Why employee engagement, retention, and attraction should be your top priority

In today's competitive business landscape, attracting top talent is only half the battle. The real challenge lies in keeping them engaged and retaining them for the long haul. As business owners, HR professionals, and hiring managers your success hinges on mastering the art of employee engagement, retention, and attraction.

The Cost of Turnover

Employee turnover is more than just a minor inconvenience-- it's a significant drain on resources. The cost of recruiting onboarding and training new employees can be staggering. According to recent studies, it can cost up to 150% of an employee's salary to replace them. Beyond the financial burden, high turnover rates can also disrupt team dynamics, lower morale, and reduce overall productivity

The Power of Engagement

Employee engagement is more than a buzz word: it's a critical factor in your company's success. Engaged employees are not only more productive, but they're also more likely to stay with your organization. They feel connected to the company's mission, are motivated to go above and beyond, and often act as ambassadors for your brand. In contrast, disengaged employees are more likely to underperform and seek opportunities elsewhere.

Retention the Key to Stability

Retention strategies are essential for maintaining a stable workforce. A high retention rate signals that your company is a great place to work, which can, in turn, attract top talent. But retention doesn't happen by accident-- it requires a strategic approach. Offering competitive salaries and benefits is just the beginning. Providing career development opportunities, recognizing and rewarding performance, and fostering a positive workplace culture are all crucial components of a successful retention strategy.

Attraction: The First Step in the Employee Journey

Attracting the right talent sets the stage for long term success. It's about more than just filling a vacancy-- it's about finding individuals who align with your company's values and have the potential to grow within your organization. To attract top talent, your employer brand must be strong and consistent. This involves crafting a compelling employee value proposition (EVP), showcasing your company culture, and being transparent about what makes your organization unique.

Why Don't Businesses Do Something About It?

This is a great Topic that deserves a bunch of attention. There are so many reasons and all of them make sense and yet they don't. To elaborate on it typically there is an HR person who is in charge of the engagement the attraction and the retention of the employees in some way shape or form. They have so much on their plate that it's easier to just do what they've already have done without searching for a solution. This is primarily due to being overworked themselves. There's also an element of fear that if they fix all the problems or challenges either by themselves or outsourcing it that it could potentially eliminate their position with the company. 

Another aspect is that they are looking to keep costs down and won't even entertain the idea of spending money to fix these challenges.  And then there's yet again another side where they may find a potential solution but being that their job is not to be a salesperson they don't properly communicate what the solution is to their hierarchy or ultimately their company's decision maker and the decision maker just says no based on the lack of proper communication. It's truly a vicious cycle because once it happens the First time and their hierarchy tells them no or even possibly gets a little stern with their displeasure of the potential solution they will be once bitten and twice shy to ever give another suggestion.  And then the cycle begins.

At the end of the day they want to fix the issues and they are painfully aware of them as they have a constant now hiring sign either virtually or physically which advertises two messages. One, the face value they are hiring and need employees. Two, the underlying issue is they're advertising that they do not have an engaged workforce. If they did, they wouldn't have to advertise About their need for employees.  They would already have a line at the door and stacks and piles of resumes of people, already screened and ready to be hired.  Just look at Google, Patagonia and Zappos, highly engaged and rarely need to advertise the need for staff. 

Putting It All Together

To truly excel in today's business environment, you need to approach employee engagement, retention, and attraction as interconnected pieces of a larger puzzle. By investing in your employees and creating an environment where they can thrive, you'll not only reduce turnover, but also build a stronger, more resilient organization.

In the upcoming posts, we'll dive deeper into specific strategies you can implement to improve employee engagement, increase retention rates, and attract the best talent in your industry. Stay tuned as we explore actionable insights and real--world examples that will help you transform your workplace into a magnet for top performers.