3 powerful ways to improve your employee retention rate

Employee Retention StrategiesPeople are often told that they should find a job they love. Unfortunately, circumstances don’t always allow the luxury of waiting for that one dream position. And some people think they’ve found their dream job, only to find that things start to go sour. There are a lot of reasons this can happen: a bad boss, a toxic team, stagnant career growth, or lack of recognition.

Losing your employees to resignation is an expensive problem. The better you can retain your employees, the better you’ll be able to save money, and more importantly, save the knowledge and talent your employees bring to the table.

A competitive salary is the bare minimum that you need to provide to keep employees satisfied. Beyond compensation, your employee retention strategies should factor in the total rewards package you offer, the quality of your leadership, and the power of your social recognition strategies.

Making sure your employees are thoroughly engaged should be a key step in your employee retention strategy. Here are 3 practical ways to start:

  1. Offer a generous and unique benefit package

Competitive wages will always be an important factor in retaining high-quality employees. In today’s employment market, individuals are also placing a high value on the benefits an employer offers. Health insurance coverage and paid vacation time are considered standard, so going above and beyond that minimum can go a long way toward improving your retention rate. Flexible work schedules, work-from-home opportunities, generous maternity and paternity leave, and paid fitness club memberships are just some of the popular benefit options that communicate value with today’s workforce.

  1. Emphasize leadership within a team – not “boss” and employees

A “boss” who cracks the whip does not encourage loyalty. A team leader who works side by side with those they lead is more likely to generate the commitment and attitude you’re looking for. If you invest in your managers to ensure they’re well trained, you’re investing in your employee retention as well. Good managers will train and inspire their team, and they will help their direct reports find their strengths and grow their careers.

  1. Appreciation and recognition go the distance

Finally, showing recognition and gratitude go a long way toward making an employee feel appreciated. Make sure you have a rewards and recognition strategy in place across your organization. Encourage managers to give their reports positive feedback on a regular basis, and foster a culture where peers are encouraged to recognize each other for good work. Regular, authentic recognition within your teams will help your employees feel more engaged, valued, and aligned with the organization. Make sure every employee knows that their work is meaningful to the company.

Don’t let high employee turnover hurt morale or your business’ bottom line. Smart employee retention strategies will help you keep your employees engaged, activated, and working toward your business’ goals.

Three ways to recognize your admins on Administrative Professionals Day and throughout the year

Most companies realize that their administrative staff members are essential contributors to day-to-day operations, and that Administrative Professionals Day is a great way to show them some appreciation. But keeping your admins engaged takes more than just a vase of flowers one day a year; it requires continual recognition and appreciation for all of the hard work that they do, even though much of it takes place behind the scenes.

Even if employee recognition is new to your organization, there are several Administrative Professionals Day ideas that you can use any time of the year to keep these essential staff members engaged.

  1. Foster community with a celebration

Why not take some time during the workday to show appreciation? Order a custom cake and let the whole office celebrate and show their appreciation for the support provided by your admin team. This type of community building can go on throughout the year by celebrating birthdays and/or work anniversaries during the workday. Taking an hour out once a month (or even once a week!) for such gatherings can have a great payoff: it leads to more collaboration by allowing your employees social time to get to know each other and share ideas.

  1. Personalize it

Nothing communicates thoughtful attention more than a recognition that’s personalized for the individual. That’s right: that means no more company-branded mugs as a reward for good work. Employees need something more individualized to make them feel known and appreciated. Work with your admin team managers to come up with personalized gift ideas. One person may love flowers, one may love a box of chocolates, and one may love a Starbucks gift card. And the best thing you can do is include a thoughtful note with each gift that clearly recognizes that employee’s strengths and contributions. These are great ideas for Administrative Professionals Day, but they can be used throughout the year when some special recognition is in order.

  1. Take them out of the office

Another Administrative Professionals Day idea is to arrange for some fun time for the entire administrative team outside of the office. You can coordinate coverage of their basic responsibilities while they’re gone to help make the activity especially relaxing. It could be a pizza party at the bowling alley or a group spa day with a massage for each. These types of team getaways offer reward along with the benefit of encouraging personal engagement in a relaxed environment.

A company can never go wrong when expressing gratitude or appreciation for a job well done. It’s great to recognize your admin staff on their special day, but small efforts throughout the year can go a long way toward keeping your employees engaged.

