EMPLOYEE ENGAGEMENT TALENT RETENTION
Singapore - With a satisfied workforce, companies would typically see higher productivity, more satisfied customers, lower employee turnover and fewer accidents.
While productivity and cost-effectiveness took a backseat for many companies during the economic crisis, Chris Mead, general manager of Hays Singapore, says that many businesses either forget to carry out or have yet to implement strategies aimed at improving employee satisfaction.
“The relationship between employee satisfaction and productivity has been researched for many years. It stands to reason that if an employee enjoys their work and feels they are valued, they will be more productive which will have a huge impact on the bottom line.”
In order to get the most out of staff, Mead suggests the following options:
1. Implement an effective induction process: The first day, week and even month of a new staff member’s employment should provide the necessary training and understanding of the role and your business. This may seem like a lot of work, but without it your new employee may feel they don’t fit in and their productivity can drop while they try to find their own way.
2. Develop talent: Over the years, Mead says he has surveyed many candidates and discovered the majority feel more committed to an employer who invests in their training and development and without it would look for a new job. As Singapore enters a candidate-tight market, it is even more imperative that employers invest in the training and development of their staff to aid in retention.
3. Celebrate success: Performance-related pay has a definite impact on productivity as it is often based on achieving or exceeding set key performance indicators or targets. Monetary rewards however are usually very short lived. What is more important is that the reward makes the person feel valued – so often a "well done" and internal recognition for a job well done can be more valued than a monetary reward.
Any company looking at implementing a successful rewards/recognition program should look at what their employees want. A ‘one size fits all’ mentality will not work as what one employee values, another will not.
4. Offer flexibility: Flexibility is an important factor in overall workplace effectiveness as it can improve employee engagement and job satisfaction as well as reduce stress. Offering flexible working arrangements, such as location and the hours staff work, to the types of technologies available to them such as video conferencing and remote access, promotes a work/life balance and can save a large company millions of dollars in unscheduled absences.
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