Using employee engagement to improve retention
Simply stated, engaged employees are less likely to leave their jobs.
There is usually an inverse relationship between employee engagement and labour turnover because a decrease in employee engagement scores normally result in an increase in the turnover rate, particularly, if no action is taken to improve the employee engagement scores.
That is why the employee engagement index, which is a measure of employee engagement levels, serves as a leading indicator for retention. It is, therefore, important that your employee engagement initiatives are targeting what is important for the employees you want to retain.
It is also important to note that talent retention is not a once-off intervention but rather an ongoing process that aims to influence how employees feel about their jobs, managers, colleagues, and the organisation. Employee engagement and retention today means understanding an empowered workforce's desire for flexibility, creativity, and purpose. Under the evolving social contract between employer and employee, workers become "volunteers" to be re-engaged and re-recruited each day.
The quality of leadership has a strong influence on the commitment level of employees in the organization, henceforth, organizations must invest in the quality of their leaders.
Executives around the world agree that enhancing employee engagement is one of their top global business strategies. Not only does this have a positive impact on employee retention, productivity and loyalty, it is also a key link to customer satisfaction, company reputation and overall stakeholder value. Increasingly, organisations are turning to HR to set the agenda for employee engagement and commitment in order to establish a competitive advantage.
Some of the things that improve engagement and productivity include social cohesion, feeling supported by one's supervisor, information sharing, common goals and vision, communication, and trust. At the end of the day, employees want to feel valued and respected. They want to know that their work is meaningful and their ideas are heard. Retention risk assessments must also be conducted with all employees, especially those with high potential and those in critical positions. Because, if you know what risk you have of losing them, you want to develop them.