Want to make recognition part of everyday life for your employees? Achievers can help.

Achievers Administrative Professionals Day Ideas

 

4 Links to inspire greatness during employee appreciation week—and all year long

2015_EAW-05What is greatness? Your employees and colleagues are doing great things every day, and the only way to keep them motivated to keep up the great work is to recognize them for it. If you haven’t already, it’s time to start recognizing the greatness in your fellow colleagues today!

As we close out Employee Appreciation Week 2015, here are a few articles to help inspire you to recognize greatness today, and every day!

How to inspire greatness: stop leadingInc.

13 epic battle speeches that will inspire greatnessMashable

These 4 feelings could hold you back from greatnessEntrepreneur

The complexity of greatness: beyond talent or practiceScientific American

 

Have you recognized greatness today?

3 Links to drive results during employee appreciation week—and all year long

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Eventually, it all comes down to results. While the journey is definitely important, it’s also crucial to measure how that journey leads us to success. Recognizing success within your organization has a fantastic side effect; it encourages even more success.

Appreciating employees is an everyday thing here at Achievers, and in honor of Employee Appreciation Week 2015, we thought we’d share some of our favorite links on getting results to inspire recognition—and results—today!

5 Unconventional habits that’ll make you successfulThe Daily Muse

Micro vs macro: Using “success factors” to manage your team99U

7 Scientifically proven ways to achiever better success in lifeInc.

 

How are you recognizing your colleagues for Employee Appreciation Week?

3 reasons your mobile app shouldn’t mirror your desktop application

By Justin Rutherford, National Account Executive, Achievers

mobileA couple of years back, I downloaded one of the most popular CRM apps for iOS thinking this was going to triple my productivity, “Now I can work while on the train to the office. This is awesome!” But I quickly realized the app was less than I’d hoped for. It was clunky and difficult to navigate. After several attempts to squeeze even an ounce of value out of the tool, it was promptly deleted and I haven’t attempted using it since.

Now when prospective customers ask me, “can the Achievers native apps do everything that the desktop version can?” my immediate response is, “Why would you want to burden your employees with that kind of experience?”

And this isn’t unique to this particular company. Many organizations evaluating enterprise applications are overlooking some basic needs for users when determining what to put in front of their employees. Although I’m not a developer, I’ve tested my fair share of apps. As someone who frequently has conversations with HR leaders on the topic, here’s where organizations are missing the mark with their enterprise apps:

1.  Feature overload

Think about the consumer applications that have been wildly successful from the start. Instagram, Snapchat, Twitter. Their focus from day one has been a delightful, wholly native mobile experience. Product design for each is focused on doing one thing really well; sharing photos, newsfeed of mini blog posts respectively. Over the years they’ve compounded their initial success, slowly layering-on features that continue to enhance that experience.

But that isn’t what I experienced with my CRM app. It was packed with “features” that were more congesting than they were useful. Because it was so overloaded, it was frustrating and difficult to navigate.

Ray Wang did a great job cataloging what many of us have experienced with business applications on our mobile devices. He notes that first and second generation mobile experiences failed us,

Instead of crafting new experiences, first and second-generation apps, mostly mimicked the same experiences as the systems of transaction they replaced.

Lightbulb moment. We don’t need everything from desktop versions of software on our apps. If we’re on the move and using our phones, that probably means we just need some of the basics to “get it done.” Look at email apps for example. They’re pretty basic. Read, reply, draft and send. And you know what? That’s all we need when we’re away from our desks. The complicated things can wait until we’re back at our desks.

If enterprise apps released themselves from the shackles of desktop replication, their customers would have a much more productive, enjoyable mobile experience.

2. Utilization and adoption

I can tell you the top five apps that I open up daily, why they fit into my routine, and what value I derive from them personally and socially. Now take a look at what business applications are on your phone today. I’d wager a bet that email is the only one that sees any serious traffic on a regular basis. Why is this?

If a tool isn’t useful to the majority of your workforce, they’re not going to use it. My CRM company didn’t factor in how different users would most value the app, so it was targeted at a small, specific user persona, essentially alienating everyone else—including me.

