Your business greatest asset!
Time after time I hear businesses proclaiming that “our people are our greatest asset”. It would be fantastic if that were the case and not just fine sounding words emblazoned on posters in work areas. Sadly, I have worked with many businesses who don’t walk the talk, and that is a shame because there is a quantifiable cost to business when an employee leaves after becoming dissatisfied, then needs to be replaced by the business. There is also the financial and personal damage this may create for the person leaving.
Costs can include, but are not limited to: recruitment costs, onboarding costs, lost productivity, cultural and team disruption, training costs, administrative costs, customer relationship and reputational impacts. Estimates for a dollar value for all of this range from 50% to more than 200% of the annual salary of the employee being replaced, depending on the skills and value of the work they do. In pure economic terms as well as in terms of the wellbeing of all concerned, it makes sense for any business to truly value and treat their staff as their greatest asset.
Luckily it isn’t too hard to develop, then keep good employees. Every one of us wants essentially the same things. A solid understanding of the needs which drive our behaviour and a preparedness to provide a work environment where as far as possible there is opportunity to meet them is the key to employee retention and improved work outcomes.
Every human being needs some degree of safety and security . A workplace which looks after the physical and mental wellbeing of their employees goes a long way in keeping them happy and productive.
We have varying degrees of the need for connection, to belong and fit in. Creating work environments where this can occur is essential in retaining employees.
The opportunity to grow and develop, through the work we do with the opportunity to develop our knowledge and skills is enjoyable and fun. Upskilled workers bring value to every workplace.
Some freedom within roles in the workplace is highly satisfying, micromanaging is the poorest way to get high quality outcomes.
Workplaces which recognise and celebrate employees’ efforts in a variety of ways encourage high performance. Everyone needs to know they are appreciated and valued.
Following these simple measures is inexpensive and very easy for any leader who wants to create a great workplace with loyal and effective employees.