Employee Engagement Top Priority
Make engagement a top priority. With limited hiring activity at some organizations, mangers may consider channeling more of their talent management efforts toward existing employees. If and when conditions improve in the labor market, it can be expected that disengaged and dissatisfied employees will pursue other opportunities. A May 2013 SHRM study, in collaboration with Globoforce, revealed that nearly half (47%) of Management professionals said that employee engagement is the most important challenge at their organization.
1. New strategy for engagement can be explored, including positive feedback and recognition awards. The SHRM/Globoforce study also showed that while an overwhelming majority (94%) of organizations believes positive feedback has an impact on improving employee performance, many companies still do not use these tactics. Nearly one out of five organizations (19%) did not have an employee recognition program.
• Pay competitively, but focus on all aspects of compensation. Employees are once again placing high value on compensation/pay. However, knowing that many organizations are not making significant increases to salary budgets, a different approach to compensation may be at hand. Many experts now recommend a “total rewards” strategy, placing an emphasis on an organization’s benefits package as well as the base salary. Currently, this approach is not overwhelmingly prevalent, according to a December 2013 SHRM survey.
2. Roughly one-fifth (18%) of organizations reported leveraging their benefits program to retain employees, and of that group, health care (68%) and retirement savings and planning (57%) were leveraged most frequently. A majority of organizations indicated that those types of benefits would also increase in importance in the next three to five years in connection with employee retention programs.
• Strengthen relationships at all levels of the organization. Although many employees emphasize compensation/pay as it relates to job satisfaction, a significant proportion also place importance on relationships with co-workers and supervisors. Fostering an environment that treats all employees equally, as well as one that encourages communication between all levels of workers, can be an effective means of earning trust from employees and increasing their satisfaction with their jobs. The SHRM/Globoforce survey also revealed that 90% of organizations believe feedback from the employee’s direct supervisor, in combination with feedback from others in the organization (such as peers and higher-level managers and directors), provides a better assessment of employee performance compared with feedback from direct supervisors only.
3. Although many employees emphasize compensation/pay as it relates to job satisfaction, a significant proportion also place importance on relationships with co-workers and supervisors.