Take stock of what your employees are using, and figure out how to cater to as many of them as possible. If you’re having trouble identifying value in business apps across the organization, it’s because too few employees are deriving meaningful value from the tools they’re provided.

For HR leaders, the biggest task is to be champions and enablers of culture. A big piece of that monstrous, constantly shifting puzzle—empowering individual contributors and people leaders with the right tools to execute on engagement and leadership strategies. At scale. If what you’re putting in front of them isn’t enabling this to happen, employees will continue to cobble together what they need to get the job done.

If done correctly, utilization and adoption doesn’t become a means to an end for enterprise tools, as in, “I have to use this tool because HR says I have to” but a natural result of users finding the app makes their lives easier.

3. The user experience

In a world of system overload, well documented by Josh Bersin, software tools find they become lost in the mix, plagued with 30% adoption rates across the organization. Demand for employees’ attention comes from so many directions, so when it’s difficult to see immediate value, they’ll quickly move on.

My CRM app was anything but enjoyable to use. I was frustrated with the first tap, and was more inclined to write a scathing review in the App Store than ever use it again. They could learn from companies like Evernote, who continues to deliver a positive user experience. They lured me with it’s simple to use note-taking feature, and over time, I discovered new uses that made the mobile experience uniquely valuable, while also complimenting the broader features and functionality of the desktop version.

Mobile can’t just be a box that’s checked. The user experience must be one that employees want to use because they love the experience—not one they have to use. And the bonus side-effect of loving your mobile app, is that your users are more likely to get attached to the desktop version, too. Win win.

comscoreTalent strategies are quickly becoming people strategies. In the same way, talent focused technologies that are doing it right, are focused on the value the individual user derives from the tool. With mobile usage quickly eclipsing that of desktop, it’s more important than ever to make sure the tools you’re providing to your employees make their work life easy, connected, and seamless.

 

 

 

 

Now when prospective customers ask me, “can the Achievers native apps do everything that the desktop version can?” my immediate response is, “Why would you want to burden your employees with that kind of experience?”

 

To learn more about Achievers’ latest product release, register for our upcoming webinar, or read the press release.

 

JustinJustin shares his passion for talent strategies that deliver an employee first experience as a National Account Executive for Achievers. When he’s not poring over the latest analyst reports, Justin devotes a significant portion of his free time eating all the great food San Francisco has to offer. You can find him on Twitter and LinkedIn.

 

 

 

 

 

 

 

4 Links to inspire leadership during employee appreciation week—and all year long

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A good leader can make all the difference in a team’s success—and longevity. And one key to encouraging a culture of recognition lies within your leaders. Leaders come in all shapes and sizes, too—they’re not just managers.

Appreciating employees is an everyday thing here at Achievers, and in honor of Employee Appreciation Week 2015, we thought we’d share some of our favorite links on leadership to inspire recognition—and leadership—today!

Between Venus and Mars: 7 traits of true leadersInc.

Become a better leader by thinking like Swiss cheeseLifehacker

You don’t have to be a CEO to develop leadership qualitiesEntreprenuer

5 Ways to transform yourself into a leaderThe Daily Muse

 

How are you recognizing your colleagues for Employee Appreciation Week?

 

4 Links to inspire collaboration during employee appreciation week—and all year long

2015_EAW-02Put a few great minds in a room together and see what happens. You already have talented, motivated, and creative talent in your organization. What do you think will result when you encourage them to collaborate in new ways?

Appreciating employees is an everyday thing here at Achievers, so in honor of Employee Appreciation Week 2015, we thought we’d share some of our favorite links on collaboration to inspire recognition—and collaboration—today!

 

 

 

 

 

Are you a collaborative leader?Harvard Business Review

What jazz soloists know about creative collaboration99U

Thomas Edison’s keys to managing team collaborationFastCompmany

Standing improves group collaborationMashable

 

How are you recognizing your colleagues for employee appreciation week?

 

 

 

 

4 Links to inspire innovation during employee appreciation week—and all year long

2015_EAW-01Innovation is all around us, yet it’s not always so easy to uncover. Organizations have the opportunity every day to promote a culture of recognition and inspire innovation from employees.

Appreciating employees is an everyday thing here at Achievers, so in honor of Employee Appreciation Week 2015, we thought we’d share some of our favorite links on innovation to inspire recognition—and innovation—today!

