Last month’s unemployment numbers were the lowest in more than fifty years, even with tech layoffs dominating recent news cycles. When there are so few people looking for work, filling open positions takes longer and costs more. This means you want to keep your existing employees—and keep them engaged—to avoid costly turnover. Let’s be clear. If you don’t invest in your employees, they’ll leave you for someone who will.
Start by Listening
If you want to know what matters to your employees, ask them! You can learn a lot from surveys, stay interviews, listening tours, or employee journey mapping. Whichever method you choose, listen carefully to their responses. And, most importantly, do something with the information they give you. When you respond meaningfully, your employees will see that you’re serious about investing in them.
Invest in Supervisor-Employee Relationships
Leaders should hold one-on-ones monthly, if not weekly, with both their direct and second-level reports. They can maximize these conversations through the use of training, templates, and third-party software solutions like AIM Insights. AIM Insights can provide data and coaching to the leaders of this organization on how to drive their team’s performance, empathize with their team’s concerns, and ensure consistency across the culture. Lead at Any Level is an authorized distributor of AIM Insights. Learn how to get your first month free by booking an exploratory call with us.
Invest in Structured Mentoring
Do you want to foster stronger working relationships in your organization? A formal mentoring program can be a powerful tool for attracting and retaining talent. Mentors provide access to growth and development opportunities through meaningful connections. We also know that mentoring improves culture, both from a broad HR perspective, as well as through a specific DEI lens.
Running a mentoring program often falls under “Other Duties as Assigned.” Typically, someone in the HR department does the best they can with a spreadsheet and limited time. But programs without sufficient capacity, expertise, metrics, and accountability often fail. Consider outsourcing this initiative to a vendor like Engage Mentoring, who understands the program’s goals, tracks data, and can measure a return on the company’s investment. Contact us if you’d like an introduction to the expert team at Engage Mentoring!
Training and Development
Help your employees thrive in their current roles or prepare for career advancement with training and development programs throughout the year. Be sure to offer a wide variety of opportunities, since needs and interests will vary. Consider options like college tuition reimbursement, conferences, and online courses. But don’t stop there! Work with partners like Lead at Any Level® to build inclusive leadership capabilities throughout your organization. We offer an array of options, from one-time webinars to annual series, that will help you identify and encourage leaders at every level. Schedule a strategy call with us today at www.WorkWithLAAL.com.
Coaching
Every employee can benefit from having a qualified coach to help them navigate their work and career. And somewhere, you’ll find a coach focused on any specific need you can think of! An executive coach can help your highest-level leaders focus on what matters most. Leadership coaches help high-potential employees unlock their next level of potential. Turnaround coaches can help employees who are struggling. Invest in Strengths coaching to maximize performance for individuals, functional teams, and project teams.
In Summary
Don’t lose your best people to your competitors! When you invest in your employees, you show that you value and appreciate them. In a tight labor market, every dollar you invest can reap significant returns by reducing turnover costs, increasing employee engagement, boosting innovation, and improving productivity. If you’d like some help keeping your employees—and keeping them engaged—schedule a strategy call with us today!