In this current climate of record-setting low unemployment, talent is scarce. And the more specialized a company’s workforce, the more difficult it is to find a qualified employee. So how do you hang on to your team in this employment “buyers” market?
Long gone are the days when people work for the same company for 20 years or more and the only conversations about employee appreciation center around improving profit margins. Today the emphasis is on work-life balance. One important way to maintain an environment that keeps the work side of that equation healthy is to recognize the contributions of employees.
Everyone likes to be appreciated. Traditionally, appreciation at work has been expressed in many ways ranging from a financial bonus to a pat on the back. So does appreciation play an effective role in the workplace today? Yes. In this competitive employment market, formal and informal recognition of employee accomplishments fosters an environment of respect.
We spend more than 1/3 of our day working to enhance a company’s bottom line, and that deserves some gratitude. Of course, a salary commensurate with an employee’s contributions goes a long way to showing appreciation. Acknowledging a job well done by saying thank you and celebrating milestones are also part of an overall effort to reward employees. This provides tangible value to employees’ lives just as they provide real value to the company. Employees are a company’s most important assets after all.
Not only is showing appreciation to employees important for a vibrant work environment, but it can play a key role in a company’s employee retention efforts. Retaining top talent is crucial to success in the areas of institutional knowledge gained from experience, customer satisfaction, and productivity.
In regard to employee retention, the cost of failure is high. Recruiting, hiring, and training a new employee is expensive. The loss of market and company knowledge as well as efficiency when a valuable employee leaves is costly. There are also impacts to the employees who remain behind such as feelings of insecurity, increased workload to compensate, and low morale. High turnover can also affect the recruitment of new talent since it creates the impression of disharmony in the corporate culture. All of these factors can add up to a cost that’s more than double the salary of the employee who left.
Little things like saying thank you to employees or buying a cake for employment anniversaries make investments in people that pay off at the bottom line. If you need help finding the right talent to suit your needs and fit in seamlessly with your corporate culture, partner with a true market leader – Griffin Global Systems. We know our talent pool well. We’ve verified their skill sets, checked their references and backgrounds, and built relationships. Contact GGS today and let us help you achieve your goals.