Many small companies lack employees with any training in human resources. Larger companies have also cut back their human resources staff. This is a costly mistake. Employee turnover is a growing problem, and it can waste thousands of dollars each year. According to the Society for Human Resource Management, “Direct replacement costs can reach as high as 50%-60% of an employee’s annual salary, with total costs associated with turnover ranging from 90%-200% of annual salary.”
To avoid turnover, it is essential to support talent. Making changes in just three areas can have a huge impact on employee satisfaction.
- Increase Flexibility
- Companies that give their staff more control over their time are appealing to talented employees. Reward productive employees over those who work long hours, and focus on results. This creates an efficient company culture and increases profits. A Regus study showed that 68% of the companies they researched increased revenue under flexible working conditions.
- Promote Creativity
- Making a tangible impact is an excellent motivator for talented employees. Empower your staff to create innovative solutions by implementing their best ideas. Giving employees the freedom to solve their own problems inspires leaders, strengthens teams, and improves loyalty.
- Build Purpose
- “Companies that succeed in having highly engaged employees focus intently on driving meaning, purpose, and passion among workers,” according to the Global Human Capital Trends 2016 report. To build purpose, connect all of your employees to a clear mission or goal. Create opportunities for advancement within your organization, and your employees will strive for excellence.
Making these changes will result in employees who are happier and more purposeful in their work. Increase flexibility, promote creativity, and build purpose to support the talent you have now.