 

 

 

 

How are you recognizing your colleagues for Employee Appreciation Week?

3 keys to social recognition for HR professionals

BH-Twitter-Meme-4This month, Brandon Hall Group released their recent Employee Engagement Survey, which suggested that a strategic employee engagement solution dramatically impacts an organization’s bottom line. For many companies, investing in social recognition solutions has had an incredible impact on retention, performance and productivity.

But how can HR professionals use social recognition to successfully implement an employee engagement program and align their employees to their organization’s values and business objectives?

Read on for three keys to understanding social recognition for HR professionals, and how to build the business case for implementing a social recognition solution..

Current engagement strategies aren’t effective
Only 32% of organizations have implemented formal engagement strategies. And just about everyone else relies on engagement surveys conducted by HR teams. While surveys can provide insight into the health of the organization, they represent a static point in the past, and fail to capture engagement in real time. Brandon Hall Group’s research revealed that one key to a comprehensive, long-term employee engagement strategy is consistent recognition. Adopting a social recognition platform brings employee success to life and increases engagement levels, boosting organizational performance.

It’s not about money
Many businesses use monetary incentives as tools to engage their employees. Brandon Hall Group urges organizations to think differently when it comes to employee engagement. Although monetary rewards can easily be paired with a recognition, the power of social recognition shouldn’t be overlooked. Today’s modern workforce values immediate feedback, and uses it as a springboard for innovation. When employees experience immediate recognition for their contributions, it naturally increases recognition levels across the organization, further driving business results and establishing a culture of recognition.

Link engagement to performance
In order for companies to effectively boost engagement levels, they need to ensure that recognition is part of the culture. The best way to facilitate this is by implementing a social recognition platform. From there, leaders can use the tool to align individual performance, productivity and engagement to company performance. The link between engagement and productivity is innate: employees who are engaged at work are driven to outperform.

 

Learn more about how investing in a social recognition platform can positively impact your business. Download the Brandon Hall Group report, Building the business  case for social recognition solutions.

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Let’s talk numbers: How employee engagement impacts financial services and banking industries

WP_COD_Financial_Meme_600x600_V1The financial services and banking industries don’t fare well when it comes to employee engagement. When compared to all other industries, finance and banking suffer from high customer-switching rates, low employee engagement levels, high turnover, and absenteeism. Ouch.

 

 

 

 

 

For banks, 20 percent of lost business to competitors was due to poor service, ranking higher than internet service providers (18 percent), and even wireless phone companies (17 percent).


Your clients’ reach and access to knowledge is wider than ever before. Now that your prospective and current clients can instantly get access to information about your company and your competitors, they can make quick decisions about which companies they want to do business with. This makes customer-switching extremely problematic for businesses—which is typically the outcome after a poor customer service experience. Recognize your employees for providing outstanding service to clients in order to combat customer-switching and reinforce positive behaviors you want repeated.

Total costs related to absenteeism amount to $84 billion annually. A decrease of only 10 percent in employee absence could produce a one to two percent savings in payroll costs.

When employees are disengaged, being at work is the last place where they want to spend their time. Unfortunately for banking and financial services companies, this means that absenteeism has a significant impact on productivity and payroll costs. It’s not an easy problem to tackle, but aligning your employees to business objectives is one way you can infuse more meaning into employees’ work, making them feel like the valued contributors that they are.

The number one reason employees quit after financial considerations is lack of recognition, and 65 percent of employees don’t feel recognized at work.

The numbers speak for themselves: organizations with high engagement rates are 78 percent more profitable than organizations with low levels of engagement. This means that engagement really does have a strong impact on business results. Financial services and banking executives need to get on board with an employee recognition strategy, and can start by explaining the business benefits and potential growth the organization could achieve with an engaged workforce.

At 17.2 percent, banking and finance employees mark the industry with the highest turnover rates.

When banking employees leave their business, they take years of experience, skills, and potentially even clients with them. This is a real problem for the industry. Reducing turnover rates starts with understanding the problem, and making an effective strategy to combat turnover. Consider deploying an employee engagement survey to understand how and if employees feel connected to the business. From there, develop an engagement strategy that specifically aligns with the outcomes of the survey.

Download our latest whitepaper, and learn more about the cost of disengagement to the financial services and banking industry.