effectively, you must recognize your employees have choices, just as your customers do. Yes, you pay them to do a job, but you need to approach it understanding there is a war for talent going on. The key is in creating an exceptional experience for your employees that will attract and retain them to YOUR organization as their employer of choice. They in turn will create an exceptional experience for your customers. Your outcome will be an engaged workforce and better business results.
According to the Gallup Organization, the differences between engaged and actively disengaged businesses/work units is significant in the following way:
And according to a recent SHRM (Society for Human Resources Management) article titled, The High Cost of a Toxic Workplace Culture: How Culture Impacts the Workforce – And the Bottom Line, “Great workplace cultures are associated with low employee turnover and high engagement, making these organizations more innovative, productive, and profitable. Bad cultures, on the other hand, leave employees dissatisfied and unproductive – and eager to move on. In fact, the high employee turnover (and low engagement) that stems from a bad workplace culture costs U.S. employers billions of dollars a year.”
Your efforts to create an exceptional experience for your employees will pay off in business results that directly impact your organization’s bottom line. It’s best to take a business approach to this work by creating a formal People Strategy. Formalize your strategy with specific goals and tactics that are refreshed annually.
Laurie is an experienced Human Resources executive who is passionate about organizational culture, creating great workplaces and employee engagement.