There are many benefits in taking the time to understand your employees and to enhance their engagement and growth within the company.
Your employees are a big and unique asset for your company, and for most businesses the workforce is also its largest investment. Here are our top 5 reasons to maximise your return on employee investment.
Benefit from engaged employees
Building a positive work culture focused around what motivates your employees can go a long way towards better customer engagement, increased revenue and higher profits. Organisations that can establish trust between the workforce and management, and between co-workers, can create an engaged workforce and experience the many benefits that go along with it.Increase employee retention
High turnover rates can be attributed to several different factors and how they impact on your employees. This can include unchallenging work, poor relationship with management or co-workers, ability to fit into the goals of the organisation and the overall corporate culture. Whilst at times turnover can be unavoidable, turnover among your top performers is largely avoidable and it is certainly worth the investment, given the extraordinary expense of replacing them. It is worthwhile investing in key areas such as analysis of employee performance and information, company communication, work environment, employee engagement and recognition, training and compensation and benefits.
Reduce your employee replacement costs
Employee turnover is a very high and often underestimated cost for employers. The costs associated with replacing a departing employee include recruiting, interviewing, hiring, orientation, training, compensation and benefits while training, lost productivity and administrative costs.Reduce sick leave and absenteeism
Missed work time and unscheduled absences can have large cost consequences for your company and can contribute to lowered productivity and morale. One way for a company to reduce absenteeism is by using a HRMS system. This technology can make information about each employee available to managers so it is easier for them to identify possible patterns of absenteeism or illness and address them with employees. Focus on managing and developing your talent
Talent management is much more than just a performance appraisal tool or process. A successful talent management solution should also address alignment with business goals and people performance. Businesses that use performance appraisal and management software show a reduction of low performers. Talent management can impact your company’s return on employee investment in cost savings, revenue growth and improved employee productivity. 